OPENLANE, a business division of KAR Auction Services, Inc. (NYSE: KAR) and the leading online automotive remarketing solution, announced an innovative new enhancement for Volkswagen and Audi dealers. Dealers utilizing OPENLANE’s VolkswagenDirect.com and AudiDirect.com marketplaces can now receive real-time auto loan pay-off quotes for retail trade-in vehicles directly in the application. With fully integrated information from Volkswagen Credit, Inc. (VCI), the technology allows dealers to enter a vehicle identification number and receive all financial information required to complete the pay-off transaction.
“This enhancement could streamline the upstream remarketing process for Volkswagen and Audi dealers by eliminating the time and effort required to manually verify financing balances,” said Peter Kelly, president of KAR’s Digital Services division, which includes OPENLANE. “VCI and OPENLANE have been partners for more than fifteen years, and we are constantly innovating to meet the needs and expectations of modern, tech savvy automotive dealers. Our ongoing work to enhance OPENLANE will allow us to integrate additional information and capabilities into the tool to help customers make more simplified and data-driven buying and selling decisions.”
The OPENLANE technology provides exclusive online, upstream marketplace solutions for more than 40 original equipment manufacturers (OEM), captive finance sellers and their franchised dealer networks. In 2016, OPENLANE sold more than 750,000 vehicles to a broad buyer network of franchised and independent auto dealers in the U.S. and Canada.
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 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 110 countries. Headquartered in Carmel, Ind., KAR has approximately 17,600 employees across the United States, Canada, Mexico and the United Kingdom. www.karauctionservices.com