REDWOOD CITY, CA – OPENLANE, Inc., an online auction company in North America for automotive dealers to buy and sell wholesale vehicles, announced that it has acquired Recovery Database Network, Inc. (RDN), a specialized provider of software and data solutions related to the recovery of assets for the automotive finance industry.
RDN provides a software platform that links auto lending institutions with recovery companies to expedite the recovery of vehicles. RDN will be managed as an independent subsidiary of OPENLANE, with the existing RDN team continuing in place.
The acquisition will provide users with a combined best-in-class technology solution that offers recovery agencies and their lenders a full-service option for obtaining vehicle assignments and remarketing them at one convenient location online.
Participating recovery agencies will benefit by providing their clients with a complete set of end-to-end recovery services, from repossession through remarketing, without the extra time and costs associated with transporting vehicles. The combined solution also offers increased transparency throughout the remarketing process, allowing recovery agencies and lenders to access real-time data for all vehicles at any time, according to the companies.
OPENLANE remarkets approximately 400,000 used vehicles per year and sells to a network of more than 25,000 registered dealers throughout North America. RDN processes more than 3.5 million recovery assignments per year, with 90 percent of all recovery companies using RDN software for managing assignments. The companies previously announced a technology integration partnership in March of this year.