OPENLANE Expands Business With Automotive Finance Company to Remarket Vehicles

MENLO PARK, Calif OPENLANE, Inc., a leading online auction company in North America for automotive dealers to buy and sell wholesale vehicles, today announced that Ford Motor Credit Company is now making its off-lease inventory available on OPENLANE’s open auction site, www.openlane.com. This further expands the longstanding business between the two companies and provides dealers across the United States with additional Ford, Lincoln, Mercury, Mazda, Land Rover, Jaguar and Volvo brand vehicles.

Previously, Ford Credit worked with OPENLANE to auction its off-lease vehicle inventory to Ford-affiliated dealers. Ford Credit vehicles are also sold in public auctions.

In general, automotive finance companies that sell their off-lease vehicles through the OPENLANE open auction, benefit from remarketing vehicles earlier in the sales cycle, reducing depreciation expenses and the cost of capital. Dealers benefit by having an even wider selection of vehicle inventory, as well as the ability to floorplan the cost of transportation.

“We currently cater to more than 25,000 dealers across North America with varying tastes, price points and vehicle inventory needs," said Clive Kinross, president of OPENLANE. "By expanding our virtual showroom even further and providing more cars to choose from, there is no limit to the kind of car any dealer can find on our site.”

About OPENLANE

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, Chase Auto Finance, Chrysler Financial, Ford Motor Credit Company, Porsche Financial Services, Volkswagen Credit, among others. For more information, please visit www.openlane.com or call +1 (866) 969-0321.