OPENLANE CONTINUES MOMENTUM IN RECOVERY SECTOR; SHOWCASES GROWTH AT 46TH ANNUAL AMERICAN RECOVERY ASSOCIATION (ARA) CONVENTION
OPENLANE to offer preferred service fee rebates to ARA Members who participate in remarketing vehicles on OPENLANE.com
REDWOOD CITY, Calif., September 27, 2010 – OPENLANE, Inc., a leading online auction company in North America for automotive dealers to buy and sell wholesale vehicles, today announced its continued momentum in bringing online solutions to the recovery sector with more than 80 recovery companies, representing hundreds of lenders and thousands of repossessed vehicles, having registered to sell on OPENLANE.com since the start of the year.
OPENLANE will be showcasing this growth and exhibiting with recently acquired subsidiary Recovery Database Network (RDN) at ARA’s 46th Annual Convention at the Wynn Hotel in Las Vegas, Thursday, September 30 through Saturday, October 2. At the convention, the company will launch a new Single Sign-On and Real Time Vehicle Listing feature for its Recovery Database Network (RDN) product, allowing recovery service providers to easily post cars to OPENLANE’s online auction in real-time and integrate existing lender accounts on both RDN and OPENLANE.
The Single Sign-On is a new product feature that further integrates the OPENLANE platform with RDN’s technology. RDN users will now see a new “OPENLANE” tab on the RDN Case Management page and status updates to vehicles posted on the OPENLANE.com auction can now be viewed within the RDN software program. Lender accounts can be easily matched and integrated, providing easy access to critical information within either system. In addition, this new feature allows agents to push vehicles to OPENLANE in real-time, also triggering an automatic third-party inspection order.
“OPENLANE is leading the industry in bringing innovative remarketing solutions to the recovery industry,” said Zach Hallowell, Business Line Director, OPENLANE. “The introduction of our Single Sign-On feature for RDN, our participation at the ARA Convention and new incentive programs for ARA members continue the momentum we established during the past year. We look forward to bringing new remarketing opportunities to recovery service providers and lenders in the future.”
OPENLANE provides recovery agencies with a variety of innovative online remarketing programs for vehicle repossessions. Its acquisition of RDN in August, announcement of its recent partnership with MBSi Capital Corporation to integrate the OPENLANE platform with MBSi’s iRepo.com recovery management software, as well as
OPENLANE’s ongoing affiliation with ARA, have benefitted countless recovery agents and lending institutions across North America over the past year.
Additional OPENLANE News from the ARA Conference
Launch of Remarketer of the Year Award
OPENLANE is proud to announce the 1st ARA Repossession Remarketer of the Year Award. The award recognizes outstanding remarketing efforts and achievements by a recovery agent or service provider remarketing recovered vehicles online directly from their location. The winner will receive a plaque in recognition of the award and a free year of access (for up to 5 users) to OPENLANE’s Recovery Database Network (RDN) for the period of October 2010-September 2011. OPENLANE is a lead sponsor of the ARA Convention and is working closely with ARA members to restore recovery agencies to their previous position as remarketing service providers to lenders.
Special ARA Convention Promotion
OPENLANE is announcing a special ARA Convention show promotion. Effective for all sales from October 1 through October 31, 2010, ARA recovery agents are eligible for the following service fee rebates for units sold in a single calendar month:
- 0-5 units sold – $25/unit service fee rebate for units sold in October
- Sell 6+ vehicles – $50/unit service fee rebate for all units sold in October
During the month of October, ARA members are also eligible to receive an exclusive offer of a $500 American Express Gift Card when they sell their first vehicle on OPENLANE.com. This offer is limited to first-time OPENLANE sellers only.
Featured ARA Speaking Sessions
OPENLANE’s Vice President of Analytics Dr. Nagi Palle will be a featured speaker at the convention. Dr. Palle’s presentation is scheduled for Thursday, September 30th at 3:30 p.m. and is entitled, “An Overview of the Wholesale Remarketing Landscape – 2010 – 2013. Why it matters to recovery agents now more than ever.”
OPENLANE and RDN will also both be featured as part of the ARA’s “Breakfast with Vendors” session on Friday, October 1 at 8:00 a.m.
OPENLANE, Inc. is a leading online auction company in North America for automotive dealers to buy and sell wholesale vehicles. The company offers end-to-end auto remarketing solutions to auto manufacturers, captive finance companies, lease and daily rental companies, financial institutions and wholesale auto auctions throughout the United States and Canada. OPENLANE powers online remarketing programs for American Honda Finance, Audi Financial Services, Avis Budget Group, BMW Financial Services Canada, Chase Auto Finance, Chrysler Financial, Porsche Financial Services, Southeast Toyota Finance, US Bank, Volkswagen Credit, among others. For more information, please visit www.openlane.com or call +1 (866) 969-0321.