REDWOOD CITY, Calif. -

OPENLANE’s repossession business is soaring. Officials revealed this week they have experienced a 250-percent growth in repossessed vehicle sales and a 75-percent sell-through rate in their recovery remarketing program since January.

OPENLANE also highlighted that it has seen a 94-percent increase of recovery companies registered to support sales for their financial lender clients since January, with 83 percent of the registered recovery companies having sold at least one unit on OPENLANE.

Officials calculated there are now close to 300 recovery agencies registered with OPENLANE.

With OPENLANE’s recovery partnership program, repo companies have been able to provide a new set of services for their clients and increase their repossessed vehicle sales in a “new and innovative way.”

Michael Simpson, manager and owner at Gotcha Recovery Services, stated, “The efficiency, ease and results of selling our repossessed vehicles on OPENLANE have proven remarketing online is working very well for our company,”

“OPENLANE excels at customer service and has helped us grow our business,” Simpson added.

Working together with recovery service providers as partners, OPENLANE emphasized that it has also seen significant growth in the number of financial institutions listing and selling vehicles online. This trend includes a 113-percent increase in the number of lenders listing repossessed vehicles on OPENLANE since January of last year, with more than 450 listing and close to 400 selling at least one repossessed vehicle on OPENLANE.

“Being able to take an assignment from recovery to remarketing is efficient and cost-effective,” explained Terri Stuckey, asset recovery specialist at Square One Financial.

“We look forward to growing continued success with OPENLANE,” Stuckey insisted.

OPENLANE reiterated that it provides recovery agents and financial institutions with an “efficient and easy-to-use” solution for selling repossessed vehicles online.

The company contends that its recovery remarketing program has enabled recovery service providers to expand their offerings and increase revenue for recovery agents and lenders.

Officials also think financial institutions can benefit from faster vehicle sales, lesser depreciation and a more cost-effective means of wholesaling repossessed vehicles.

“We’re thrilled with the rapid growth OPENLANE and its customers in the recovery and financial industry have experienced for the past six months,” noted Zach Hallowell, business line director at OPENLANE.

“Our goal is to help recovery agents and lenders be even more successful in these changing times through the products and services we provide,” Hallowell concluded.