On November 20th, OPENLANE launched its US marketplace platform, simplifying wholesale auto buying and selling while expanding reach and access. This exciting news got us thinking that it might be a good time to break down what exactly a digital wholesale auto marketplace is, how it functions, and what makes the OPENLANE US wholesale used vehicle marketplace so special.
What are wholesale used vehicle digital marketplaces?
Digital marketplaces like OPENLANE US serve as centralized hubs for wholesale auto dealers. Usually taking the form of a website, app, or cloud-based platform, digital wholesale auto marketplaces empower dealers to streamline the process of wholesale used vehicle transactions, making it more efficient, convenient, and accessible for verified dealers to bid, sell, and buy used vehicle inventory in a variety of sales formats.
At its core, a wholesale auto marketplace generally enable dealers to:
- List and showcase their inventory: Wholesale auto dealers can upload details on the vehicles they want to sell, making them visible to other dealers looking to buy. Additionally, third-party inspectors complete condition reports on the used vehicles in question.
- Search and browse inventory: Dealers can search for “wholesale vehicles near me”, and use filters to narrow searches down to specific makes, models, years, or other criteria to find vehicles they want to purchase for their own inventory.
- Facilitate transactions: Complete deals, negotiations, discussions on terms, and documentation online. Post-transaction, some platforms may offer additional support, including assistance with title transfers or dispute resolution, ensuring a positive customer experience for both parties.
- Expand market access: Dealers can reach a broader network of potential buyers, sellers, and inventory beyond their local area, expanding their options for buying and selling used vehicles.
What are the benefits of digital wholesale auto marketplaces?
The most obvious advantage of a digital wholesale marketplace is a simplified buying and selling process. Wholesale auto marketplaces like OPENLANE US unite sellers, buyers, and a vast inventory of vehicles—all in one place. That means dealers are no longer limited by location, and can log on with their computer or smartphone and start wholesaling without ever having to leave their lot.
Wholesale marketplaces also often offer additional services which further simplify the buying process, such as:
- Vehicle inspections
- Floorplan financing options
- Transportation arrangements
- Condition reports
These elements underscore the convenience of wholesale auto marketplaces and illustrate the sense of security and peace of mind for dealers. That’s precisely how digital marketplaces like OPENLANE US provide a controlled and fruitful space for dealers to develop, execute, and perfect their wholesaling strategy.
What sets OPENLANE US apart from other wholesale auto marketplaces?
OPENLANE US is committed to making wholesale easy for every dealer, every step of the way. With exclusive off-lease inventory not available on any other digital platform or physical auction and thousands of vehicles from franchise and independent dealers previously available on BacklotCars and CARWAVE, OPENLANE offers a truly unique and unmatched selection of inventory.
OPENLANE US digital marketplace offers multiple, flexible sale formats, data-driven insights and a host of integrated products and services to align with the buying habits, schedules and preferences of its customers. Buyers and sellers can choose the auction and sale format that best suits their needs—including a 24/7 bid-ask marketplace, “Buy It Now” listings and timed auctions scheduled regularly throughout each week.
Additionally, OPENLANE provides buyers and sellers with peace of mind with
- Visual inspections, as well as test drives, performed by experienced independent inspectors, not salespeople
- Engine recording audio files that are collected and shared when noise is detected
- Streamlined scan code technology that lets you view damage, faster
- Condition reports each with over 25 photos, integrated and complementary AutoCheck®
- Dependable guarantees
- Real time pricing guidance from Black Book
⇒To learn more about the OPENLANE US launch, read the full press release here. Or, to check out the OPENLANE platform for yourself, visit our website at https://openlane.com/.