REDWOOD CITY, CA – OPENLANE, Inc., an online auction company in North America for automotive dealers to buy and sell wholesale vehicles, announced a partnership with MBSi Capital Corporation to allow finance companies and recovery agents who use MBSi’s iRepo.com site to easily list and sell repossessed vehicles through OPENLANE’s online Open Auction at www.openlane.com.
iRepo.com, a product offering of MBSi Capital Corporation, is an online solution that provides assignment distribution and management to facilitate the recovery process between lenders and repossession vendors. As a result of this new partnership, lenders and recovery agents can easily post vehicles to OPENLANE’s auction for immediate listing while the asset is located at the recovery yard at less cost than via traditional wholesale methods.
With an increased number of repossessions due to the economic slowdown, coupled with a need for increased operational efficiencies, both lenders and agents are looking for new avenues for selling repossessed vehicles in a timely and competitive manner. MBSi Capital has been an innovator in bringing new solutions to the recovery industry and has established partnerships with leading companies such as OPENLANE to provide lenders with another channel for remarketing repossessed vehicles online.
As a result of this partnership, recovery agents and finance companies can now list and sell automobiles directly from recovery facilities, exposing vehicles to a national buying audience of wholesale automotive dealers without the added step of transporting them to physical auction. This combined solution features an innovative technology platform allowing agents and lenders to track the progress and status of their assignments throughout the entire repossession and selling process. Recovery agents using OPENLANE will benefit from the ability to gain revenue by offering remarketing services to their customers via access to OPENLANE’s national buying audience. Finance companies can enjoy reduced costs, greater proceeds and faster time to sale by starting the remarketing process directly from the recovery facility. In addition, selling through OPENLANE provides increased process transparency via real-time reporting and inventory management.
“Agents and lenders have been turning to our online distribution management system to streamline the recovery process for a number of years now,” said Jeff Rau, Director of Marketing, MBSi Capital Corporation “In partnering with OPENLANE, we’re taking those services one step further by providing a full-service option for extending the recovery process through to sale, allowing us to serve all our clients’ recovery service needs even more effectively.”
“The value of online auctions has become much more widely recognized in recent years within the recovery industry due to the ease with which agents are able to offer remarketing services faster and more cost efficiently, and we believe that OPENLANE is leading the industry with innovative solutions,” said Brian Simmons, Business Line Director, OPENLANE. “Our partnership with MBSi Capital provides an integrated technology solution that allows the repossession process to be managed entirely online from assignment through sale, enhancing the recovery process for all parties involved.”