Hyundai Capital America is among the latest captive finance companies to migrate to KAR Global’s OPENLANE iQ platform.
In discussing why this is important, Trevor Henderson, COO of ADESA, said in an email response that the current wholesale marketplace supply shortage that is driving used vehicle values higher means consumers with leased vehicles have more equity in their vehicle, and are less likely to return them at the end of their lease.
“Industry-wide, there has been a major reduction in off lease volume flowing to wholesale channels versus Q4 of last year—that’s for all off-lease vehicles, not just our marketplaces,” said Henderson.
However he adds that, as lease volumes return to the wholesale market and with OPENLANE iQ representing approximately 80 per cent of all North American off-lease volume, the company is well positioned to provide buyers with early and exclusive access to purchase more desirable inventory.
The platform provides data analytics and technology solutions for more than 40 upstream brand marketplaces, according to the company.
“And with our TradeRev and ADESA.ca integrations, buyers can get early access to off-lease units in the open marketplace before the vehicle even leaves the selling dealer’s lot,” said Henderson.
The platform integrates with capabilities such as digital signature capture, lessee and/or dealership self-inspection, and vehicle transportation. It can also integrate with KAR’s other used vehicle marketplaces, such as TradeRev in Canada, and sale formats like Simulcast and Simulcast+.
It also pulls in rooftop-specific recommendations and real-time market intelligence “to match the right vehicles to the right buyers in an easy-to-understand format.” And it uses a hybrid-cloud microservices architecture (which means one or more parts of the application are deployed as smaller services) with a mobile-first user interface.
The company has been busy. Recently, through ADESA and CoreKinect, it also deployed a fully automated vehicle tracking solution that combines a mobile app with a GPS-enabled IoT device.
CoreKinect’s Assar Badri said ADESA is “increasingly looking to technology to improve their operations and optimize workflow.”
