OPENLANE, a leading operator of digital marketplaces for wholesale used vehicles, has introduced a groundbreaking tool that is set to revolutionize wholesaling for US dealers. The new tool, called Automated Absolute Sale, allows sellers to set a price threshold at the time of listing. Once that threshold is achieved, the vehicle is immediately moved into Absolute Sale mode, providing convenience and velocity for sellers and enabling them to realize better outcomes more quickly and easily.
Shiv Dutt, SVP and President of the US marketplace at OPENLANE, stated, ‘We’re on a mission to make wholesale easy, and that starts with purposeful, simple tools to help dealers more efficiently manage their wholesale strategy and inventory. With Automated Absolute Sale, sellers can ‘set it and forget it.’ They load the vehicle, identify a target price at which they’re committed to selling — and the technology takes care of the rest, helping to seize the optimal buyer demand in real time.’
Absolute Sale, introduced earlier this year, is a sale format available on all dealer-consigned vehicles in OPENLANE’s US marketplace. It allows sellers to signal their commitment to selling a vehicle to the highest offer of the day. This sale format has been gaining popularity and has been proven to boost buyer visibility and engagement, generating optimal returns for sellers and ensuring confidence in their wholesaling strategy.
Automated Absolute Sale builds on the success and momentum of Absolute Sale by allowing sellers to set a threshold trigger for launching a vehicle into Absolute Sale directly at the time of listing. In less than four months, OPENLANE has seen widespread adoption of Absolute Sale, with the average bid increasing by more than $500 per vehicle upon seller activation. This demonstrates increased buyer confidence and improved seller outcomes. Over 25% of Absolute Sale vehicles now experience bidding wars, highlighting the convenience and certainty that this sale format offers to both sellers and buyers.
OPENLANE’s robust innovation pipeline continues to drive marketplace enhancements, providing powerful tools to help wholesale buyers and sellers achieve better outcomes more conveniently and quickly. From condition capture and vehicle valuation to wholesaling strategy and enterprise solutions, OPENLANE’s marketplace and platforms leverage cutting-edge technology and AI to simplify the customer experience while delivering superior results and success.
To learn more about Automated Absolute Sale and request a preview, visit openlane.com.