Data Science, AI and Cloud Technology Fuel the Future of Off-Lease Sales
CARMEL, Ind., June 17, 2018 (GLOBE NEWSWIRE) — OPENLANE, the world’s largest upstream vehicle auction platform, is deploying a cache of industry-only capabilities to help customers monetize vehicles faster, easier and smarter than ever before. OPENLANE is a business unit of global vehicle remarketing and technology services provider KAR Auction Services, Inc. (NYSE:KAR) and supports private-label upstream programs for more than 40 OEM and financial institution brands. The reimagined OPENLANE platform integrates technology and innovation from across the KAR enterprise, combining data science, machine learning, artificial intelligence and cloud technology to streamline and simplify the upstream experience for sellers and buyers alike.
“With more than one million vehicles sold upstream over the past twelve months, we are continuously pushing the envelope of OPENLANE’s technology,” said Peter Kelly, KAR chief technology officer and president of KAR’s digital services group. “Upstream selling is a critical part of our customers’ remarketing strategies. So, we have completely reimagined the upstream experience from our core technology to integrated data analytics to a more simplified, intuitive user interface. KAR’s investments and acquisitions position OPENLANE to support the needs of our customers today and tomorrow.”
Under the direction of KAR’s chief information officer, Tom Fisher, more than 300 IT professionals located in innovation hubs across North America have been dedicated to the re-architecture of OPENLANE’s technical infrastructure. Over the past 18 months, the team has utilized an agile framework and hybrid cloud approach that integrates advanced cloud technology and specialized in-house development to advance an aggressive agenda of enhancements. The result is a stable, scalable and flexible upstream platform that leverages the most progressive technology solutions available.
“As a team, we challenged ourselves to view OPENLANE through the eyes of our customers and advance the most sophisticated and advanced platform possible,” said Fisher. “We’ve successfully aggregated billions of data points across KAR’s diverse portfolio of companies while fortifying our technical foundation. This gives us the broad flexibility to deliver both out-of-the-box and bespoke solutions for our unique upstream customers.”
Further fueling OPENLANE are new data science and artificial intelligence capabilities developed by two of KAR’s recent acquisitions, DRIVIN and TradeRev. DRIVIN analyzes data from thousands of dealers and millions of vehicles each day to provide customers informed predictive pricing recommendations. Further, DRIVIN’s targeted seller-buyer matching algorithms can connect upstream vehicles with a curated list of buyers where the greatest demand exists. And with TradeRev’s “H” artificial intelligence engine, customers can capture consistent and accurate condition report images in just seconds. Together, these capabilities help customers maximize the speed, outcome, and economic impact of their overall upstream business.
“Ultimately, a successful upstream program is all about portfolio management – holistically optimizing outcomes and effectively mitigating risk,” said Kayne Grau, co-Founder of DRIVIN and President of KAR’s Data as a Service group. “DRIVIN translates data into clear, actionable intelligence for dealers, and we’re excited to be working with OPENLANE customers to deploy these powerful insights. Together, we’re creating a more informed, data-driven marketplace where both sides of the transaction can benefit.”
As one additional option for customers, OPENLANE is also offering the power of TradeRev as an additional auction layer in the upstream funnel. Vehicles not otherwise sold upstream can be automatically launched into TradeRev’s live, one-hour digital auction marketplace, exposing those vehicles to thousands of additional North American dealers.
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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 5.5 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 120 countries. Headquartered in Carmel, Ind., KAR has approximately 17,500 employees across the United States, Canada, Mexico and the United Kingdom. For more information go to www.karauctionservices.com. For the latest KAR news follow us on Twitter @KARSpeaks.