OPENLANE Launches US Marketplace Combining BacklotCars and Exclusive Off-Lease Inventory

Rhea-AI Summary

NYSE: KAR - OPENLANE, Inc. Launches Unified Digital Marketplace for Wholesale Used Vehicles in the US, Offering Exclusive Off-Lease Inventory and Thousands of Vehicles from Franchise and Independent Dealers. The Platform Provides Multiple Sale Formats, Data-Driven Insights, and Integrated Products and Services for Buyers and Sellers.

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• The launch of the OPENLANE US digital marketplace expands the company's reach and access, offering a unique and unmatched selection of inventory for buyers and sellers. The platform provides comprehensive inspections, arbitration protection, and buy-back guarantee offerings, ensuring peace of mind for buyers. The availability of multiple sale formats and integrated products and services aligns with the buying habits, schedules, and preferences of customers, making wholesale easy for every dealer.

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• None.

New Unified Marketplace Simplifies Buying and Selling While Expanding Reach and Access

CARMEL, Ind., Nov. 20, 2023 /PRNewswire/ -- OPENLANE, Inc. (NYSE: KAR), a leading operator of digital marketplaces for wholesale used vehicles, announces the launch of the all-new OPENLANE US digital marketplace. The consolidated platform brings together off-lease inventory from the majority of US commercial sellers with dealer-to-dealer inventory from thousands of franchise and independent dealers previously available on BacklotCars. The launch of OPENLANE in the US follows the company's successful consolidation of its Canadian platforms in June and features the best technology, data and product offerings from across the entire company.

"We are very pleased to continue advancing our digital strategy with the launch of the OPENLANE US marketplace—featuring all the sellers, all the buyers, and all the cars—all in one place," said Peter Kelly, CEO of OPENLANE. "With exclusive off-lease inventory not available on any other digital platform or physical auction and thousands of vehicles from franchise and independent dealers previously available on BacklotCars, OPENLANE offers a truly unique and unmatched selection of inventory. And with multiple sale formats, data-driven insights and a host of integrated products and services, OPENLANE is making wholesale easy for every dealer, every step of the way."

Available on both mobile app and desktop, the OPENLANE US digital marketplace offers multiple, flexible sale formats to align with the buying habits, schedules and preferences of its customers. Buyers and sellers can choose the auction and sale format that best suits their needs—including a 24/7 bid-ask marketplace, "Buy It Now" listings and timed auctions scheduled regularly throughout each week. OPENLANE provides buyers and sellers with peace of mind with comprehensive inspections and a selection of arbitration protection and buy-back-guarantee offerings. Buyers can also quickly and easily arrange additional services such as floorplan financing and transportation during the checkout process.

"We've spent hundreds of hours listening to our customers to understand their expectations, challenges and what they need to be more successful," said James Coyle, president, North American Marketplaces at OPENLANE. "Our customers want the best selection of inventory, a broad, engaged buyer base, lower fees, higher conversion and a hassle-free experience. And that's precisely what OPENLANE delivers—from AI-enhanced inspections to proprietary market insights to the day-to-day support from our people. The smallest dealers now have the same reach and visibility as the largest sellers, and every buyer at every price point can source the best inventory for their lot, anytime, anywhere."

All existing BacklotCars and OPENLANE customers are able to start selling, bidding and buying on the new US marketplace immediately, and the legacy platforms have been retired.

For more information about the OPENLANE US marketplace or to register as a new buyer or seller, visit openlane.com.

OPENLANE Contacts:
Media Inquiries:	Analyst Inquiries:
Laurie Dippold	Mike Eliason
(317) 468-3900	(317) 249-4559
laurie.dippold@openlane.com	mike.eliason@openlane.com

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.

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SOURCE OPENLANE

FAQ

What is OPENLANE, Inc. (NYSE: KAR) announcing?

OPENLANE, Inc. is announcing the launch of the all-new OPENLANE US digital marketplace, bringing together off-lease inventory from US commercial sellers and dealer-to-dealer inventory from franchise and independent dealers.

What sale formats does the OPENLANE US digital marketplace offer?

The platform offers multiple, flexible sale formats, including a 24/7 bid-ask marketplace, 'Buy It Now' listings, and timed auctions scheduled regularly throughout each week.

What services are available for buyers and sellers on the OPENLANE US digital marketplace?

Buyers and sellers can access comprehensive inspections, arbitration protection, and buy-back guarantee offerings. Additionally, buyers can arrange additional services such as floorplan financing and transportation during the checkout process.

Who can start using the new US marketplace immediately?

All existing BacklotCars and OPENLANE customers are able to start selling, bidding, and buying on the new US marketplace immediately, as the legacy platforms have been retired.