OPENLANE Details Host of Enhancements for iDEAL
REDWOOD CITY, Calif. — OPENLANE recently rolled out 10 different enhancements for how inspections, arbitration and more are handled within iDEAL, its program to provide dealers with the chance to market vehicles nationwide.
Among the adjustments OPENLANE made are:
—Pre-sale Third Party Inspections (TPI): OPENLANE explained that it has partnered with Alliance Inspection Management to allow dealers to arrange a professional third-party inspection to support their listings. To complete the process, dealers can submit the VIN and the location of the vehicle and OPENLANE can generate a real-time request to AiM, which dispatches an inspector to the dealership within a few days. Upon completing the inspection, the auction company said the report is automatically loaded to OPENLANE and the listing dealer is notified.
—Post Sale Inspection (PSI): OPENLANE highlighted that buying dealers now can order a post-sale inspection with each purchased vehicle, including a review of overall vehicle condition, a visual frame check, and validation of equipment.
—Seller Performance Panel: Executives mentioned how this process can provide a way for dealers to view all OPENLANE iDEAL activity in an "easy-to-digest" summary matrix. They added it also includes indicators of sellers' performance based on elements such as time to deliver title and number of voided transactions.
—Seller Marketing Page: OPENLANE stated this new area of the site can give sellers the ability to upload a logo and add descriptive information about their business with the goal of buyers having more confidence in where the vehicle originates.
—Market Value Guide (MVG): Executives reiterated that dealers can now access Black Book values both when pricing a vehicle for sale and at the time of purchase.
—Arbitration Management: OPENLANE stressed that sellers can submit, review and track arbitration cases online using the OPENLANE Customer Service Portal.
—Partner Assisted Listing Service (PALS): Executives said dealers can have their inventory and pictures automatically sent to OPENLANE from many inventory management, listing or inventory merchandising companies. They noted that users can review the vehicle detail page with the listing information, price the vehicle and release it to auction.
—Enhanced Customer Service: OPENLANE also stressed that customer representatives are available at every step in the dealer's buying and selling process. The company maintains that by having a dedicated one-on-one representative, dealers have a single point of contact to ensure consistency and attention during the sale and/or purchase process.
—Carfax Vehicle Reports: Dealer can now purchase Carfax vehicle history reports for any vehicle listed on OPENLANE.
—Advanced Search Functionality: Dealers can search for cars to a level of detail as specific as transmission, interior upholstery choice and rear seat entertainment.
Ted Kelemen, of Keleman's Kars in Irvington, N.Y., shared how all of the enhancements launched by OPENLANE would help him manage inventory better at his dealership.
"The OPENLANE iDEAL program allows me to easily reach a nationwide audience for my aged inventory without the hassle of having to move my cars to a physical auction and waiting for them to sell," Keleman explained.
"I now am able to get more money and get it faster for the vehicles I need to wholesale and OPENLANE takes care of all payment, title, arbitrations and transportation logistics for me," he added.
Daniel Farrar, chief executive officer of OPENLANE, expanded on those points, reiterating how the improvements are intended to aid dealers in a changing environment.
"There is a new paradigm in the used car industry. What worked in the past is no longer a viable and long-term strategy for dealers that need to stay one step ahead of the evolving automotive marketplace," Farrar asserted.
"The significant new features we have added to iDEAL have made it an even more comprehensive platform for dealers across North America to maximize profits and increase operational efficiency, which is crucial for success in this economy," Farrar continued.
OPENLANE also reiterated that iDEAL can provide dealers with a wide range of wholesale vehicles, including off-lease, rental, repossessions, fleet and dealer consigned units.
Furthermore, executives reminded dealers who will be attending the upcoming National Automobile Dealers Association Convention and Expo about the chance to receive a $50 gift card. They're offering the gift card to any dealer who stops by their booth to register and view a demonstration of OPENLANE's online wholesale auction.