OPENLANE Revolutionizes Wholesaling with Faster, Easier Sales for US Dealers

Rhea-AI Summary

OPENLANE (NYSE: KAR) has launched Automated Absolute Sale, a new tool for US dealers to streamline wholesale vehicle sales. This feature allows sellers to set a price threshold that, when reached, automatically moves the vehicle into Absolute Sale mode. The innovation builds on the success of the Absolute Sale format, which has shown an average bid increase of over $500 per vehicle upon activation.

Key highlights:

• Automated Absolute Sale enables a 'set and forget' approach for sellers
• 25% of Absolute Sale vehicles now see bidding wars
• The tool aims to capture optimal buyer demand in real time
• It's part of OPENLANE's mission to simplify wholesale processes and improve outcomes for dealers

Positive

• Launch of Automated Absolute Sale tool to streamline wholesale vehicle sales
• Average bid increase of over $500 per vehicle upon Absolute Sale activation
• 25% of Absolute Sale vehicles experiencing bidding wars
• Growing adoption of Absolute Sale format among dealers

Negative

• None.

New Automated Absolute Sale Empowers Dealers to "Set and Forget", Capture Optimal Buyer Demand in Real Time

CARMEL, Ind., Aug. 6, 2024 /PRNewswire/ -- OPENLANE, Inc. (NYSE: KAR), a leading operator of digital marketplaces for wholesale used vehicles, announces the launch of Automated Absolute Sale, a new tool that empowers US sellers to set a price threshold at the time of listing that, when achieved, immediately moves the vehicle into Absolute Sale mode. The feature increases convenience and velocity for sellers, enabling them to more quickly and easily realize better outcomes.

"We're on a mission to make wholesale easy, and that starts with purposeful, simple tools to help dealers more efficiently manage their wholesale strategy and inventory," said Shiv Dutt, SVP and president, US marketplace at OPENLANE. "With Automated Absolute Sale, sellers can 'set it and forget it.' They load the vehicle, identify a target price at which they're committed to selling — and the technology takes care of the rest, helping to seize the optimal buyer demand in real time."

Introduced earlier this year, Absolute Sale is a new sale format available on all dealer-consigned vehicles in OPENLANE's US marketplace that enables sellers to signal they are committed to selling a vehicle to the highest offer that day. The sale format — which represents a growing share of OPENLANE's overall marketplace transactions — boosts buyer visibility and engagement, generating optimal returns for sellers and ensuring both sellers and buyers feel confident in their wholesaling strategy. Automated Absolute Sale builds on the success and momentum of Absolute Sale by enabling sellers to set a threshold trigger for launching a vehicle into Absolute Sale directly at the time of listing.

"In less than four months, we've seen widespread and increasing dealer adoption of Absolute Sale. Upon seller activation, the average bid increases by more than $500 per vehicle — demonstrating increased buyer confidence and improved seller outcomes," said Dutt. "By offering the option to automate it, we're taking Absolute Sale to the next level and making it easier than ever for customers to benefit from this unique sale format in real time. Both sellers and buyers love the convenience and certainty it offers, and we now see bidding wars on over 25% of Absolute Sale vehicles."

Automated Absolute Sale is the latest marketplace enhancement fueled by OPENLANE's robust innovation pipeline, which delivers powerful tools to help wholesale buyers and sellers achieve better outcomes, faster and more conveniently. From condition capture and vehicle valuation to wholesaling strategy and enterprise solutions for OEMs and multi-rooftop dealer groups, OPENLANE's marketplace and platforms leverage leading edge technology and AI to simplify the customer experience while delivering superior results and success.

To learn more and request a preview, visit openlane.com.

OPENLANE Contacts:
Media Inquiries:	Analyst Inquiries:
Laurie Dippold	Itunu Orelaru
(317) 468-3900	(317) 249-4559
laurie.dippold@openlane.com	investor_relations@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, Inc.

FAQ

What is OPENLANE's new Automated Absolute Sale feature?

Automated Absolute Sale is a new tool launched by OPENLANE that allows US dealers to set a price threshold for their wholesale vehicles. When this threshold is reached, the vehicle automatically moves into Absolute Sale mode, streamlining the sales process and capturing optimal buyer demand in real time.

How has the Absolute Sale format impacted vehicle bids on OPENLANE's platform?

According to OPENLANE, the Absolute Sale format has led to an average bid increase of more than $500 per vehicle upon seller activation. This demonstrates increased buyer confidence and improved outcomes for sellers using this sale format.

What percentage of Absolute Sale vehicles on OPENLANE experience bidding wars?

OPENLANE reports that over 25% of vehicles listed under the Absolute Sale format now experience bidding wars, indicating strong buyer engagement and competition for these vehicles.

How does Automated Absolute Sale benefit OPENLANE's customers?

Automated Absolute Sale benefits OPENLANE's customers by offering a 'set and forget' approach for sellers, increasing convenience and velocity in sales, and enabling them to more quickly and easily achieve better outcomes. It also provides buyers with increased visibility and confidence in their wholesaling strategy.