Auto Remarketing | OPENLANE consolidates its marketplace platforms with dealer feedback in mind
Excerpt below. To read the full article, please visit autoremarketing.com (paywall).
When OPENLANE wanted to know what dealers want when they do business on wholesale used-vehicle digital marketing platforms, it simply surveyed over 1,000 dealers in the United States and Canada.
From a collective standpoint, dealers said they want a large variety of used vehicles offered for sale on platforms that are easy to navigate and they want reliable condition reports. And of course, everything has to be backed by responsive customer service, the survey said.
Now, as its recent rebranding continues and with that dealer feedback in mind, OPENLANE is consolidating its marketplace platforms to offer among other things, a highly differentiated mix of off-lease vehicles and dealer-to-dealer inventory of every age, condition and price point, CEO Peter Kelly said during the company’s third quarter earnings call on Nov. 1.
Once those platforms are combined, vehicles will be sold in time-sales, bid-ask listings, and live bidding auctions that take place nearly every day of the week, said Kelly.
“I believe we’re operating from a position of strength in these areas, but we will continue to invest to ensure our customer service experiences like our inventory remains a positive differentiator for OPENLANE,” he said.
OPENLANE’s marketplace business in the third quarter was its best quarter since it sold its U.S. physical auctions to Carvana in May 2022, Kelly said. In May 2023 the company formerly known as KAR Global, was rebranded OPENLANE which is also its go-to-market brand for it digital marketplaces in the U.S., Canada and Europe.
Continue reading at autoremarketing.com (paywall).