Chase Auto Finance Accelerates Use of Online Remarketing Programs at OPENLANE.com

MENLO PARK, Calif.--OPENLANE, Inc., a leading North American vehicle online auction company, has helped Chase Auto Finance accelerate its use of online remarketing programs by 300 percent since February 2008. Taking advantage of growing demand for used cars as an economical transportation choice, Chase now remarkets nearly 60 percent of all its off-lease vehicles through OPENLANE’s online automotive auction site OPENLANE.com (www.openlane.com).

This year, even more consignors like Chase, as well as automotive dealers, are turning to OPENLANE’s cost-effective, efficient online channel. OPENLANE also announced today that the company has set quarterly, monthly and daily sales records during Q1 2009 for used vehicle remarketing and purchases.

Despite difficult economic times, companies such as Chase are increasing the percentage of used vehicles they can remarket and sell online. Over the last four years, Chase has remarketed vehicles via OPENLANE’s online auctions with good results.

“We’ve generated both strong results and cost savings since making OPENLANE a significant part of our remarketing strategy,” said Lynn G. Wolver, national remarketing manager for Chase Auto Finance. “OPENLANE has worked closely with us to develop a number of custom programs and sales initiatives, demonstrating a commitment to offering an expanded variety of value-added services.”

After completing a successful pilot reselling repossessed vehicles through OPENLANE.com, Chase plans to expand the program to auto dealers nationwide.

“Chase has been quite innovative in its approach to selling online, and the programs that OPENLANE and Chase have initiated for the dealer community have produced terrific results for both companies,” said Clive Kinross, president of OPENLANE. “We look forward to employing additional, new strategies to bring great deals on used vehicles to our dealers.”