New Code Boost IQ Exploits Data Moat to
Empower US Dealers with Smarter, Faster Purchase Decisions
CARMEL,
Ind., Aug. 15, 2024 /PRNewswire/ -- OPENLANE,
Inc. (NYSE: KAR), a leading operator of digital marketplaces for
wholesale used vehicles, announces the launch of Code Boost IQ, a
first-of-its-kind vehicle inspection enhancement that enables
faster, better informed decision-making for dealers.
Industry-standard "On-Board Diagnostics II" (OBD2) scans detect
thousands of alphanumeric diagnostic codes that indicate potential
mechanical or electrical issues. Code Boost IQ leverages artificial
intelligence, the company's analytics engine and millions of
internal data points to translate flagged OBD2 codes into simple,
easy-to-understand visual alert banners. Available on every
dealer-consigned vehicle in OPENLANE's US marketplace, Code Boost
IQ helps dealers quickly discern which codes are cause for concern
and adjust their pricing or purchasing approach accordingly.
![OPENLANE (PRNewsfoto/KAR) OPENLANE (PRNewsfoto/KAR)](https://mma.prnewswire.com/media/2067855/OPENLANE_Logo.jpg)
"OPENLANE is committed to making wholesale easy with every
customer, and Code Boost IQ is just another OPENLANE innovation
that's making our marketplace the smartest, most transparent and
most efficient platform for dealers to transact," said James Coyle, EVP and president, North American
marketplaces at OPENLANE. "Code Boost IQ cuts through the
complexity of OBD2 codes, increasing signal to noise and
highlighting the information dealers need the most. Buyers save
time and have more confidence in their wholesale bidding and buying
strategy, while sellers benefit from the reduced probability — and
potential frustration — of a code-based arbitration."
Code Boost IQ works by aggregating millions of OBD2 scans
captured through OPENLANE's data-rich service network, and
following those codes through pre- and post-transaction. Wielding
AI and the company's market-leading technology, Code Boost IQ can
then accurately predict which codes indicate the highest
probability of issues or repairs, or which may lead to an
arbitration. That intelligence is then simplified into color-coded,
plain language alert banners that are prominently displayed at the
top of each dealer-consigned vehicle condition report to indicate
no trouble codes, confirmed trouble codes or high probability of
repair needed.
"We're proud to be the first to effectively translate the more
than 39,000 distinct OBD2 codes — including thousands of
manufacturer-specific codes — into information that dealers can
easily understand and quickly act on," said Shiv Dutt, SVP and
president, US marketplace at OPENLANE. "With over 1.2 million OBD2
scans and counting, we've built a feedback loop between our code
scan and arbitration data to better inform customers about
potential vehicle condition issues based on triggered codes."
Alongside Visual Boost AI™, Code Boost IQ reflects OPENLANE's
commitment to solving a persistent industry pain point for
customers by delivering the industry's most robust and transparent
inspections and condition reports in a format that is quick to
navigate and easy to understand. It is the latest marketplace
enhancement fueled by OPENLANE's innovation pipeline, which deploys
leading-edge technology and AI to simplify the customer experience
while delivering superior results and success.
To learn more and request a preview, visit openlane.com.
OPENLANE
Contacts:
|
Media
Inquiries:
|
Analyst
Inquiries:
|
Laurie
Dippold
|
Itunu
Orelaru
|
(317)
468-3900
|
(317)
249-4559
|
laurie.dippold@openlane.com
|
investor_relations@openlane.com
|
About OPENLANE
OPENLANE, Inc. (NYSE: KAR) provides
sellers and buyers across the global wholesale used vehicle
industry with innovative, technology-driven remarketing solutions.
OPENLANE's unique end-to-end platform supports whole car,
financing, logistics and other ancillary and related services. Our
integrated marketplaces reduce risk, improve transparency and
streamline transactions for customers around the globe.
Headquartered in Carmel, Indiana,
OPENLANE has employees across the United
States, Canada,
Europe, Uruguay and the
Philippines. For more information and the latest OPENLANE
news, visit corporate.openlane.com.
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SOURCE OPENLANE, Inc.