1 February, 2022 – OPENLANE Europe is one of the leading online car auction companies in Europe, with over 74,000 vehicles sold annually. That’s more than 200 cars sold every day, each with detailed descriptions and data. Every auction generates more data, such as who purchased what when, every bid made, and the sales price that spelled success for both the buyer and seller. Why is this interesting? Because data is not just information—it’s opportunities.
In an interview for Fleet Europe’s quarterly e-book, OPENLANE Europe’s CEO Johan Meyssen let the world in on OPENLANE’s essential tool for revolutionising and simplifying the car remarketing process: artificial intelligence (AI).
‘Our AI technology, developed in-house, has meant the power of our data can be unlocked and harnessed. We can use all the information we have on cars, the current market and our customers to better serve our clients, allowing them to focus their time and energy elsewhere.’ – Johan Meyssen, CEO, OPENLANE Europe
OPENLANE’s advanced algorithms provide targeted recommendations that help buyers find the vehicles they need. They also offer price guidance, aiding buyers as they navigate the bidding process and letting sellers know the prices they can expect for particular vehicles. Image recognition algorithms are used to sort car pictures and select those that best attract and inform buyers. And AI plays a role in OPENLANE’s standardised and automated inspection and listing processes, minimising human error and speeding up sales for all parties.
Through increased automation and efficiency, OPENLANE’s AI solutions help enable smoother and simpler online auctions. Whether buying or selling, our clients only deal with us—no superfluous middlemen or avoidable headaches. And with more AI advantages in the works, such as damage recognition solutions, OPENLANE is building an even more satisfying online auction platform for car traders.
About OPENLANE Europe
OPENLANE Europe NV, based in Belgium, is a business unit of global vehicle remarketing and technology solutions provider KAR Global (NYSE: KAR). With sales operations in Belgium, France, Germany, Italy, the Netherlands and Spain, OPENLANE Europe seamlessly connects OEMs, fleet owners, wholesalers and dealers with buyers in more than 50 countries across Europe through its robust online wholesale vehicle auction marketplace, www.adesa.eu.
About KAR Global
KAR Auction Services, Inc. d/b/a KAR Global (NYSE: KAR), provides sellers and buyers across the global wholesale used vehicle industry with innovative, technology-driven remarketing solutions. KAR Global’s unique end-to-end platform supports whole car, financing, logistics and other ancillary and related services. Our integrated physical, online and mobile marketplaces reduce risk, improve transparency and streamline transactions for customers in about 75 countries. Headquartered in Carmel, Indiana, KAR Global has employees across the United States, Canada, Mexico, Uruguay, Europe and the Philippines. For more information and the latest KAR Global news, go to http://www.karglobal.com and follow us on Twitter @KARspeaks.