OPENLANE Launches U.S. Marketplace Combining BacklotCars And Exclusive Off-Lease Inventory
Portfolio Pulse from Benzinga Newsdesk
OPENLANE, Inc., a subsidiary of KAR Auction Services (NYSE:KAR), has launched a new digital marketplace in the U.S. that combines off-lease inventory from commercial sellers with dealer-to-dealer inventory from BacklotCars. This unified platform aims to simplify the buying and selling process for wholesale used vehicles, offering a wide selection of inventory, multiple sale formats, and integrated services such as inspections, arbitration protection, and financing. The platform is accessible via mobile and desktop, and is designed to meet the needs of dealers of all sizes, providing AI-enhanced inspections, market insights, and customer support.
November 20, 2023 | 1:43 pm
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POSITIVE IMPACT
KAR Auction Services has expanded its digital offerings with the launch of OPENLANE's new U.S. marketplace, which could attract more dealers and increase transaction volumes due to its comprehensive services and inventory.
The launch of OPENLANE's new digital marketplace is likely to have a positive impact on KAR Auction Services' stock in the short term. The platform's unique inventory and comprehensive services are expected to attract more dealers, potentially increasing transaction volumes and revenue for KAR. The confidence in this analysis is based on the company's successful track record with similar platforms and the growing trend towards digital solutions in the automotive wholesale market.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 90