A Car Dealer’s Guide: US Marketplace Terms to Know — Part Two
2 mins
Welcome back to our series on navigating the OPENLANEⓇ marketplace! In our last post, we started to break down some key terms to help you find the right inventory. This time, we’re continuing our guide with more essential features and programs that can help you buy and sell more efficiently.
Whether you’re looking to boost your sales, simplify your finances, or get better insights on vehicle value, this guide will walk you through the rest of the terms you need to know to get the most out of your wholesale experience.
Terms to know:
Floorplan Financing
Floorplan financing is a type of loan offered through OPENLANE’s sister company, Automotive Finance Corporation (AFC), or similar companies. A floorplan company provides flexible financing to help you buy vehicles, letting you stock your lot without depleting your own cash. OPENLANE also has easy integrations directly in the platform with most major floorplan companies. To learn more about Floorplan Financing and AFC, check out our blog on “How Floorplan Financing Can Boost your Car Dealership’s Cash Flow.
Followers
The Followers feature allows you to receive updates on vehicles from your favorite sellers. When you follow a seller, you get notified when they list new vehicles, so you never miss out on inventory from trusted sources.
Marketplace
The OPENLANE marketplace is a digital platform for buying and selling wholesale vehicles. It’s the central hub where dealers can find a wide range of inventory through various formats like auctions and Buy it Now.
OPENLANE Market Data
Not sure what a vehicle is actually worth? OPENLANE condition reports feature OPENLANE Market Data to fuel better decision-making. Based on historical sales data on the OPENLANE marketplace, see pricing information for vehicles based on similar model, year, trim levels, mileage, Condition Report and more.
Seller Stats
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!
Seller Stats provides detailed analytics on a seller’s performance. This includes information on their sales history, ratings, and arbitration rates. This transparency helps buyers make informed decisions and build trust with sellers.
Visual Boost AI™
Visual Boost AI™ highlights detected exterior damage directly on photos within the condition report (CR), our experienced inspectors then confirm the damage, making it faster for buyers to accurately locate and assess potential defects before making a purchase.
Watchlist
The watchlist is a feature that allows you to save and track vehicles you’re interested in. It saves you time by keeping a list, so you don’t have to search for them again. The watchlist also works with other features like “Saved Searches” and notifications to help you stay on top of the vehicles you want.
We hope this guide helps you feel more confident and prepared to buy and sell on OPENLANE. By understanding these key terms, you are better equipped to make informed decisions and get the most out of your wholesale experience.
Ready to make wholesale easy?
Ready to discover how OPENLANE can help your dealership? Now’s the perfect time to enhance your inventory, get started today!
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