OPENLANE Combines Best of ADESA Canada and TradeRev in Unified Canadian Marketplace

Rhea-AI Summary

OPENLANE, a leading operator of digital marketplaces for wholesale used vehicles, has announced the integration of ADESA Canada and TradeRev into the consolidated OPENLANE Canada marketplace. This unified platform creates Canada's largest digital wholesale marketplace for used vehicles, providing greater flexibility and convenience for buyers and sellers. OPENLANE Canada offers expanded access to more inventory for buyers and instant reach to a broader buyer base for sellers.

Positive

• OPENLANE Canada provides buyers with expanded access to more inventory, with over 60,000 vehicles listed each month. Sellers have instant reach to a broader buyer base, ensuring better market returns on their inventory.

Negative

• None.

New OPENLANE Canada Expands Reach and Access While Simplifying Buying and Selling Experience

CARMEL, Ind., June 20, 2023 /PRNewswire/ -- OPENLANE, Inc. (NYSE: KAR), a leading operator of digital marketplaces for wholesale used vehicles, announces the integration of ADESA Canada and TradeRev into the all-new consolidated OPENLANE Canada marketplace. The unified platform brings together the best of both offerings to create Canada's largest digital wholesale marketplace for used vehicles, providing both buyers and sellers greater flexibility and convenience while making it easier than ever to transact.

"We're all about making wholesale easy so our customers can be more successful—and with the launch of OPENLANE Canada, easy just got easier," said James Coyle, EVP and chief digital officer of OPENLANE. "Whether you are online, on your phone or on the ground, OPENLANE Canada puts customers in the driver's seat to buy and sell your way. And with thousands of active users and tens of thousands of vehicles, all in one place—OPENLANE is the best marketplace for buyers and sellers."

OPENLANE Canada provides buyers with expanded access to more inventory, and on average features more than 60,000 vehicles listed each month—from high-mileage vehicles to luxury models and everything in between. For sellers, the consolidated marketplace provides instant reach to a broader buyer base—now Canada's largest network of active buyers—ensuring the best possible market returns on their inventory.

"We worked closely with our customers to understand and build what's most important to them, and are incredibly proud to offer the industry's only 24/7, multi-channel, full-service marketplace," said Mark Endras, SVP product at OPENLANE. "With smart and reliable condition reports, intuitive search options, integrated data insights, and one-click access to add-on services, OPENLANE Canada makes it fast and easy for customers to list, bid, buy and sell with confidence."

Available on both desktop and mobile app, OPENLANE Canada customers can choose the auction and sale format that best suits their needs—from always-on 45-minute auctions and scheduled simulcast live auctions to 24/7 bid and buy now listings. During checkout, buyers can also arrange for post-sale inspections, reconditioning, transport and other services. Starting in September, dealers will also have the option to subscribe to OPENLANE Pro, which offers discounted fees as well as free access to both the OPENLANE Market Guide and OPENLANE's white label retail tools.

As part of the marketplace unification, the company's coast-to-coast network of vehicle logistics centres—which offer inspections, reconditioning, mechanical services, storage and more—will also rebrand to OPENLANE Canada.

Existing ADESA Canada and TradeRev users will be migrated to the new OPENLANE Canada marketplace in phases starting immediately, with migration expected to complete by early Q4 and at which time the legacy marketplaces will sunset.

For more information about OPENLANE Canada, visit openlane.ca.

About OPENLANE
OPENLANE, Inc. (NYSE: KAR) provides sellers and buyers across the global wholesale used vehicle industry with innovative, technology-driven remarketing solutions. OPENLANE's unique end-to-end platform supports whole car, financing, logistics and other ancillary and related services. Our integrated marketplaces reduce risk, improve transparency and streamline transactions for customers around the globe. Headquartered in Carmel, Indiana, OPENLANE has employees across the United States, Canada, Europe, Uruguay and the Philippines. For more information and the latest OPENLANE news, visit corporate.openlane.com.

View original content to download multimedia:https://www.prnewswire.com/news-releases/openlane-combines-best-of-adesa-canada-and-traderev-in-unified-canadian-marketplace-301855347.html

SOURCE OPENLANE

FAQ

What is OPENLANE Canada?

OPENLANE Canada is a consolidated digital wholesale marketplace for used vehicles in Canada.

What are the benefits for buyers on OPENLANE Canada?

Buyers on OPENLANE Canada have expanded access to more inventory, with over 60,000 vehicles listed each month.

What are the benefits for sellers on OPENLANE Canada?

Sellers on OPENLANE Canada have instant reach to a broader buyer base, ensuring better market returns on their inventory.

What services are offered on OPENLANE Canada?

OPENLANE Canada offers smart and reliable condition reports, intuitive search options, integrated data insights, and one-click access to add-on services. Buyers can also arrange for post-sale inspections, reconditioning, transport, and other services.

When will the migration to the new OPENLANE Canada marketplace be completed?

The migration of existing ADESA Canada and TradeRev users to the new OPENLANE Canada marketplace is expected to be completed by early Q4.