MENLO PARK, CA – OPENLANE, Inc., a North American online auction company for automotive dealers to buy and sell wholesale vehicles, announced the company surpassed multiple sales goals for the first quarter of 2009, including a new record of over 100,000 vehicles sold on OPENLANE’s online wholesale vehicle auction in a single quarter. In addition, OPENLANE set a new monthly sales record in March 2009 of 35,615 vehicles sold as well as establishing new weekly and daily sales highs during the quarter.
Driven by a number of innovative new programs launched during the previous six months, OPENLANE’s first-quarter 2009 sales records also indicate the continued growth and adoption of online remarketing by consignors and dealers throughout North America. In addition, these records show that, despite trends toward weak new car sales, the used-car market has remained relatively strong during the current economic downturn and that adoption of online channels by automotive dealers has continued to increase.
“Our first quarter results for 2009 are exceptionally strong, particularly given the challenging macro-economic environment,” said Daniel Farrar, CEO, OPENLANE. “Retail sales of used vehicles have proven more resilient than new car sales, which has been positive for our business model. This, combined with new valued-added programs for consignors and dealers designed to enhance the buying and selling process online, has enabled OPENLANE to achieve record breaking sales and enhance our profitability.”
In addition to OPENLANE’s sales growth, the company has recently launched a number of new initiatives that further enhance the company’s position as an innovator and leader in online wholesale remarketing. The company announced today that Chase Auto Finance has continued to accelerate its use of online remarketing programs by 300 percent since February 2008 with nearly 60 percent of all its off-lease vehicles being sold through OPENLANE auctions.
OPENLANE has also seen continued traction in its online transportation business, CarsArrive, with improvements added to the tracking and load balancing processes and a 70 percent increase in the average distance per transport from 2004 to 2008, a statistic that points to the demand for a convenient end-to-end solution in terms of buying and receiving delivery of used vehicle inventory and continued dealer confidence in the online auction process.
The company also introduced the OPENLANE Market Index last quarter, the industry’s first statistical indicator for tracking pricing and dealer vehicle interest trends throughout the U.S. and Canada. The Market Index is intended to help consignors and dealers track trends to help them gauge the market and plan their selling and buying strategies 30-60 days in advance.