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REDWOOD CITY, Calif. — The working relationship established earlier this year between OPENLANE and Recovery Database Network blossomed into an acquisition Thursday.

OPENLANE chief executive officer Daniel Farrar revealed the online auction company has acquired RDN, a software platform provider that links auto lending institutions with recovery companies to expedite the repossession of vehicles. 

Farrar went on to indicate RDN will be managed as an independent subsidiary of OPENLANE, with the existing RDN team continuing.

OPENLANE and RDN previously announced a technology integration partnership in March.

Executives believe the acquisition can provide users with a combined technology solution that can offer recovery agencies and their lenders a full-service option for obtaining vehicle assignments and remarketing them at one convenient location online.

They contend participating recovery agencies can benefit by providing their clients with a complete set of end-to-end recovery services — from repossession through remarketing — without the extra time and costs associated with transporting vehicles. 

Officials went on to emphasize the combined solution can create increased transparency throughout the remarketing process, allowing recovery agencies and lenders to access real-time data for all vehicles at any time. 

"Acquiring RDN strengthens OPENLANE's position as the leading online wholesale vehicle marketplace and furthers our efforts to provide full lifecycle solutions by expanding the services recovery companies can present their lenders," Farrar declared.

"Combined, RDN and OPENLANE will continue to partner with financial, recovery and remarketing companies and offer a powerful technology platform that plays on the strengths of both software offerings to help the recovery industry broaden its services," he continued.

Todd Hodnett, president of RDN, also cheered Thursday's acquisition announcement.

"OPENLANE's resources and industry-leading technology platform will provide a wealth of new resources to RDN's customer base," Hodnett stated.

"We look forward to continuing to serve our valued customers with business as usual and working together with the OPENLANE team to bring the recovery market creative new products and additional services," he continued.

News about OPENLANE's decision to acquire RDN already has been well received by the repossession industry.

"The combined forces of OPENLANE and RDN will enable independent recovery companies to strengthen their direct relationship with clients," noted Jim Hall, president of the American Recovery Association.

"The complete services that OPENLANE now offers recovery companies are a boon to the industry and will make the remarketing of repossessed vehicles more efficient than ever before," Hall added.

Farrar elaborated about how the strengths of the two companies are geared to benefit the entire industry.

"This acquisition is a win-win for our customers and partners, as well as for OPENLANE and RDN, and continues the momentum we have realized in the past year," Farrar said.

"We look forward to providing the industry with additional software products to make vehicle recovery and remarketing more efficient," he concluded.

Editor's Note: More details about this acquisition are scheduled to be included in Monday's edition of Repo & Recovery. To subscribe to that e-newsletter, click here.