The sale format — which represents a growing share of OPENLANE’s overall marketplace transactions — boosts buyer visibility and engagement, generating better returns for sellers.
Graphic: OPENLANE
OPENLANE on Aug. 6 launched its Automated Absolute Sale, a new tool that allows U.S. sellers to set a price threshold at the time of listing that moves a vehicle into immediate sale mode.
The feature increases convenience and velocity for sellers, enabling them to more quickly and easily realize better outcomes.
Introduced earlier this year, Absolute Sale is a new sale format available on all dealer-consigned vehicles in OPENLANE’s U.S. digital marketplaces that enables sellers to signal they are committed to selling a vehicle to the highest offer that day. The sale format — which represents a growing share of OPENLANE’s overall marketplace transactions — boosts buyer visibility and engagement, generating better returns for sellers and building confidence in the wholesaling strategies of sellers and buyers.
“We’re on a mission to make wholesale easy, and that starts with purposeful, simple tools to help dealers more efficiently manage their wholesale strategy and inventory,” said Shiv Dutt, SVP and president of the U.S. marketplace at OPENLANE, in a news release. “Sellers can ‘set it and forget it.’ They load the vehicle, identify a target price at which they’re committed to selling — and the technology takes care of the rest, helping to seize the optimal buyer demand in real time.”
Automated Absolute Sale builds on the success and momentum of Absolute Sale by enabling sellers to set a threshold trigger for launching a vehicle into Absolute Sale directly at the time of listing.
“Upon seller activation, the average bid increases by more than $500 per vehicle — demonstrating increased buyer confidence and improved seller outcomes,” Dutt said.
In less than four months, the company has seen wider dealer adoption of the technology tool. “By offering the option to automate it, we’re taking Absolute Sale to the next level. “We now see bidding wars on over 25% of Absolute Sale vehicles,” Dutt said.
Originally posted on Automotive Fleet