MENLO PARK, CA – OPENLANE, Inc., a North American online auction company in for automotive dealers to buy and sell wholesale vehicles, announced Ford Motor Credit Company is now making its off-lease inventory available on OPENLANE’s open auction site, www.openlane.com. This further expands the longstanding business between the two companies and provides dealers across the United States with additional Ford, Lincoln, Mercury, Mazda, Land Rover, Jaguar, and Volvo brand vehicles.
Previously, Ford Credit worked with OPENLANE to auction its off-lease vehicle inventory to Ford-affiliated dealers. Ford Credit vehicles are also sold in public auctions.
In general, automotive finance companies that sell their off-lease vehicles through the OPENLANE open auction, benefit from remarketing vehicles earlier in the sales cycle, reducing depreciation expenses and the cost of capital. Dealers benefit by having an even wider selection of vehicle inventory, as well as the ability to floorplan the cost of transportation.
“We currently cater to more than 25,000 dealers across North America with varying tastes, price points and vehicle inventory needs," said Clive Kinross, president of OPENLANE. "By expanding our virtual showroom even further and providing more cars to choose from, there is no limit to the kind of car any dealer can find on our site.”