Auto Remarketing | Rebranding as OPENLANE brings opportunity, efficiency & ease
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OPENLANE will be both the name of the parent company and the go-to-market brand for its digital marketplaces throughout the U.S., Canada and Europe.
“I believe that this change is much more than just a new name and logo. It is a change in how we think about our business, how we operate, how we interact with our customers and how we invest for the future,” [Peter] Kelly said in an earnings call Wednesday.
“In many ways, it represents the culmination of a transformation that has already taken place at our company,” he said. “Shifting from a legacy physical auction business to a more asset-light, digital marketplace that we believe will offer our customers the fastest, easiest, most advanced and most trusted channel available to sell and source used vehicles.”
The goal is to continue building the “most data-driven, technologically advanced platform” for wholesale used-vehicle buying and selling, while providing a single experience where all of the buyers, sellers and vehicles in one place, Kelly said.
This strategy is designed to provide buyers with the largest selection of vehicles and give sellers confidence they’ve garnered the best possible market price on their cars, he said.
“And I think when you view our company through this lens, you can clearly see that OPENLANE is far greater, far more powerful and more compelling as an integrated whole than as a series of disconnected parts,” Kelly said.
Combining the commercial consignment and dealer-to-dealer acumen within that integrated whole allows customers to buy or sell the full gamut of used cars, from frontline-ready off-lease vehicles ideal for certified pre-owned programs to older, higher-mileage units, Kelly said.
The transition is also designed to simplify the experience for customers, who will have one sign-in, one brand to take care of their wholesale needs. Having one brand can also help focus the sales and marketing efforts in the field, Kelly said.
And the single branding also benefits employees internally. It can help create a more unified team and spur a sense of collective ownership, he said.
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