OPENLANE and American Recovery Association Launch Program to Sell Recovered Vehicles Online

REDWOOD CITY, Calif.--OPENLANE, Inc., a leading online auction company in North America for automotive dealers to buy and sell wholesale vehicles, and American Recovery Association (ARA), the world’s largest association of recovery agents, today announced a joint program that allows ARA members to sell lender vehicles through OPENLANE’s online auction site at www.openlane.com. Through the OPENLANE/ARA Recovery Remarketing Program, recovery agents can now auction recovered vehicles online for lenders directly from their lots, rather than having to send the vehicles to physical auctions. By auctioning recovered vehicles directly from the lot, lenders are able to realize significant cost savings as well as reduced time to sale. This innovative approach also provides greater control and transparency throughout the recovery and remarketing process.

“As president of ARA, I’m pleased with the partnership and solution offered by OPENLANE”

Prior to the OPENLANE/ARA Recovery Remarketing Program, vehicles typically were recovered and stored by a recovery agent then sent to a physical auction to wait for a sale through the lanes. Inefficiencies in the process, such as costs and risks associated with transporting vehicles multiple times, vehicle depreciation and cost of capital, and exposure to a limited market complicated the sales process. Now both agents and lenders, including lien holders and financial institutions, benefit from a remarketing channel that provides reduced channel costs, national exposure for their vehicles and a full set of value-added services including third-party vehicle inspections and clean up, title processing and arbitration, complete transportation options and analytics services.

“Partnering with ARA to provide the Recovery Remarketing Program is another way that OPENLANE continues to provide streamlined processes and greater efficiencies to the wholesale market,” said Zach Hallowell, Business Line Director, OPENLANE. “We’re always looking for new ways to bring value and vehicle choice to dealers and consignors, and adding recoveries to our already extensive inventory provides an even greater selection of vehicles for our dealers.”

The Recovery Remarketing Program also offers an estimated savings of approximately $300 per vehicle for lenders. Smaller lenders, in particular, benefit from exposing vehicles to a national market of more than 12,000 active dealers and increased transparency in the sales process, including full online reporting for all vehicle bids, offers and views. For recovery agents, the program offers the chance to retain and grow their lender base, as well as provide full-service recovery and remarketing programs to customers.

“As president of ARA, I’m pleased with the partnership and solution offered by OPENLANE,” said Jim Hall, Owner of Hall Recovery Services and President of ARA. “The Recovery Remarketing Program allows recovery professionals to offer an expanded set of services, sell vehicles faster and increase a lender’s financial return. Online auctions are a win-win sales method for recovery agents and lenders alike.”

For more information on the program, please visit: www.openlane.com/ara.

About American Recovery Association, Inc.

American Recovery Association (ARA) is the world’s largest organization of professional finance adjusters and certified recovery specialists. ARA members specialize in locating and repossessing collateral on behalf of lending institutions including banks, savings institutions, finance companies, credit unions, rental/leasing companies, and auto, truck and equipment dealers. ARA has more than 260 members with 488 offices and serves 27,000 national and international cities. All members are certified independent business operators. For more information, call 972.755.4755 or visit the Web site at www.repo.org.

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.