OPENLANE's Recovery Remarketing Newsletter: A new opportunity for Recovery Service Providers (RSPs)

Welcome to the first issue of the OPENLANE Recovery Remarketing Newsletter. Every month, we'll bring you fresh news, important tips, and exciting offers to help you leverage the power of online remarketing of your clients' recovered collateral.

We'll feature stories about how other service providers like you are utilizing new technologies like OPENLANE and Recovery Database Network (RDN) to maximize their revenue and provide a new level of service to lenders. And we'll provide valuable insights to help you improve your business and stand out from the competition.

Put the "Marketing" in Remarketing

Selling cars online involves more than simply clicking a few pictures and uploading them to the auction. Just as a dealer would ensure that the cars on their front-line are looking their best and key features are highlighted, you can also help maximize your lenders' sales by taking a few simple steps.

First, offer the lender a clean-up (wash and vacuum) of the recovered vehicle to remove any dirt and garbage. Second, position the car in a well lighted area where it will photograph well and clearly. Make sure there's room to do a full walk-around of the car, for pictures from every angle. And once the pictures from the inspection are loaded, make sure the first picture listed is the front three-quarter view – that's the image that will show in the search results and will be the first impression buyers will have when looking at your listed car. Finally, in the comments about the car, highlight key options or other unique qualities about the car – in particular, note whether keys are present and if it doesn't run or start.

Using Technology to attract new clients – A visit with How Adjustment

Technology has been a mainstay for How Adjustment since Dave and Sharon Handschin took over the business from its original owners nearly 25 years ago. A Seattle-area staple since 1941, How Adjustment provides repossession services throughout the state of Washington. Since the Handschins have owned the business, they've seen the impact technology has had on the recovery industry as a whole and have consistently embraced new technologies to help them work more efficiently and transparently with clients, thus keeping the business running smoothly.

According to Sharon Handschin, "In the old days, we took assignments over the phone, then things moved to fax machines, to emailing assignments and now many clients enter assignments right into the database. We used to have to scan all our documents to get them into a software system to be able to email them to clients. As more clients requested email, this is when we knew we had to change."

How Adjustment uses assignment software from Recovery Database Network (RDN) to help in that process. "Researching web-based systems lead us to RDN, which fits our needs the best," Sharon notes. How Adjustment initially moved online with one client but immediately noticed the ease with which RDN facilitated the assignment process and the time it helped save. Within a month of joining the RDN network, How Adjustment moved all of its assignments into the online system, saving countless man-hours of work and improving their responsiveness to clients.

Similar to the company's adoption of online recovery tools, the Handschins have also recently added online remarketing to their technology arsenal. Now, How Adjustment is using OPENLANE's online wholesale auction technology to encourage its clients to remarket the vehicles How Adjustment repossesses directly from its lots, helping the lenders save hundreds of dollars per car in the process by eliminating transport costs, lowering sales feeds and facilitating a quicker sales time. By remarketing the vehicles themselves, How Adjustment gets the added benefit of being able to earn additional revenue through the provisioning of the remarketing service. OPENLANE also provides How Adjustment's clients with full transparency into the sales process and exposure to a nationwide buying audience, rather than just a regional one.

How Adjustment is no stranger to the remarketing process. How Adjustment has been remarketing vehicles they have recovered to local dealers in the Seattle area since 1941. Now that the company is working with OPENLANE, it can remarket units on behalf of clients like U.S. Bank from any storage lot to assure clients an honest and transparent sale. According to Sharon, the sales process on OPENLANE has been remarkably easy. After getting the vehicle inspected and detailed, OPENLANE assists her in uploading the vehicle information for sale and she is able to watch the bids throughout the entire sales process. Clients set the floor price for each vehicle (the minimum they will sell the car for), giving them control over the sales price and final say on accepting the bid. "Our clients have been very interested in our new remarketing services," says Sharon, "They're excited to see there's another option out there."

To find out more about how you can remarket with OPENLANE, call (866) 366-4026 or email recovery@openlane.com.

Remarketing Program Updates: Inspection Test Drives and Post-Sale Vehicle Storage

Inspection Test Drives: Alliance Inspection Management (AIM) will now be performing test drives of vehicles during the inspection wherever possible. This will provide greater disclosure to the buyer and help ensure that lenders get the right price for the vehicle. If a test drive is not possible, AIM will perform the standard stationary inspection.

Post-Sale Vehicle Storage: If a vehicle is not picked up by the buyer within 10 business days after the sale on OPENLANE, please contact us and we'll help to arrange removing the vehicle from your lot ASAP. Call your OPENLANE Recovery Remarketing Specialist or our Recovery direct line at: (866) 366-4026 or email recovery@openlane.com.

North American Repossessors Summit (NARS) 2011

Last month, OPENLANE's Recovery Remarketing team attended the NARS 2011 event in Dallas, TX, hosted by the American Recovery Association (ARA). NARS is a forum for recovery specialists from across the nation to come together and address recovery industry issues, and this year's event was a success, attracting over 400 attendees, sponsors, and vendors from across the industry.

On the final day of the NARS event, OPENLANE's Zach Hallowell, Business Line Director, joined a panel of industry experts for a seminar titled "Remarketing Today for Tomorrow." According to Hallowell, "There was a great level of engagement from all of the attendees at the NARS event. The agents we spoke with all had a demonstrated commitment to the industry and were very active in expressing their point of view during NARS. We appreciated the opportunity the organizers of NARS gave us to meet with this leading group of recovery service providers and share our insights about remarketing recovered collateral."

Look for OPENLANE Recovery Remarketing representatives at other recovery industry events throughout 2011.


Recovery Database Network (RDN) Integrates With OPENLANE

With OPENLANE's purchase in August 2010 of Recovery Database Network (RDN), the leading provider of software and data solutions related to the recovery of automotive finance industry assets, RSPs now have integrated tools and services to make the recovery assignment and remarketing processes easier and faster.

Through the company's acquisition of RDN (along with its relationships with companies like Re-Pros and PRIOS), OPENLANE has integrated with recovery management tools and logistics providers to create a comprehensive online solution that takes lenders and agents through every step of the recovery value chain, from assignment through the sale of a recovery, and even vehicle inspection and transport. After registering with OPENLANE and obtaining permission from their lender, RDN users can (with a single login) post recovered collateral for sale on OPENLANE's Open Auction and even request a Third Party Inspection for the collateral to be remarketed – giving potential bidders and buyers greater confidence and creating a greater likelihood for a quick sale.

Once a vehicle is posted on OPENLANE.com, over 25,000 registered buyers will be able to view the posted collateral – an unparalleled venue for remarketing a lender's assets quickly and effectively.

RDN users can take advantage of this seamless integration with OPENLANE to remarket recovered collateral and offer additional value-added services to lenders and other clients. Contact OPENLANE at (866) 366-4026 or email recovery@openlane.com to get registered and begin remarketing!


Allied Finance Adjusters 75th Anniversary Convention Incentive

OPENLANE Recovery Remarketing representatives are looking forward to meeting with you at the upcoming Allied Finance Adjusters (AFA) 75th Anniversary Convention, April 13-16, in St. Louis, MO. AFA Convention attendees should plan on stopping by the OPENLANE booth during the convention to pick up a valuable coupon for a special incentive that's EXCLUSIVE to AFA Convention attendees. Don't miss it – we'll see you there!

For more information about the AFA 75th Anniversary Convention, please click here.

It's hard to believe that it's been a little over 18 months since OPENLANE started working intensively with recovery service providers (RSPs) and lenders to offer our remarketing services and expertise through our Recovery Remarketing Program. In that time, we've made excellent progress in spreading our message to recovery community about the untapped potential for both RSPs and lenders to leverage the power of online remarketing to create new service-based revenue opportunities for recovery companies and to help reduce costs and maximize net returns for lenders.

In fact, to date over 200+ recovery companies have registered with OPENLANE and have actively remarketed a large volume of recovered vehicles on behalf of more than 225 lenders nationwide – a remarkable performance given the short amount of time OPENLANE's Recovery Remarketing Program has been in place.

And with OPENLANE's acquisition and integration with Recovery Database Network (RDN), we've created a seamless interface and solution for RSPs and lenders to manage the entire recovery assignment and remarketing process – unprecedented in the history of the recovery industry!

As you all know, significant changes are happening in the recovery industry, with both recovery volumes at risk and competition driving further changes for all participants. But at OPENLANE and RDN, we're confident that we provide a unique solution that is exactly in tune with industry trends and that can help everyone maximize their earning potential, and stay competitive. We look forward to working with you in the next 18 months ahead – and beyond!

OPENLANE is hosting another in its series of well-received FREE webinars designed to help RSPs maximize their revenue opportunities by effectively remarketing recovered collateral online. During the month of April, OPENLANE will be conducting the following webinars:

Recovery 2.0 (advanced): Wednesday, April 20, 2011, 10am PDT
Recommended for recovery companies already registered and selling with OPENLANE
Register at: https://www1.gotomeeting.com/register/846011681

OPENLANE's Recovery Remarketing representatives look forward to seeing you at the following upcoming event(s):

April 13-16, 2011: Allied Finance Adjusters (AFA) 75th Anniversary Convention - Hyatt Regency St. Louis, St. Louis, MO - http://www.alliedfinanceadjusters.com/2011Convention.aspx

May 19-20, 2011: Time Finance Adjusters (TFA) Convention 2011 – The Venetian Hotel, Las Vegas, NV - http://www.tfaguide.com/blog/tfa-convention-may-19-202011/

• Introduction
• Remarketing Tip of the Month
• Featured Article:
  Using Technology to Attract New Clients
• News and Updates:
  • Remarketing Program Updates: Inspection Test Drives and Post-Sale Vehicle Storage
  • North American Repossessors Summit 2011 (NARS) - Recap
  • Recovery Database Network (RDN) Integrates with OPENLANE
  • Allied Finance Adjusters 75th Anniversary Convention Incentive
• OPENLANE Recovery Remarketing Outlook
• Upcoming Webinar Schedule
• Upcoming Recovery Industry Events

OPENLANE
Phone: 866-366-4026
Fax: 480-291-9626
Email Us

For questions or comments about this newsletter, send an email to news@openlane.com.