A Car Dealer’s Guide: US Marketplace Terms to Know — Part One
2 mins
At OPENLANE, we understand there are many unique terms and new features to learn. To help get you up to speed, we’ve put together a guide of key terms you will find on the OPENLANEⓇ US platform.
Terms to know:
Absolute Sale
Absolute Sale indicates the Seller has committed to selling the vehicle to the highest bidder at or about 3pm CT each day. This format allows the seller to spend more time focusing on retailing as they have already committed to selling the vehicle.
As a buyer, you can filter vehicles by Absolute Sale, find a vehicle you like, and then bid until 3 pm CT. If a vehicle receives a bid within three minutes of the timer expiration, the vehicle enters into a 15 minute extension to allow time for more bids after which it will be sold to the highest bidder.
Automated Absolute Sale is a feature that gives sellers a “set it and forget it” option when listing a vehicle for sale. They can turn on this feature and set a sale price that they are committed to honoring. Once the bidding on the vehicle reaches that price, it automatically converts to an Absolute Sale. This means the dealer is committed to selling the vehicle to the highest bidder at the end of the day.
As Described Guarantee
As Described Guarantee is component-specific coverage that was implemented specifically so dealers can buy vehicles digitally with confidence. The As Described Guarantee is available on 93% of our inventory and provides arbitration rights if certain covered items are not disclosed on the condition report.The higher the vehicle’s sale price, the more items are covered by arbitration. The As Described Guarantee is valid for seven days from purchase; if you use OPENLANE transportation, an extended guarantee of seven days from delivery is also available, which provides a full 14 days after purchase.
Buy it Now
This is a pricing option that allows you to purchase a vehicle immediately for a set price. It lets you skip the auction process and secure the vehicle without waiting for the bidding to end. This is a great way to save time and guarantee you get the vehicle you want.
Code Boost IQ
Code Boost IQ flags complicated On Board Diagnostic codes and turns them into easy to understand color-coded banner messages and warnings, making it easy to identify issues that could lead to arbitration.
Online Auction
Taking place on Mondays and Thursdays from 2-4pm CT, just like a live auction, you can view a list of all available vehicles, along with their starting bids, before the event even begins. You can use filters to find the vehicles that are right for you, add them to your watchlist or set up an autobid so you don’t miss out!
Ready to make wholesale easy?
This is just the beginning. By understanding these key terms, you’re already better equipped to make smarter decisions and get the most out of your wholesale experience. Sign up here.