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REDWOOD CITY, Calif. — OPENLANE announced this morning that it has teamed up with Recovery Database Network in a partnership that can help expedite the sale of repossessed vehicles.

As most know, RDN is a specialized provider of software and data solutions related to asset recovery for the auto finance industry.

Essentially, the solution can offer finance companies and repossession agents a seamless process to easily support the online remarketing of repossessed units directly from recovery yards.

"The program aims to provide time and cost-savings vis-à-vis the traditional repossession and remarketing process with minimal change to existing infrastructure and systems in use," officials explained.

The new features and functionality will allow auto finance companies to assign repossession actions through RDN directly to participating recovery agents eligible to marshal vehicles for OPENLANE's online auction.

After vehicles are recovered, they are automatically consigned to OPENLANE for wholesale, while being stored at the agent's facilities.

This program can benefit participating consignors by helping them to sell units faster and by providing them a national buying audience immediately following the redemption period.

Also, participating consignors can reduce their expenses by selling units without having to transport them to physical auctions. Moreover, consignors will have greater transparency and control throughout the remarketing process, as they will be given real-time data feeds, reports and detailed condition reports for all units.

What's more, officials said the increased retention and revenue that comes with providing a broader service offering can benefit participating repossession service agents.

"Both finance companies and repossession services agents have been searching for new growth opportunities and ways to optimize the recovery process value chain," commented Todd Hodnett, the president of RDN. "By providing an easy way to leverage agents who can sell vehicles online through OPENLANE, we're able to differentiate ourselves with a much-needed, value-added service that better serves our clients."

Officials emphasized that OPENLANE will provide its entire service offering to support the remarketing of vehicle consignments received through RDN. These services include third-party inspection requests, detailed pricing reports, complete sales management, vehicle pick-up and transport and arbitration services.

"In partnering with RDN, we've created a mutually beneficial program that helps integrate the vehicle recovery and wholesale process to provide significant savings to our consignors while giving OPENLANE dealers access to an even larger and more diverse pool of inventory every day," stated Chuck Tapp, vice president of institutional sales for OPENLANE.

"Our specialized expertise in online remarketing combined with RDN's online recovery software portal is a groundbreaking value proposition for all parties motivated to maximize business results," he added.