Top 10 FAQs about Buying Wholesale on OPENLANE
Welcome to our guide on buying wholesale through OPENLANE! Whether you’re new to the platform or looking to refine your approach, understanding the ins and outs of buying can make a significant difference and help you be more successful.
To help you navigate the process smoothly, we’ve compiled the top 10 frequently asked questions about purchasing wholesale on OPENLANE.
1. How to set up an account?
To start the sign-up process, visit this link to begin. You’ll need to fill out and submit some forms during sign-up. These forms can be completed online or you can download and email them to register@openlane.com. Keep in mind, the Power of Attorney form (this form is applicable to British Columbia dealerships only) must be printed, signed and then sent back to us. It cannot be completed online.
2. What is the Market Guide?
Our Market Guide is Canada’s premier wholesale pricing tool, designed exclusively for car dealers. Every day, the sold prices for wholesale used vehicles are added, providing you with millions of historic data points to help you determine your strategy for buying. This data also helps sellers make sure they are listing prices competitive with the current market. Market Guide is available on a monthly subscription basis for Standard Plan dealers, it’s included at no extra cost for Pro Plan dealers.
3. What is DealerBlock?
DealerBlock features inventory available for dealers to bid on, buy immediately, or place offers for. Dealers using OPENLANE can access these vehicles by clicking the DealerBlock tab. The inventory on DealerBlock includes no-sales from private label sites, rental and fleet vehicles, dealer vehicles and no-sales from Simulcast.
4. What is Simulcast?
Simulcast allows dealers to participate in live auctions from any location, offering a responsive and user-friendly platform for bidding, buying and selling cars online. It is used by commercial sellers, rental and fleet sellers and dealers. On OPENLANE, dealers can access Simulcast through the Simulcast tab, where you can view the sales schedule and runlist for each sale.
5. What is a proxy bid?
A proxy bid lets you set a maximum amount you’re willing to bid in an auction. If another bid exceeds your current bid but is still below your proxy amount, the system will automatically raise your bid up to your proxy limit to keep you as the top bidder. If a bid exceeds your proxy amount, you’ll be notified that your proxy has been outbid.
6. Can I get a condition report?
Yes, every vehicle listing on OPENLANE Canada includes a detailed, easy-to-read condition report that provides a complete picture of the vehicle.
7. Can I use a floorplan?
Yes, you can purchase a vehicle using a floorplan; OPENLANE’s preferred floorplan provider is AFC. You can add your Electronic Funds Transfer (EFT) and/or floorplan here.
8. How will my car be delivered?
It will either be delivered to your lot, picked up from it, or sent to an OPENLANE vehicle logistics centre. We can provide transportation options to meet your needs, including CarsArrive.
9. How can I protect my purchase?
You can protect your investment with our Post-Sale Inspections. A PSI will let you know if there’s an issue with your purchase to allow you to feel confident and have peace of mind in your purchase decision.
10. How do I contact OPENLANE?
We’re here to help! OPENLANE Canada support can be reached by calling 888-260-4604 or sending a message here.
Start Buying Wholesale on OPENLANE today
These top 10 FAQs are intended to help you navigate our marketplace with confidence. Should you have any further questions or need assistance, OPENLANE’s support team is here to help.
Register now and start filling your lot with inventory.