Openlane, an upstream vehicle auction platform, is deploying a cache of industry only capabilities to help customers monetize vehicles faster, easier and smarter than ever before. Openlane is a business unit of global vehicle remarketing and technology services provider KAR Auction Services, Inc. and supports private label upstream programs for more than 40 OEM and financial institution brands.
The reimagined Openlane platform integrates technology and innovation from across the KAR enterprise, combining data science, machine learning, artificial intelligence and cloud technology to streamline and simplify the upstream experience for sellers and buyers alike.
Under the direction of KAR’s chief information officer, Tom Fisher, more than 300 IT professionals located in innovation hubs across North America have been dedicated to the re-architecture of Openlane’s technical infrastructure. Over the past 18 months, the team has utilized an agile framework and hybrid cloud approach that integrates advanced cloud technology and specialized in-house development to advance an aggressive agenda of enhancements. The result is a stable, scalable and flexible upstream platform that leverages the most progressive technology solutions available.
Further fueling Openlane are new data science and artificial intelligence capabilities developed by two of KAR’s recent acquisitions, Drivin and TradeRev. Drivin analyzes data from thousands of dealers and millions of vehicles each day to provide customers informed predictive pricing recommendations. Further, Drivin’s targeted seller-buyer matching algorithms can connect upstream vehicles with a curated list of buyers where the greatest demand exists. And with TradeRev’s “H” artificial intelligence engine, customers can capture consistent and accurate condition report images in just seconds. Together, these capabilities help customers maximize the speed, outcome, and economic impact of their overall upstream business.
As one additional option for customers, Openlane is also offering the power of TradeRev as an additional auction layer in the upstream funnel. Vehicles not otherwise sold upstream can be automatically launched into TradeRev’s live, one hour digital auction marketplace, exposing those vehicles to thousands of additional North American dealers.
Published in the September 2018 Edition