OPENLANE Announces ‘Absolute Sale’

By Staff Writer June 05, 2024 340

“With just the click of a button, sellers can indicate they are committed to selling a vehicle that same day, and buyers looking to stock their lots can quickly discern who’s ready to deal,” said James Coyle, president of North American marketplaces at OPENLANE.

Coyle was unveiling Absolute Sale, a new format that enables sellers to signal they will sell a vehicle to the highest offer that day. The exclusive feature increases buyer confidence and visibility, boosting engagement and optimizing seller returns.

“Buyers also save time, knowing that if they submit the highest bid, the seller will honor the win and sell the car — it’s easier than ever for buyers to feel confident in their wholesale bidding and buying strategy. For sellers, Absolute Sale rapidly and efficiently yields more eyeballs, offers and proceeds. And that velocity generates results: after activating the feature, sellers have seen sale prices increase by an average of $500 — and for vehicles over $20,000, by an average of $1,000,” Coyle said.

Absolute Sale is available on all dealer-consigned vehicles in OPENLANE’s U.S. marketplace and can be activated by the seller during the sale day at any time after 9 a.m. ET. Vehicles launched in Absolute Sale mode indicate the seller will sell to the highest offer received that day and are featured prominently in a dedicated carousel with a special badge and timer that increase buyer visibility and engagement. Buyers can also filter for Absolute Sale vehicles, enabling them to more confidently focus their sourcing and negotiating on vehicles that sellers have committed to selling that same day.

“Our customers’ success is our success, and Absolute Sale certainly delivers on that promise,” said Shiv Dutt, SVP and president, US marketplace at OPENLANE. “Like many of our most transformative innovations, Absolute Sale had its genesis in customer conversations focused on understanding how OPENLANE can help ease persistent industry pain points. Everybody wins: buyers know their time negotiating won’t be wasted, and sellers can feel confident they’re getting the very best market value.”

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Last modified on Wednesday, 12 June 2024 09:11