A Car Dealer’s Guide: Canada Marketplace Terms & Words
In a fast paced environment like wholesaling, it’s important to have a solid understanding of OPENLANEⓇ terms at your fingertips. This guide will take you through some important terms that will help you master the OPENLANE Canada wholesale process.
Key Features & Tools
Market Guide: Our market guide is your secret weapon for pricing. It provides you with invaluable insights that help you accurately assess a vehicle’s value and make well-informed bidding, buying, and selling decisions. To learn more about our market guide, click here.
Proxy Bids: Can’t attend our live online auction? No problem. On 45-minute auctions, proxy bids allow you to set the maximum price you’re willing to pay. Our system will then automatically bid on your behalf, up to your specified limit or until you are the top bidder and the vehicle goes to closing.
Auto Bids: Similar to proxy bids, but only available on Simulcast. This allows you to create a limit on what you want to bid, and our system will bid for you until it’s reached. You will be notified if someone outbids you.
Simply Sell Guarantee : Gives car dealers more confidence by protecting sellers from unexpected issues after the sale (available for 45-minute auctions only).
Floor Met Filter: Available on our 45-minute auction, this helpful filter allows buyers to find vehicles that are guaranteed to go to closing, ensuring a smoother transaction.
Vehicle Details Page (VDP): Your goto source for any information on any car listed on OPENLANE. This page provides vehicle photos, videos, known history, CarFax reports, descriptions, disclosures and more for a transparent transaction.
Vehicle Logistics Centres (VLC): OPENLANE has 15 Vehicle Logistics Centres across Canada. These facilities are where vehicles are processed, stored, and prepared to be transported. VLCs also offer several services such as reconditioning, mechanical and more. Interested in a specific VLC? Click this link and choose the location you want to view the full list of services provided.
Leads and Customers: OPENLANE helps the buying and selling of used vehicles between car dealers and fleet operators. Our retail Vehicle Details Page (VDP) allows dealers to make a custom customer-facing page for the vehicle they are bidding on, helping you pre-market your car to potential customers, generating leads before even completing the auto wholesale purchase.
Services
Simulcast: Combines the convenience of online bidding with the excitement of a (simulated) traditional live auction.
45-Minute Auction: A live 45 minute online auction, where vehicles are sold in real-time in a competitive and fast-paced bidding environment.
Floorplan Financing: Need a way to fund your vehicle purchases? You can do so through Automotive Finance Canada Inc. (AFC). AFC offers flexible solutions to support your inventory acquisition. Find more about AFC here.
OPENLANE Pro Subscription: A premium subscription service for dealers. Includes offers and benefits like access to OPENLANE Market Guide, white label retail tools and the ability to participate in the PayDay Rewards Program.
Pre-Sale Inspection: This is an optional inspection conducted by the seller before the vehicle is listed for sale, offering buyers a clearer picture of the vehicle’s condition upfront while providing sellers the opportunity to fix issues they may not have known about.
Post-sale Inspection: An inspection that is completed after the sale to confirm the vehicle is as-described by the seller. If a vehicle classifies as a “FAIL” it will be sent to our team for an arbitration.
Looking to better understand the different sales types in each marketplace? Check out the following blogs:
- Seller Process Walkthrough: OPENLANE Canada Sales Types
- Buyer Process Walkthrough: OPENLANE Canada Sales Types
Ready to make wholesale easy?
For any questions, give us a call and one of our team members will be happy to help.
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