KAR Auction Services, Inc., announced the 20 year anniversary of Openlane®, an upstream remarketing platform for OEM, captive finance, financial institution and fleet customers.
Openlane provides data analytics and comprehensive technology solutions for more than 40 upstream marketplaces supporting 80 percent of North America’s private label brands.
Openlane was acquired by KAR Auction Services in 2011, and over the last 12 months, has facilitated the sale of more than one million vehicles on behalf of its customers.
To help celebrate its 20 year history of strong customer partnerships, Openlane has a series of new enhancements, releases and promotions planned for the duration of this year.
“The Openlane acquisition was a special milestone for KAR that ignited the digital transformation for our company and really, for the entire industry,” said Jim Hallett, chairman and chief executive officer for KAR.
“Throughout the years, Openlane has continuously reset the bar for upstream remarketing through invention, innovation and signature entrepreneurial spirit. We’re proud to share the celebration of our first 20 years and our excitement for the future with our customer partners.”
Over the past two years, KAR has made meaningful investments in Openlane to accelerate the deployment of new enhancements and to seamlessly integrate capabilities from across KAR.
With a completely reengineered platform and a more personalized, responsive user experience, Openlane’s all-in-one digital, mobile and virtual marketplace is more intuitive and easier to use.
The new vehicle “smart” search functionality streamlines dealer buying, while the DRIVIN®-powered recommendations engine matches supply and demand and helps customers make faster, better informed decisions.
Coming soon, the platform’s self-inspection capabilities will benefit customers beyond traditional remarketing by better connecting them with dealers and retail customers throughout the lease life-cycle.
Founded as Autodaq in 1999 in San Francisco, the company grew through several strategic acquisitions and rebranded to Openlane in 2008. Openlane operates out of three technology and innovation hubs in Mesa, Arizona; Toronto, Ontario; and Carmel, Indiana. Peter Kelly, president of KAR, was a co-founder of Openlane.
Published in the June 2019 Edition