OPENLANE Inc., an online auction company, announced that its first quarter this year was the most successful quarter remarketing repossessed vehicles with year-over-year growth approaching 500 percent.
OPENLANE has now enabled sales of repossessed vehicles for a broad and growing range of lending institutions, ranging from organizations such as Chase Auto Finance, Chrysler Financial and Santander Consumer Finance to local credit unions, banks and specialty finance companies. The success of OPENLANE's solution is based on its broad base of buying dealers, its proprietary online auction platform and integration with various logistical and technological partners, including recovery agents, physical auctions, inspection companies and software providers.
OPENLANE supports the online sale of repossessed vehicles using the same online auction engine that powers other remarketing programs for off-lease, fleet, rental and dealer-consigned vehicles. Having established technology partnerships with software companies, such as Recovery Database Network, Re-Pros and Prios, OPENLANE is now integrated with various recovery management tools to provide a robust marketplace for the sale of repossessed vehicles.
"Our online remarketing solutions for repossessed vehicles encompass each part of the recovery and remarketing value chain, including lenders, recovery agents, and dealers as well as other partners that have traditionally served this sector," said Peter Kelly, president and CFO of OPENLANE. "Our recent record breaking sales for repossessed vehicles have validated our strategy in this segment. By presenting our dealers and consignors with end-to-end services that touch each point of the buying and selling process, we're able to offer differentiated programs that ultimately allow our customers to run their businesses more effectively."
OPENLANE has also forged a number of partnerships within the recovery sector to create a comprehensive set of logistical solutions to support the online sale of repossessions. Beyond its recently-announced growing network of independent auction partnerships, OPENLANE has also partnered with several leading repossession agencies and associations to enable the auction of recovered vehicles directly from agent facilities. By allowing financial institutions to wholesale vehicles from recovery lots, both agents and lenders benefit from the opportunity to sell vehicles faster and more cost effectively.
"OPENLANE provides a great way for those of us in the recovery sector to expand our service and help our lenders remarket vehicles in less time and with less expense than sending the car to a physical auction," said Eddie Smith, Owner, West Texas Recovery. "Just by eliminating the cost of transport to the physical auctions, we and OPENLANE help save lenders hundreds of dollars per car sold."
For more information on OPENLANE's recovery remarketing programs, please visit: http://www.openlane.com/pdfs/Lenders_Remarket.pdf
