OPENLANE iQ Speeds Up Platform for Vehicle Buyers, Sellers


OPENLANE iQ, the off-lease remarketing platform of global wholesale used vehicle digital marketplace operator KAR Global (NYSE: KAR), recently gained Hyundai Capital America as a captive finance company on its platform, according to a Nov. 30 news release.

OPENLANE iQ provides a connected digital experience for buyers and sellers. Sellers can leverage seamless integrations across the remarketing ecosystem to tailor the user experience. OPENLANE iQ provides data analytics and comprehensive technology solutions for more than 40 upstream brand marketplaces supporting 80% of North America’s private label brands.

“We regularly talk with sellers and buyers to meet their evolving needs," said Jason Ferreri, EVP of commercial customer solutions at KAR Global, in the release. "One of the most common themes we hear is a desire for better, faster and easier communication, especially as the industry moves more digital."

OPENLANE iQ provides sellers with powerful buyer engagement and analytics tools, and dealers with a clearer picture of what is available. The platform integrates with optional advanced capabilities such as digital signature capture, lessee and/or dealership self-inspection, and vehicle transportation. It also has the power to seamlessly integrate with KAR’s other used vehicle marketplaces including, BacklotCars in the U.S. and TradeRev in Canada and sale formats like Simulcast and Simulcast+℠.

The platform also pulls in rooftop-specific recommendations powered by KAR’s data engine and real-time market intelligence to match the right vehicles to the right buyers in an easy-to-understand format.

“One of our biggest needs is the ability to communicate effectively with dealers and provide the best inventory for their businesses,” said Doug Evans, director of national remarketing at Hyundai Capital America. “OPENLANE iQ has delivered a more usable, intelligent private label site that can help our team succeed.”

The technology leverages a hybrid-cloud microservices architecture with a mobile-first responsive user interface. This architecture provides the ability to rapidly respond to the voice of the sellers and quickly update the private label sites, providing them with greater control and flexibility.

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