REDWOOD CITY, Calif. -

OPENLANE recently highlighted that the quarter-over-quarter growth of its online remarketing services for recovery agencies grew by more than 200 percent during the first year of operation. 

Officials discovered the growth rate during the last two quarters of 2010 was 230 percent. It surged even higher since the beginning of this year to 360 percent.

OPENLANE indicated that it currently boasts more than 200 remarketing partnerships with recovery services providers who remarketed vehicles for more than 250 lenders last year.

One of the agencies that uses OPENLANE is Midland Auto Recovery located in Columbia, S.C.

“My recovery operations have realized both considerable gains and great savings since we started remarketing through OPENLANE,” owner Dick Frame shared.

“I use OPENLANE for the whole process now — from receiving assignments from my lenders to selling the car online,” Frame continued. “Being able to remarket vehicles and do so in such an efficient and painless manner has really been invaluable to our operations and has increased the number of services we can provide our clients.”

Through the company’s recovery remarketing program, OPENLANE contends it has enabled recovery agents to expand their service offerings, eliminate the costs of transporting vehicles to and from physical auctions and sell vehicles faster.

By enabling direct sales online, OPENLANE contends that lending institutions — ranging from large banks to local credit unions, banks and specialty finance companies — can benefit from faster vehicle sales, lesser depreciation and a more cost effective means of wholesaling recovered vehicles.

OPENLANE believes its potential was further strengthened with acquisition of the Recovery Data Network last August.

“We’ve had tremendous success working with recovery service providers over the past year,” stated Zach Hallowell, OPENLANE’s business line director.

“Now, more than ever, recovery agencies are looking for innovative ways to increase revenue, and we believe OPENLANE and RDN have the right set of products and services to make them even more successful in a changing world,” Hallowell concluded.