A Car Dealer’s Checklist for Getting Paid on OPENLANE
Selling wholesale cars on OPENLANE Canada is easy and efficient. Why? Because while you are focused on selling cars, we handle the rest.
We’re committed to supporting you throughout the sale process. If you’re just getting started wholesaling cars with us, we’ve built a checklist to help you get paid fast.
We’ll walk you through:
- Tracking your deals
- Our process for vehicle pickup and release
- Providing necessary ownership documents
- Preparing yourself — for payment
Tracking your deals
However, make sure to pay attention to:
- Pending tab, where you can negotiate and communicate with bidders to work and close deals. Vehicles are added to the Pending tab if the vehicle’s floor is not met in Active and there is at least one bid on the vehicle.
- Sold tab, the place to view all vehicles you have successfully sold in the 45-minute auction, including ones that are ready for transport or have already been picked up.
- Payments tab, shows you the current payment status on all sold vehicles, including vehicles with payments on hold or those in need of additional documentation.
- Accounting tab, where you can access your account overview, change payment preferences, download detailed sales reports and more.
Our process for vehicle pickup and release
When a vehicle is marked as Landed, the seller will make the vehicle (with at least one set of working keys) available for pick‐up at the location specified on the vehicle listing page.
Dealers should never release the vehicle to the buyer until OPENLANE confirms full payment. Once payment is confirmed, the buyer will schedule pickup with their chosen transport service.
Providing necessary ownership documents
To expedite payment, submit the ownership documentation to us as soon as the vehicle is marked as Landed. Make sure you’re referring to the instructions on the Bill of Sale for your province. Remember, the vehicle’s ownership won’t transfer to the buyer until full payment has been made and received by us.
Preparing yourself – for payment!
If you’ve fulfilled all seller obligations, it’s time to show you the money!
Once ownership is received — and pending the vehicle is lien-free — we’ll transfer the funds via an electronic funds transfer (EFT) to you within two business days.
Quick tip: keep your bank details up-to-date to make sure you’re set up for fast and easy payments. You can access the Payment Preferences tab on the openlane.ca portal by clicking on the icon in the upper right-hand corner of the screen and selecting Settings.
On the same day we initiate your payment, you’ll receive another email verifying the pending payment and providing a breakdown of the sold unit details for your records.
Ready to Turn Your Inventory into Cash?
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