5 Easy Steps to Selling Wholesale Vehicles on OPENLANE
4 mins
When it comes to disposing your excess inventory or unwanted trade-ins, there’s no easier way than selling a vehicle on a wholesale digital marketplace. The OPENLANE marketplace is a tremendous tool for US dealers like you looking to offload inventory and freshen up their lot. With a transparent and simple inspection and listing process and multiple sale formats to fit your needs, OPENLANE takes the stress out of listing and selling a vehicle. Follow these five simple steps to turn your cars into cash — fast.
1. Create an Account
The first step to selling a vehicle on OPENLANE begins with creating an account. To get started, just head to openlane.com and start the simple sign-up process. That’s where you will enter your name, contact details, dealership information and more.
You will need to provide your personal information and dealership information (dealership type, address and phone number) to create an account. You can also provide your dealership license & driver’s license information to be able to browse and view inventory as soon as your account is created. Once your information has been verified, you’ll be ready to start selling.
If you ever have any questions, an OPENLANE representative will be happy to help.
2. Schedule an Inspection
Now, it’s time to schedule an inspection. OPENLANE inspections are done by professional, knowledgeable inspectors. All you need to do is hand the inspector the keys and they handle the rest. The inspector will conduct a test drive, along with an onsite inspection. They will compile their findings into an easy-to-read condition report.
If you are expecting to sell frequently, you can request that our inspectors stop by weekly on a mutually agreed-upon day for your convenience. Your OPENLANE representative can help you get the schedule set up.
3. Create Your Listing
Now that you are fully approved to transact on OPENLANE, it’s time to start listing vehicles you want to sell. The first thing you’ll need to do is fill out all the information on the vehicle you intend to sell. That includes important information like the vehicle’s year, make and model, along with VIN number and other identifying details.
You will also want to determine what starting price you would like to set for your vehicle. Don’t worry, you aren’t in this alone; we’ve got your back with integrated tools like Black Book to help you determine a good price for your vehicle. You will see a recommended price range for your vehicle based on the information you provided. This will help you set a starting price.
4. Choose Your Sale Type
Once you’ve filled out all of the relevant information about your vehicle, it’s time to think about which sale format is right for you. OPENLANE offers three different ways to list your vehicle for sale.
Auction
OPENLANE auctions happen twice a week, on Monday and Thursday from 2-4pm CT. These two hour timed auctions allow dealers from across the country to bid on your vehicle. At the end of the auction, you can decide if the top bid works for you. Buyers anticipate these scheduled auctions each week, and have the opportunity to preview upcoming listings in advance.
Marketplace
The OPENLANE marketplace offers 24/7 convenience, allowing buyers more time to consider a vehicle. You set the floor and Buy It Now price, and then dealers can place their bids. You can accept, counter or reject their offers. Marketplace listings can last up to three business days with most vehicles selling in just over a day.
Absolute Sale
Ready to get the vehicle off your lot today? Once you launch the Absolute Sale feature, you are committing to selling that vehicle to the highest bidder when the bidding closes at 3pm CT.
With Automated Absolute Sale, sellers can ‘set it and forget it.’ They load the vehicle, identify a target price at which they’re committed to selling — and the technology takes care of the rest, helping to seize the optimal buyer demand in real time.
No matter which option you choose, your OPENLANE representative will help you through the process. You can also list confidently knowing the average vehicle listed on OPENLANE sells in less than one day — and often faster.
5. Sell Your Vehicle
Just like that, you’ve sold your first vehicle on OPENLANE! So what happens next? Here’s the steps you will need to follow:
Review your confirmation email
Your confirmation email will contain all the information about your sale.
Release the vehicle
The buyer or one of our transport partners will pick up the vehicle. Prior to releasing the vehicle, be sure they provide you with the gate code we sent you in the sold confirmation email. Be sure to have the vehicle keys ready as well.
Send in your title
Sign over your title to the buyer (not OPENLANE), and send it to the following address as soon as possible:
OPENLANE
Attn: Title Dept
1100 Main St, Ste 1500
Kansas City, MO 64105
Get paid
Once your title is received, you’ll get payment directly to your account the next business day. Any sales fees associated with the sale will be taken out of your payment.
Start selling wholesale vehicles on OPENLANE
Now that you know the process to sell vehicles on OPENLANE, you should feel confident listing your first vehicle for sale on the OPENLANE marketplace.
Once you are ready to kickstart your selling journey, just head to openlane.com/sellers and get started.