OPENLANE iQ™ Accelerates Platform Evolution, Expanding Industry-Leading Capabilities for Sellers and Buyers
FOR IMMEDIATE RELEASE
CARMEL, Ind. – Nov. 30, 2021 – OPENLANE iQ™, the off-lease remarketing platform of global wholesale used vehicle digital marketplace operator KAR Auction Services, Inc. d/b/a KAR Global (NYSE: KAR), continues to deliver the most intelligent and connected digital experience for buyers and sellers. Combining industry-leading technology and a collaborative agile approach to development, sellers can leverage seamless integrations across the remarketing ecosystem to tailor the user experience. OPENLANE iQ provides data analytics and comprehensive technology solutions for more than 40 upstream brand marketplaces supporting 80% of North America’s private label brands. Hyundai Capital America is one of the latest captive finance companies to migrate to the platform.
“We’re obsessed with helping our customers be more successful, and regularly talk with both sellers and buyers to meet their evolving needs. One of the most common themes we hear is a desire for better, faster and easier communication, especially as the industry moves more digital,” said Jason Ferreri, EVP commercial customer solutions at KAR Global. “OPENLANE iQ provides sellers with powerful buyer engagement and analytics tools, and dealers with a clearer picture of what is available. We are thrilled to partner with Hyundai Capital America to bring these game-changing benefits to their dealers.”
The OPENLANE iQ platform integrates with optional advanced capabilities such as digital signature capture, lessee and/or dealership self-inspection, and vehicle transportation. It also has the power to seamlessly integrate with KAR’s other used vehicle marketplaces including ADESA.com, BacklotCars in the U.S. and TradeRev in Canada and sale formats like Simulcast and Simulcast+℠. The platform also pulls in rooftop-specific recommendations powered by KAR’s data engine and real-time market intelligence to match the right vehicles to the right buyers in an easy-to-understand format.
“One of our biggest needs is the ability to communicate effectively with dealers and provide the best inventory for their businesses,” said Doug Evans, director of national remarketing at Hyundai Capital America. “OPENLANE iQ has delivered a more usable, intelligent private label site that can help our team succeed.”
The technology leverages a hybrid-cloud microservices architecture with a mobile-first responsive user interface. This architecture provides the ability to rapidly respond to the voice of the sellers and quickly update the private label sites, providing them with greater control and flexibility.
“OPENLANE iQ is the most intelligent, most integrated, most user-centric, and most-scalable platform available in the industry,” said Rick Griskie, president of digital marketplaces at KAR Global. “This industry-leading technology provides significant agility for our customers and dealers.”
OPENLANE iQ is the largest, most trusted and most utilized upstream remarketing platform for OEM, captive finance, financial institution and fleet customers.
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About KAR
KAR Auction Services, Inc. d/b/a KAR Global (NYSE: KAR), provides sellers and buyers across the global wholesale used vehicle industry with innovative, technology-driven remarketing solutions. KAR Global’s unique end-to-end platform supports whole car, financing, logistics and other ancillary and related services, including the sale of nearly 3.1 million units valued at over $40 billion through our auctions in 2020. Our integrated physical, online and mobile marketplaces reduce risk, improve transparency and streamline transactions for customers in about 75 countries. Headquartered in Carmel, Indiana, KAR Global has employees across the United States, Canada, Europe, Mexico, Uruguay and the Philippines. For more information and the latest KAR Global news, go to www.karglobal.com and follow us on Twitter @KARspeaks.
Hyundai Capital America Latest to Transition to Industry Leading Platform – OPENLANE iQ™
KAR Auction Services, Inc. d/b/a KAR Global
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