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OPENLANE Empowers US Dealers With Faster Vehicle Wholesaling

"Absolute Sale" Delivers Increased Velocity, Higher Engagement, Better Results

CARMEL, Ind., June 4, 2024 /PRNewswire/ -- OPENLANE, Inc. (NYSE: KAR), a leading operator of digital marketplaces for wholesale used vehicles, announces Absolute Sale, a new sale format that enables sellers to signal they are committed to selling a vehicle to the highest offer that day. The exclusive feature increases buyer confidence and visibility, boosting engagement and optimizing seller returns.

"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 $500 — and for vehicles over $20,000, by an average of $1,000."

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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 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.

kar

OPENLANE (PRNewsfoto/KAR)
OPENLANE (PRNewsfoto/KAR)
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SOURCE OPENLANE