5 Tips to Improve Your Dealership’s Inventory Acquisition on OPENLANE Canada
As a savvy wholesale car dealer, you know that acquiring the right inventory at the right price is the foundation of a successful business. OPENLANE Canada offers a dynamic digital marketplace that brings together all the cars, all the sellers, and all the buyers in one place.
But, with so much inventory to choose from every day, making the most of your OPENLANE experience requires some strategy. Let’s take a closer look at five tips to elevate your inventory game on OPENLANE.
1. Explore All the Sale Types
We know no two dealerships are exactly the same. So, that’s why OPENLANE offers multiple sale types. You can focus your sourcing on the sale format that’s most convenient for your scheduling priorities — or, by participating in multiple formats, you can expand your access to a broader range of vehicles, increasing your chances of finding those hidden gems your customers crave.
Whether you thrive on the excitement of live 45-minute auctions, Simulcast experience, or value the convenience of DealerBlock’s Buy Now options, there’s a sale format for your style.
2. Harness the Power of OPENLANE’s Market Guide
Information is power in the world of wholesale. OPENLANE’s Market Guide is your compass for accurate pricing. It compiles real-time transaction data from across the platform, giving you insights into recent selling prices for similar vehicles. This is an excellent way to set benchmarks.
With Market Guide, you can access exclusive, historical sales data from BLACK BOOK® to analyze the wholesale pricing trends by market and seasonality.
By using Market Guide as a pricing benchmark, you’ll be able to compare similar listings and set competitive bids that align with market trends — all to help you get the best value without overpaying.
3. Zero in on the Right Inventory with Search Filters
On OPENLANE, you can tailor your search by year, make, model, mileage, transmission, fuel type and more. Need a low-mileage sedan with automatic transmission? Looking for a specific model year range? No sweat; our filter options have you covered. For Simulcast auctions, you can even filter by sale date and location, ensuring you never miss an opportunity.
Try combining multiple filters to create a laser-focused search that delivers the most relevant results. And to help simplify your experience, any filters you use will automatically apply when you switch to a different sale format. This means you can seamlessly transition between 45-minute auctions, Simulcast and DealerBlock, always confident that your search is tailored to your needs.
4. Stay in the Loop with Smart Notifications
In the fast-paced world of online auctions, timing is everything. To avoid missing out on prime opportunities for vehicle acquisition, you’ll want to customize your alerts and notifications.
You can choose to receive notifications about upcoming sales, vehicles that match your criteria or changes in floor prices. These alerts keep you informed, even when you’re not actively browsing the platform.
5. Automate Your Bidding
Managing multiple auctions simultaneously can be challenging. Proxy bidding gives you the power to enter your maximum bid for a vehicle.
The system automatically bids on your behalf, incrementally, up to your limit. This frees up your time while ensuring you stay competitive in the bidding process. And in the event your maximum proxy bid is outbid, you’ll receive a notification letting you know.
Find Your Wholesale Car Inventory on OPENLANE
By following these strategies, you’ll set yourself up to be a successful buyer on OPENLANE Canada. Remember, knowledge, preparation, and a diversified approach are your keys to building a thriving inventory and maximizing your profits.
Ready to get started? Click here to sign up for OPENLANE today!