REDWOOD CITY, CA – OPENLANE, Inc., a leading online auction company in North America for automotive dealers to buy and sell wholesale vehicles, announced continued momentum within its programs and services geared toward providing online remarketing services for recovery agencies, with quarter-over-quarter growth of more than 200 percent in its program during the first year of operation. OPENLANE’s recovery remarketing programs grew 230 percent in the last two quarters of 2010 and that momentum has continued into this year with growth of 360 percent since the beginning of 2011.
OPENLANE currently boasts more than 200 remarketing partnerships with recovery services providers who remarketed cars for more than 250 lenders in 2010. This base was further strengthened with the company’s acquisition of the Recovery Data Network (RDN) in August 2010. OPENLANE and Recovery Database Network (RDN) will be exhibiting and speaking at the North American Repossessors Summit (NARS), March 4-5, at the Omni Mandalay Hotel at Las Colinas in Irving, Texas.
“We’ve had tremendous success working with recovery service providers over the past year and are really pleased to be participating at NARS this year to help spread the word about online remarketing tools for recovery agencies,” said Zach Hallowell, Business Line Director, OPENLANE. “Now, more than ever, recovery agencies are looking for innovative ways to increase revenue, and we believe OPENLANE and RDN have the right set of products and services to make them even more successful in a changing world.”
OPENLANE provides finance companies and recovery agents with an easy-to-use, independent solution for selling repossessed vehicles online from any location, including direct from a recovery agent’s facilities. Through the company’s recovery remarketing program, OPENLANE has enabled recovery agents to expand their service offerings, eliminate the costs of transporting vehicles to and from physical auctions and sell vehicles faster than before. By enabling direct sales online, lending institutions--ranging from large banks to local credit unions, banks and specialty finance companies--benefit from faster vehicle sales, lesser depreciation and a more cost effective means of wholesaling recovered vehicles.
“My recovery operations have realized both considerable gains and great savings since we started remarketing through OPENLANE,” said Dick Frame, Owner, Midland Auto Recovery. “I use OPENLANE for the whole process now, from receiving assignments from my lenders to selling the car online. Being able to remarket vehicles and do so in such an efficient and painless manner has really been invaluable to our operations and has increased the number of services we can provide our clients.”
Industry Partnerships
In addition to providing direct remarketing for the recovery sector, OPENLANE has also forged a number of partnerships within the recovery industry to provide tools and services to make the recovery assignment and remarketing process easier and simpler. Through the company’s acquisition of RDN, as well as relationships with companies such as Re-Pros and Prios, OPENLANE has integrated with recovery management tools and logistics providers to create a comprehensive online solution that takes lenders and agents through each step of the value chain, from assignment through sale and even inspection and transport. The company has also partnered with leading repossession agencies and industry associations to help facilitate the wholesale remarketing process and allow agents to sell directly from their lots.
NARS Summit and Special Promotions
In addition to exhibiting at the NARS Summit, hosted by American Recovery Association, OPENLANE’s Business Line Director for the recovery sector, Zach Hallowell, will be participating in a panel session with representatives from Peak Service Corporation and SmartAuction.
Panel details are as follows:
OPENLANE will also be offering a special promotional incentive for NARS attendees: A $500 American Express Gift card for new recovery agencies who visit the OPENLANE booth and remarket their first vehicle on OPENLANE.com by March 31st.
For more information on OPENLANE’s recovery remarketing programs, please visit: www.openlane.com/repo.
