OPENLANE Says it Posted Quarterly, Monthly Sales Records

April 29, 2009

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MENLO PARK, Calif. — OPENLANE announced Tuesday that during the first quarter, the company set records for both monthly and quarterly sales, while also establishing new weekly and daily sales highs.

OPENLANE suggested that these first-quarter records indicate a stronger used-car market and that North American dealers and consignors are increasingly using online remarketing to move vehicles.

Specifically, the company moved more than 100,000 vehicles on its online auction during the first quarter of 2009, and sold 35,615 vehicles in March alone, which marked new records on a quarterly and monthly basis.

Daniel Farrar, chief executive officer of OPENLANE, said the company's results were "exceptionally strong," and he attributed the company's success to a number of new programs launched during the past six months.

"Retail sales of used vehicles have proven more resilient than new car sales, which has been positive for our business model," he said. "This, combined with new value-added programs for consignors and dealers designed to enhance the buying and selling process online, has enabled OPENLANE to achieve record-breaking sales and enhance our profitability."

For example, OPENLANE said it has seen continued traction with its online transportation business, CarsArrive.

The company has made improvements to its tracking and load balancing processes and seen a 70-percent increase in the average distance per transport from 2004 to 2008.

Officials suggest this increase indicates that demand for convenient end-to-end solutions in terms of buying and receiving delivery of used vehicle inventory is increasing, while dealer confidence in the online auction process continues to grow.

OPENLANE Helps Chase Boost Online Programs

Moving on, the company said it also has helped Chase Auto Finance to accelerate use of its online remarketing programs by 300 percent since February 2008.

According to officials, Chase now markets nearly 60 percent of its off-lease vehicles through OPENLANE's online auctions.

Chase plans to expand the program to auto dealers nationwide.

"We've generated both strong results and costs savings since making OPENLANE a significant part of our remarketing strategy," said Lynn Wolver, national remarketing manager for Chase Auto Finance.

"OPENLANE has worked closely with us to develop a number of custom programs and sales initiatives, demonstrating a commitment to offering an expanded variety of value-added services," Wolver added.

For more information, visit www.openlane.com.

Auction/Wholesale