REDWOOD CITY, Calif. — OPENLANE executives recently shared their delight about record-setting success of online remarketing initiatives involving repossessions.

The company highlighted that year-over-year growth soared to near 500 percent during the first quarter of 2010.

"Having recently launched a number of new partnerships and programs, OPENLANE now provides finance companies and recovery agents with the bottom-line benefits of a turn-key solution for selling repossessed vehicles online from any location, supported by a highly liquid marketplace," company executives stressed.

Back in late January, the auction company reached a working agreement with the American Recovery Association. The centerpiece of this program is to provide recovery agents the chance to auction vehicles online for lenders directly from their lots. Officials from ARA and OPENLANE contend that their program can help lenders save as much as $300 per vehicle as well as reduce time to sale.

Then on March 15, OPENLANE announced that it also teamed up with Recovery Database Network. Essentially, the solution provider can offer finance companies and repossession agents a seamless process to easily support the online remarketing of repossessed units directly from recovery yards.  

Besides the partnerships revealed earlier this year, OPENLANE also mentioned it has strong working ties to other software companies associated with the recovery industry such as Re-Pros and Prios.

"OPENLANE provides a great way for those of us in the recovery sector to expand our service and help our lenders remarket vehicles in less time and with less expense than sending the car to a physical auction," explained Eddie Smith, owner of West Texas Recovery in Odessa, Texas.

"Just by eliminating the cost of transport to the physical auctions, we and OPENLANE help save lenders hundreds of dollars per car sold," Smith continued.

Along with benefiting recovery agencies, OPENLANE emphasized it is enabling sales of repossessed vehicles for a broad and growing range of lending institutions such as Chase Auto Finance, Chrysler Financial and Santander Consumer Finance as well as local credit unions, banks and specialty finance companies.

"Our online remarketing solutions for repossessed vehicles encompass each part of the recovery and remarketing value chain, including lenders, recovery agents and dealers as well as other partners that have traditionally served this sector," stated Peter Kelly, OPENLANE'S president and chief financial officer.

"Our recent record-breaking sales for repossessed vehicles have validated our strategy in this segment," Kelly continued.

"By presenting our dealers and consignors with end-to-end services that touch each point of the buying and selling process, we're able to offer differentiated programs that ultimately allow our customers to run their businesses more effectively," he added.

For more details about OPENLANE's recovery remarketing programs, agents, leaders and dealers can review this document at http://www.openlane.com/pdfs/Lenders_Remarket.pdf.