REDWOOD CITY, CA – OPENLANE, Inc., a leading online auction company in North America for automotive dealers to buy and sell wholesale vehicles, announced a partnership with Recovery Database Network (RDN), a specialized provider of software and data solutions related to the recovery of assets for the automotive finance industry.
The solution is designed to provide finance companies and repossession services agents with a seamless process to easily support the online remarketing of repossessed vehicles directly from recovery yards. The program aims to provide time and cost-savings vis-à-vis the traditional repossession and remarketing process with minimal change to existing infrastructure and systems in use.
As part of the new features and added functionality, vehicle finance companies will be able to assign repossession actions through RDN directly to participating recovery agents eligible to marshal vehicles for OPENLANE’s online auction.
Once recovered, vehicles will be automatically consigned to OPENLANE for wholesale while still stored at the agent’s facilities. Consignors participating in the program will benefit from the ability to sell vehicles faster through exposure to a national buying audience immediately following the redemption period; reduced expenses by selling vehicles without transportation to physical auctions; and increased transparency and control throughout the remarketing process by receiving real-time data feeds, reports and detailed condition reports for all vehicles. Participating repossession services agents will benefit from the increased retention and revenue associated with providing a broader service offering.
“Both finance companies and repossession services agents have been searching for new growth opportunities and ways to optimize the recovery process value chain,” said Todd Hodnett, president, RDN. “By providing an easy way to leverage agents who can sell vehicles online through OPENLANE, we’re able to differentiate ourselves with a much-needed, value-added service that better serves our clients.”
OPENLANE’s entire service offering will be available to support the remarketing of vehicle consignments received via RDN, including third-party inspection requests, detailed pricing reports, complete sales management, vehicle pick-up and transport and arbitration services.
“In partnering with RDN, we’ve created a mutually beneficial program that helps integrate the vehicle recovery and wholesale process to provide significant savings to our consignors while giving OPENLANE dealers access to an even larger and more diverse pool of inventory every day,” said Chuck Tapp, vice president, Institutional Sales, OPENLANE. “Our specialized expertise in online remarketing combined with RDN’s online recovery software portal is a groundbreaking value proposition for all parties motivated to maximize business results.”