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 PRIOS, the Professional Repossessors Interactive Operating System. OPENLANE will integrate the PRIOS system with the wholesale auction at OPENLANE.com to allow financial institutions and recovery agents to remarket and sell repossessed vehicles for their lenders online.
“Online auctions provide a tremendous opportunity for the recovery industry to extend their services to better serve lenders and to boost their profit margins and selection of service offerings”
PRIOS is a web-based communications system allowing repossession companies and lenders to streamline processes, reduce paperwork and gain new business by creating a “paperless” environment for recovery agencies. As a result of this partnership, PRIOS users and lenders will now be able to easily remarket vehicles online through the PRIOS system and OPENLANE, providing recovery agents the opportunity to immediately market repossessed vehicles in a more efficient and less costly manner than via physical auctions.
“The PRIOS system was designed with the ability to streamline all recovery processes by taking them online to make the lives of agents and their clients easier,” said Chris Dunleavy, President, PRIOS. “In partnering with OPENLANE, we’re taking the process one step further by now allowing agents to sell cars for their clients online through one, easy-to-use system that encompasses the entire recovery process from assignment through sale and transport.”
The PRIOS integration continues OPENLANE’s recovery industry momentum and ongoing commitment to partnering with the leading technology providers in the sector to provide comprehensive online remarketing solutions to agents and lenders. The PRIOS system, which was conceived by an industry consortium of recovery agencies, provides front-end online assignment and recovery automation while OPENLANE provides a complete online sales tool for extending recoveries through to sale. Users benefit from a one-stop solution for recovery assignment, tracking and sales, as well as an immediate, national buying audience of over 25,000 dealers for their vehicles. Vehicles can be tracked throughout entire process, from recovery to sale, and can be listed and sold faster, saving valuable time and money for both agents and lenders.
“Online auctions provide a tremendous opportunity for the recovery industry to extend their services to better serve lenders and to boost their profit margins and selection of service offerings,” said Zach Hallowell, Business Line Director, OPENLANE. “We’re committed to partnering with leading repossession automation systems such as PRIOS to provide the recovery sector with efficient, easy-to-use solutions for managing the recovery and remarketing process online.”