When to Use Absolute Sale and Automated Absolute Sale on OPENLANE
3 mins
It’s no secret that dealers today are busy, with the average car dealer working more than 50 hours per week in 2023.1 It can be a time consuming task to keep up with the demands of operating a business, satisfying customers and ensuring the inventory is fresh and appealing. That’s why anything that can save a dealer time during their hectic day is crucial. That’s where Absolute Sale and Automated Absolute sale on OPENLANE’s US marketplace can be a major timesaver for busy dealers.
What is Absolute Sale?
Absolute Sale is a feature included in one of the different sale types on OPENLANE’s US marketplace. When a selling dealer needs to get inventory off their lot quickly, they can toggle on Absolute Sale for a vehicle listed in the OPENLANE marketplace. By launching Absolute Sale, the dealer is committing to selling that vehicle to the highest bidder when the bidding closes at 3pm CT that very same day.
What is Automated Absolute Sale?
Automated Absolute Sale is a feature enhancement made to Absolute Sale, empowering selling dealers to apply a set-it and forget-it mindset at any time after their vehicle is listed.
When listing a vehicle or at any time the listing is live, selling dealers can immediately toggle on the Automated Absolute Sale feature and set a price threshold that, when reached, immediately moves the vehicle into Absolute Sale mode. As with the traditional Absolute Sale mode, the dealer is now committed to selling that vehicle to the highest bidder when bidding closes at 3pm CT that same day.
What are the benefits of Absolute Sale & Automated Absolute Sale?
The biggest benefits dealers will find when using Absolute Sale and Automated Absolute Sale are time and certainty. Absolute Sale is a timesaving tool for dealers who don’t have to worry about haggling over pricing, allowing them to spend less time wholesaling and more time retailing and focusing on their customers. Additionally, Absolute Sale provides commitment from the selling dealer to sell the vehicle today that buying dealers crave. If a selling dealer needs to get a vehicle off their lot today, they can launch Absolute Sale, knowing the vehicle will be sold to the highest bidder by the end of the day.
Absolute Sale listings stand out on the OPENLANE marketplace, and are highlighted with a special visual badge and timer, allowing buyers to easily find the vehicles being offered. Absolute Sale also delivers results for sellers. Once a seller activates Absolute Sale, the average bid increases by more than $500 per vehicle. Additionally, over 25% of Absolute Sale listings are now experiencing bidding wars, driving up prices.
When should you use Absolute Sale versus Automated Absolute Sale?
Before toggling on Absolute Sale mode, selling dealers should first consider if they want to commit to selling this vehicle today. If a dealer is firmly committed to getting vehicles off their lot, Absolute Sale is the perfect solution.
Another strong indicator that Absolute Sale should be launched by a selling dealer would be a strong early offer on a vehicle. If a vehicle gets a strong bid, the selling dealer can launch Absolute Sale knowing that the vehicle’s sale price can only go up from there.
A third factor that a selling dealer should consider when deciding to use Absolute Sale would be how much time they have to commit to negotiating and handling offers. If a dealer needs to get a vehicle off their lot, but also has several customer or business obligations that day, Absolute Sale is an ideal tool to help.
If a dealer prefers more of a set-it and forget-it option, they can consider using Automated Absolute Sale. A dealer can choose to toggle on Automated Absolute Sale at any time after listing a vehicle, and let OPENLANE do the rest. Once that vehicle receives an offer amount meeting the seller’s predetermined threshold, Automated Absolute Sale will take over, fielding bids and then selling to the highest bidder at the end of the day. It’s a great hands-off option for busy dealers who don’t want to monitor their listings throughout the day while ensuring you capture optimal buyer demand in real-time.
Ready to Try Absolute Sale?
Are you ready to see what Absolute Sale and Automated Absolute Sale can do for you and your dealership? Start the sign-up process right now at openlane.com.
- Automotive News Dealership Salary Survey. Retrieved on September 9, 2024 from: https://www.autonews.com/dealers/average-2023-car-dealer-pay-was-200k-50-hour-workweek