OPENLANE® Celebrates Two Decades of Pioneering Upstream Remarketing

CARMEL, Ind., May 14, 2019 /PRNewswire/ -- KAR Auction Services, Inc., announces the 20-year anniversary of OPENLANE^®, the world's largest, most trusted and most utilized upstream remarketing platform for OEM, captive finance, financial institution and fleet customers. OPENLANE provides data analytics and comprehensive technology solutions for more than 40 upstream marketplaces supporting 80 percent of North America's private label brands. OPENLANE was acquired by KAR Auction Services (NYSE:KAR) in 2011, and over the last 12 months, has facilitated the sale of more than one million vehicles on behalf of its customers. To help celebrate its 20-year history of strong customer partnerships, OPENLANE has a series of new enhancements, releases and promotions planned for the duration of this year. 

"The OPENLANE acquisition was a special milestone for KAR that ignited the digital transformation for our company and really, for the entire industry," said Jim Hallett, chairman and CEO for KAR. "Throughout the years, OPENLANE has continuously reset the bar for upstream remarketing through invention, innovation and signature entrepreneurial spirit. We're proud to share the celebration of our first 20 years and our excitement for the future with our customer partners."

Over the past two years, KAR has made meaningful investments in OPENLANE to accelerate the deployment of new enhancements and to seamlessly integrate capabilities from across KAR. With a completely reengineered platform and a more personalized, responsive user experience, OPENLANE's all-in-one digital, mobile and virtual marketplace is more intuitive and easier to use. The new vehicle "smart" search functionality streamlines dealer buying, while the DRIVIN®-powered recommendations engine matches supply and demand and helps customers make faster, better informed decisions. Coming soon, the platform's self-inspection capabilities will benefit customers beyond traditional remarketing by better connecting them with dealers and retail customers throughout the lease life-cycle.  

"By combining first-rate technology from partners like Salesforce and Red Hat with the specialized expertise of our in-house team, OPENLANE customers get the best of all worlds," said Don Gottwald, KAR's chief strategy officer and president of Digital, Data and Mobility Services. "Our 20th anniversary is a big year, as customers will get to experience positive returns on OPENLANE's investments and aggressive product pipeline. From the new responsive design to DRIVIN intelligence to integrated self-inspection tools, we're upholding OPENLANE's tradition of delivering customer-centric solutions at the leading edge of remarketing."

Founded as Autodaq in 1999 in San Francisco, the company grew through several strategic acquisitions and rebranded to OPENLANE in 2008. OPENLANE operates out of three technology and innovation hubs in Mesa, Arizona; Toronto, Ontario; and Carmel, Indiana. Peter Kelly, president of KAR, was a co-founder of OPENLANE. 

"We launched OPENLANE with the goal of transforming the vehicle remarketing industry through digital technology," said Kelly. "I am proud of what the team has accomplished, and now our journey continues in ways that we couldn't have imagined 20 years ago. It's an exciting time for innovation and change in the remarketing industry." 

About KAR Auction Services
KAR Auction Services (NYSE: KAR) provides sellers and buyers across the global wholesale used vehicle industry with innovative, technology-driven remarketing solutions. KAR's unique end-to-end platform supports whole car, salvage, financing, logistics and other ancillary and related services, including the sale of more than 5.95 million units valued at over $40 billion through our auctions. Our integrated physical, online and mobile marketplaces reduce risk, improve transparency and streamline transactions for customers in more than 130 countries. Headquartered in Carmel, Ind., KAR has 18,000 employees across the United States, Canada, Mexico and Europe. For more information go to www.karauctionservices.com. For the latest KAR news follow us on Twitter @KARspeaks.

SOURCE KAR Auction Services, Inc.

Related Links

http://www.karauctionservices.com

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