Buying Wholesale Vehicles on OPENLANE: A Complete Buyer’s Guide
You’re signed up, your account is active and you’re ready to start buying. So, what should you do first?
Your first week on OPENLANE is the perfect time to get familiar with the tools that can help you find the right used car inventory, make informed bidding decisions and stay on top of opportunities across a new digital marketplace.
From fine-tuning your searches, exploring different ways to buy, and using market data to guide your bids, here’s your first-week game plan for buying wholesale cars on OPENLANE with confidence.
Step 1: Personalize Your Marketplace
Before you start bidding, take a few minutes to set up the marketplace around the vehicles your dealership actually needs.
Download the App. Stay connected to the marketplace wherever the business takes you. Search for inventory, keep track of vehicles and bid right from your phone, so you don’t have to be at your desk to stay in the action.
Fine-tune your search. Use filters to narrow down used car inventory based on the criteria that matter to your dealership, so you can spend less time scrolling and more time evaluating the right vehicles.
Save your searches and set alerts. Once you’ve built a search that works for you, save it. Alerts can help you stay on top of matching vehicles as they become available across the digital marketplace.
Build your Watchlist. Spot something interesting? Add it to your watchlist so you can easily keep track of the vehicles you may want to bid on while buying wholesale cars on OPENLANE.
Customize your notifications. Choose which marketplace updates you want to receive.
Step 2: Get to Know the Different Ways to Buy
OPENLANE gives you different ways to source wholesale inventory depending on your schedule and buying strategy.
45-Minute Auctions: Like the energy of a live auction? Vehicles are actively auctioned for 45 minutes, giving you a fully digital way to compete for inventory. Before an auction begins, check the Upcoming tab to preview vehicles, add them to your Watchlist and place Proxy Bids ahead of time.
Simulcast: Prefer a weekly scheduled auction? Simulcast lets you participate in live sales online from wherever you are. Review upcoming sales and run lists in advance, then join the action and bid in real time.
Learn more about our different sales types, here.
Step 3: Do Your Homework Before You Bid
Finding the right vehicle is one thing. Knowing what you’re willing to pay for it is another.
Start with the Vehicle Details Page. Review the available vehicle information carefully, including photos, condition information, history, descriptions and disclosures. Knowing what you’re buying before you bid can help you make a more informed decision and account for potential costs after the sale.
Then put the numbers to work with OPENLANE Market Guide 2.0. It provides wholesale market data and pricing insights that can help you evaluate a vehicle and make more informed buying decisions. Combine those insights with what you know about your local market and factor in costs like transportation and reconditioning.
Know your number before the bidding starts, and stick to it when you buy wholesale vehicles.
Step 4: Make Bidding Work for You
Once you’ve found a vehicle and set your number, you’re ready to bid.
In a 45-Minute Auction, Proxy Bidding lets you enter the maximum amount you’re willing to pay. The system can automatically bid on your behalf as needed, up to your maximum, helping you stay competitive without having to follow every bid in real time.
You can also use the Floor Met filter to find vehicles where the seller’s floor price has already been met. That means the vehicle is going to close, helping you focus on opportunities where a sale is ready to happen on the digital marketplace.
Step 5: Know What Happens After You Buy
You won the vehicle. Now what?
Post-Sale Inspections: OPENLANE’s Post-Sale Inspections (PSIs) provide an additional assessment of a vehicle after purchase. A PSI checks key areas of the vehicle, including mechanical and structural components, electrical accessories and a road test.
Payment: Set up your preferred payment method early. OPENLANE supports floorplan financing, with AFC as its preferred floorplan provider, as well as Electronic Funds Transfer (EFT).
Transportation: Once your vehicle is ready to move, arrange transportation to your dealership or another OPENLANE location. Consider logistics costs before you bid to protect your margin when you buy wholesale vehicles.
Frequently Asked Questions about Buying Wholesale Vehicles on OPENLANE
What documents are required to purchase wholesale vehicles from an online dealer auction?
Typically, you’ll need a valid dealer license, business registration, tax documentation and proof of authorization for payment. Have these ready when you register to buy wholesale vehicles.
Review which forms are applicable for you here.
What is a Proxy Bid?
A Proxy Bid lets you set the maximum amount you’re willing to bid. The system can automatically bid on your behalf up to that amount, helping you stay competitive without having to follow every bid in real time.
How does OPENLANE help protect my purchase?
Post-Sale Inspections are available for eligible vehicles and required for most vehicles sold at OPENLANE vehicle logistics centres, with some exceptions. If qualifying defects are identified during a PSI, the vehicle may be sent to arbitration for review.
How do I get my vehicle after I buy it?
OPENLANE offers transportation solutions to help move purchased vehicles. Before you bid, consider estimated transportation costs along with reconditioning and other expenses so you have a clearer picture of your total acquisition cost.