How OPENLANE Intelligence Can Improve the Wholesale Buying Experience
3 mins
Every day, more dealerships are turning to Artificial Intelligence (AI) solutions to handle daily tasks and better manage their operations. At OPENLANE, we are building AI enhanced solutions to help franchise and independent dealers make smarter wholesale decisions faster.
Understanding AI in the Automotive Industry
The auto industry has always been built on innovation, from the first assembly lines to the self-driving cars of the present and the future.
Today, AI-assisted solutions are used in nearly every stage of a vehicle’s life, including design, production and resale. It is a powerful tool that helps professionals do their jobs better and more efficiently. Research suggests the impact of AI on the automotive sector is expected to grow nearly 23% by 20301.
Better Vehicle Condition Report Transparency
Dealers now have access to more data than ever before, and when it comes down to buying inventory, they need clear and easy to understand insights they can trust. OPENLANE Intelligence makes things simpler. It gives you a detailed picture of a vehicle by using both AI enhanced tools and the skills of in-person inspectors. These tools work side-by-side to give you clearer, more comprehensive information.
OPENLANE leverages AI to enhance the observations of human inspectors to make vehicle condition reports more detailed and transparent. Marketplace features powered by this new framework are now indicated by the OPENLANE Intelligence star mark.
The technology provides a robust suite of tools designed to help dealers estimate costs of repair and make more informed valuations including:
AI enhanced exterior damage detection
This smart tool helps you see the condition of the exterior of the car without being there in person. It works like a second set of eyes; when an inspector takes photos of the vehicle, the AI scans photos of the body of the vehicle for problems like dents, scratches, hail damage. An inspector will review and verify the findings before posting the vehicle with the issues clearly highlighted on the photos. Identified exterior damage is highlighted in pink— a color chosen because it’s a color not frequently used on vehicles—making it harder to miss a defect.
Instead of squinting at photos and wondering if that’s a reflection or a scratch, this AI-enhanced tool identifies it for you – clearly and quickly. This technology helps save you time during your evaluation and gives you the peace of mind that what you see in the report is what you get.
Read our previous blog on AI enhanced exterior damage detection here.
AI enhanced Engine Analysis
When a vehicle is inspected and an inspector identifies an engine abnormality, our system records audio of the engine using proprietary AI enhanced tool to listen for sounds that shouldn’t be there. It compares that recording to a massive library of “healthy” engines of the same make and model to find any strange noises, like knocks, ticks or rattles.
Instead of just listening to a recording and guessing what you hear, the AI enhanced tool flags exactly where the noise sounds unusual. For most vehicles, it even lets you play a “normal” engine recording side-by-side with the one you’re bidding on. This makes it easier to spot usual engine noise issues, helping you bid with confidence and avoid expensive surprises under the hood.
To learn more about AI enhanced Engine Analysis, click here.
Intelligent OBD2 Decoder
We’re taking the mystery out of those confusing engine Diagnostic Trouble Codes (DTCs) codes. Standard OBD2 tools provide basic code definitions in plain language, but our platform adds a layer of intelligence by prioritizing that data so dealers know what to tackle first.
It doesn’t just tell you the code is there, it tells you how much it matters. By looking at thousands of past sales and arbitrations, the system identifies which codes may be likely to lead to an arbitration claim. You’ll see clear, color-coded banners at the top of the report so you can readily determine if a car is a safe bet or if you may need to adjust your bid to cover potential repairs.
Read more about OPENLANE’s intelligent OBD2 decoder here.
Maximize Profit with Predictive Vehicle Pricing
OPENLANE Predictive Pricing is a pricing model tailored for each specific unit listed on OPENLANE. This model assists you with today’s predicted sale price, but it’s also the only model on the market to deliver 30, 60 and 90-day projected prices to help dealers make informed inventory decisions.
Unlike other guidance that look at historical sales data and limited factors to populate forecasted prices, our model is automatically tailored to each specific unit by considering a combination of market and vehicle-specific data.
OPENLANE Predictive Pricing guidance incorporates vehicle build details, the condition report, vehicle history report, economic market dynamics and OPENLANE comparable sales.
OPENLANE Predictive Pricing tools run thousands of calculations in real time to assist dealers in their selling and purchasing decisions.
Let OPENLANE Help You
Discover how AI enhanced insights, transparent inspections can help you buy smarter and bid with confidence. Visit OPENLANE today to explore tools designed to reduce risk, save time and give you a clearer picture before you place a bid.
Sources: