KAR Auction Services Inc KAR

New Automated Absolute Sale Empowers Dealers to "Set and Forget", Capture Optimal Buyer Demand in Real Time

CARMEL, Ind., Aug. 6, 2024 /PRNewswire/ -- OPENLANE, Inc. (NYSE: KAR), a leading operator of digital marketplaces for wholesale used vehicles, announces the launch of Automated Absolute Sale, a new tool that empowers US sellers to set a price threshold at the time of listing that, when achieved, immediately moves the vehicle into Absolute Sale mode. The feature increases convenience and velocity for sellers, enabling them to more quickly and easily realize better outcomes.

"We're on a mission to make wholesale easy, and that starts with purposeful, simple tools to help dealers more efficiently manage their wholesale strategy and inventory," said Shiv Dutt, SVP and president, US marketplace at OPENLANE. "With Automated Absolute Sale, sellers can 'set it and forget it.' They load the vehicle, identify a target price at which they're committed to selling — and the technology takes care of the rest, helping to seize the optimal buyer demand in real time."

Introduced earlier this year, Absolute Sale is a new sale format available on all dealer-consigned vehicles in OPENLANE's US marketplace that enables sellers to signal they are committed to selling a vehicle to the highest offer that day. The sale format — which represents a growing share of OPENLANE's overall marketplace transactions — boosts buyer visibility and engagement, generating optimal returns for sellers and ensuring both sellers and buyers feel confident in their wholesaling strategy. Automated Absolute Sale builds on the success and momentum of Absolute Sale by enabling sellers to set a threshold trigger for launching a vehicle into Absolute Sale directly at the time of listing.

"In less than four months, we've seen widespread and increasing dealer adoption of Absolute Sale. Upon seller activation, the average bid increases by more than $500 per vehicle — demonstrating increased buyer confidence and improved seller outcomes," said Dutt. "By offering the option to automate it, we're taking Absolute Sale to the next level and making it easier than ever for customers to benefit from this unique sale format in real time. Both sellers and buyers love the convenience and certainty it offers, and we now see bidding wars on over 25% of Absolute Sale vehicles."

Automated Absolute Sale is the latest marketplace enhancement fueled by OPENLANE's robust innovation pipeline, which delivers powerful tools to help wholesale buyers and sellers achieve better outcomes, faster and more conveniently. From condition capture and vehicle valuation to wholesaling strategy and enterprise solutions for OEMs and multi-rooftop dealer groups, OPENLANE's marketplace and platforms leverage leading edge technology and AI to simplify the customer experience while delivering superior results and success.

To learn more and request a preview, visit 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.

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SOURCE OPENLANE, Inc.