OPENLANE Empowers US Dealers With Faster Vehicle Wholesaling
Rhea-AI Summary
OPENLANE, a prominent operator of digital marketplaces for wholesale used vehicles, has introduced a new feature called 'Absolute Sale'. This feature allows sellers to signal their commitment to selling a vehicle to the highest offer of the day. This generates higher buyer confidence, visibility, and engagement, optimizing returns for sellers.
According to James Coyle, EVP and president of North American marketplaces at OPENLANE, the feature ensures that buyers save time and feel confident in their bidding strategies. Sellers have reported an average price increase of $500 per vehicle, and $1,000 for vehicles priced over $20,000, after activating Absolute Sale.
Absolute Sale is available on all dealer-consigned vehicles in OPENLANE's US marketplace and can be activated any time after 9 a.m. ET on the sale day.
Positive
- New 'Absolute Sale' feature boosts buyer confidence and engagement.
- Reported average sale price increase of $500 per vehicle.
- For vehicles over $20,000, the average price increase is $1,000.
- Feature allows sellers to indicate commitment to the highest offer, optimizing seller returns.
- High visibility with dedicated carousel and special badges for Absolute Sale vehicles.
- Available on all dealer-consigned vehicles in OPENLANE's US marketplace.
Negative
- Potential risk of over-reliance on new feature for sales performance.
- No data on long-term impact on overall marketplace dynamics.
- Uncertainties on how Absolute Sale will affect seller and buyer behaviors in the long run.
News Market Reaction
On the day this news was published, KAR declined 0.47%, reflecting a mild negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
"Absolute Sale" Delivers Increased Velocity, Higher Engagement, Better Results
"With just the click of a button, sellers can indicate they are committed to selling a vehicle that same day, and buyers looking to stock their lots can quickly discern who's ready to deal," said James Coyle, EVP and president, North American marketplaces at OPENLANE. "Buyers also save time, knowing that if they submit the highest bid, the seller will honor the win and sell the car — it's easier than ever for buyers to feel confident in their wholesale bidding and buying strategy. For sellers, Absolute Sale rapidly and efficiently yields more eyeballs, offers and proceeds. And that velocity generates results: after activating the feature, sellers have seen sale prices increase by an average of
Absolute Sale is available on all dealer-consigned vehicles in OPENLANE's US marketplace, and can be activated by the seller during the sale day at any time after 9 a.m. ET. Vehicles launched in Absolute Sale mode indicate the seller will sell to the highest offer received that day, and are featured prominently in a dedicated carousel with a special badge and timer that increase buyer visibility and engagement. Buyers can also filter for Absolute Sale vehicles, enabling them to more confidently focus their sourcing and negotiating on vehicles that sellers have committed to selling that same day.
"Our customers' success is our success, and Absolute Sale certainly delivers on that promise," said Shiv Dutt, SVP and president, US marketplace at OPENLANE. "Like many of our most transformative innovations, Absolute Sale had its genesis in customer conversations focused on understanding how OPENLANE can help ease persistent industry pain points. Everybody wins: buyers know their time negotiating won't be wasted, and sellers can feel confident they're getting the very best market value."
To learn more, request a preview or schedule a demo, visit openlane.com.
OPENLANE Contacts: | |
Media Inquiries: | Analyst Inquiries: |
Laurie Dippold | Brad Lakhia |
(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
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SOURCE OPENLANE
FAQ
What is the 'Absolute Sale' feature introduced by OPENLANE?
How does the 'Absolute Sale' feature benefit sellers on OPENLANE?
When can sellers activate the 'Absolute Sale' feature?
What impact does 'Absolute Sale' have on buyer confidence?
Is the 'Absolute Sale' feature available for all vehicles on OPENLANE?
