OPENLANE New Format Speeds Up Vehicle Wholesaling

Wholesale vehicle digital markeplace OPENLANE, Inc. recently started offering Absolute Sale, a new sale format that enables sellers to signal they are committed to selling a vehicle to the highest offer on the same day.

The exclusive feature is designed to encourage more buyer confidence and visibility, while boosting engagement and delivering the highest 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, executive vice president and president of North American marketplaces at OPENLANE, in a June 4 news release. “Buyers also save time, knowing that if they submit the highest bid, the seller will honor the win and sell the car," enabling buyers to feel more confident in their approach to bidding and buying.

For sellers, Absolute Sale rapidly attracts more eyeballs, offers, and proceeds. "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,” Coyle added.

Absolute Sale is available on all dealer-consigned vehicles in OPENLANE’s U.S. 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 focus their sourcing and negotiating on vehicles that sellers have committed to selling that same day.

Shiv Dutt, senior vice president and president of OPENLANE's U.S. marketplace, said Absolute Sale evolved from talking to customers about how the company could ease their persistent industry pain points. "Buyers know their time negotiating won’t be wasted, and sellers can feel confident they’re getting the very best market value. Everybody wins.”