6 ways OPENLANE’s Market Guide helps you find market prices
Knowing how to price your vehicles for wholesaling can be complicated. How can you accurately tell if your bids or floor prices align with the market price? Or that you account for changes in supply or demand, which can increase or decrease market pricing?
Wholesale used vehicle prices can also fluctuate year over year based on interest rates, time of year, and of course vehicle make, model and condition. That leaves you with a ton of data and information to keep track of.
That’s where OPENLANE’s Market Guide comes in, Canada’s most powerful wholesale pricing tool. Our guide is one of the few made specifically for car dealers.
What makes OPENLANE’s Market Guide accurate, quick, and easy to use for both franchise and independent dealers?
1. Captures OPENLANE Canada vehicle car prices on a daily basis
Transactions from all our auction formats are aggregated into one guide, giving dealers access to millions of data points. We specifically combined the data to amplify insights, and help dealers buy and sell with greater confidence.
Through our guide, we also give our buyers and sellers complimentary access to BLACK BOOK®. This provides unparalleled access to data spanning across the industry and provides accurate and complete data to our dealers.
2. Can help any dealer find price points
Our guide provides valuable pricing references in various scenarios. Buyers use it as a benchmark to set bids, while it helps sellers determine a good floor price. Through our guide, we give our buyers and sellers complimentary access to BLACK BOOK®. Sellers can use the guide to make sure they are setting realistic floor prices in line with the market. Buyers can compare a vehicle’s floor price against our guide as well, and make more informed bidding decisions.
Our guide can even be useful for a dealer’s retail customers to show them the value of their vehicles. All they have to do is request a live appraisal and our Market Guide will give you a value.
3. Determine wholesale prices while you’re on the move
We understand that time is money. Whether you’re an Apple iOS devotee or Android loyalist, Market Guide is available for instant access via our mobile app. Scanning capabilities for all formats of VINs (barcodes, QR codes and text) are also available.
4. Analyze wholesale pricing by market and seasonality
Since pricing can fluctuate based on location and season, we include filters for provinces and date sold. There are also options to search anywhere between 30 and 180 days to help account for seasonal changes in vehicle values.
5. Summary view for quicker buying and selling decisions
A high-level view of a vehicle’s value is also available, including highest, lowest and average pricing data. This lives on the Vehicle Details Page, and is accessible to all our dealers — no matter the plan you are on. It can be a good starting point to evaluate what bids or floor prices can be.
6. Search features that make wholesale easy
Even while actively searching for market values, your search history will be available on the same screen so you can keep better track of the data. Plus, our advanced search covers transmission, fuel type, drivetrain, engine filters, year, specific models, trim value filters and more. This helps dealers find data for wholesale car prices on the most specific of vehicles.
Wondering how to access OPENLANE’s Market Guide?
Our guide is available to subscribe to on a monthly basis for our registered dealers on a Standard Plan. For our registered dealers on a Pro Plan, it is free of charge.
Already an OPENLANE registered dealer in Canada? If you’re on the Pro Plan, you can initiate the process yourself to get the guide via our accounting page, and it’ll automatically add to your account. If you’re on a Standard Plan, you’ll need to request the add-on by filling out this form. Not an OPENLANE registered dealer yet in Canada? Fill out this form and a team member will reach out to you to talk about the next steps. The form takes about three minutes to complete.