OPENLANE Marks Ten Year Anniversary with Record-Breaking Sales and Profits
MENLO PARK, Calif.--OPENLANE, Inc., a leading online auction company in North America for automotive dealers to buy and sell wholesale vehicles, marked its 10-year anniversary today by announcing record-breaking financial results for the first half of 2009. Celebrating a decade of innovation and leadership in the wholesale auto online auction industry, OPENLANE continues to achieve significant milestones in growth, breaking sales records in Q1 and Q2 2009.
OPENLANE has devoted ten years to bringing true innovation to the automotive industry by perfecting the process of auctioning wholesale used vehicles on the Internet. The company’s continued growth and success indicates a need for more efficiency in used vehicle procurement and proof of automotive dealers’ growing comfort level using online channels. In Q2 2009 alone, OPENLANE sold close to 105,000 vehicles, surpassing its Q1 record. In addition, the Company set a new monthly sales record in June with 37,488 vehicles sold. The Company also announced it sold over 10,000 vehicles in Canada during the month of June for the first time ever.
Decade of Innovation
OPENLANE began 10 years ago with a vision of moving the entire wholesale auto auction process onto the Internet. The founders of the Company believed that technology could bring greater efficiency to the wholesale automotive market. OPENLANE’s viability and success are indicators of how prescient that vision was in creating a better way to deliver value for consignors and dealers.
“The 10th anniversary of OPENLANE is a momentous event that demonstrates our commitment and dedication to bringing better ideas, better closed loop processes, and best-in-class technology to automotive remarketing,” said Daniel Farrar, CEO of OPENLANE. “It’s no secret that our industry is experiencing tumultuous times. Yet, OPENLANE has weathered these changes and continues to grow and exceed sales records this year despite uncertainty in the market. We couldn’t have done it without the bold decision-making and support of our customers, and we look forward to the next 10 years.”
During the last ten years, OPENLANE registered more than 25,000 dealers as customers and has partnered with the largest automotive brands to power their remarketing programs. OPENLANE has expanded its service offerings beyond the auction to include a comprehensive range of value-added services, including title processing, vehicle condition reports and nationwide transportation. OPENLANE has transformed the way wholesale inventory is bought and sold by building a more efficient, cost-effective procurement channel that is available 24 hours a day, 7 days a week.
“We have been buying and selling on OPENLANE since 2005 and are very pleased with the high quality of cars and level of service we receive on a consistent basis,” said Mark Clifton, General Sales Manager, DCH Auto Group. “OPENLANE has opened up a much broader playing field for obtaining inventory. I’m no longer limited to my own geographic area to find that cars that I need. Without having integrated an online auction strategy into our business operations, we would not be as successful as we are today.”
Special 10-Year Anniversary Promotions
As part of the anniversary celebration and as a thank you to all of the dealers who have helped grow OPENLANE to be a leading online auction, the Company is offering the following promotion for the month of August. Dealers who buy or sell at least 10 vehicles on any OPENLANE-powered online auction during the month of August will receive one free buy fee or sales success fee. More details on the promotion can be found here: https://marketing.openlane.com/OA/atc-open/pdfs/10year-promo.pdf.
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, Porsche Financial Services, Volkswagen Credit, among others. For more information, please visit www.openlane.com or call +1 (866) 969-0321.
Editor’s Note: Please note OPENLANE is spelled in all capital letters.