KAR OPENLANE Inc

AI-Powered Tool Strengthens Buyer Confidence and Empowers Smarter, Faster Purchase Decisions

CARMEL, Ind., Jan. 3, 2024 /PRNewswire/ -- OPENLANE, Inc. (NYSE: KAR), a leading operator of digital marketplaces for wholesale used vehicles, announces the launch of Visual Boost AI™, new damage detection overlays for every dealer-consigned vehicle in OPENLANE's US marketplace. The AI-powered technology supplements vehicle inspection data by prominently highlighting detected exterior damage directly on photos within the condition report (CR), making it faster and easier for interested buyers to accurately locate and assess potential defects before making a purchase decision.

"Making wholesale easy is our north star, and Visual Boost AI solves a persistent industry pain point for buyers by instantly translating written CR data into an image overlay that's powerful in its simplicity," said James Coyle, EVP & president, North American marketplaces at OPENLANE. "We're proud to be the first to offer AI-powered insights on every dealer car on our marketplace. With one click, dealers can toggle the overlays and effectively get a second set of eyes to help them see anything they might have missed — like seeing the car in-person, from the convenience of your screen. Whether you're on the road, on your lot or on your phone, Visual Boost AI makes it easier than ever to understand what you're looking at so you can bid and buy confidently."

Now available on all dealer-consigned vehicles in OPENLANE's US marketplace, Visual Boost AI leverages artificial intelligence and computer vision technology to provide a virtual overlay of any exterior damage detected. The overlays feature hot pink highlights that pinpoint detected damage, including hail, paint peel, detached panels, broken lights, rust, scratches, dents and cracks. Buyers can toggle the overlays on or off within the condition report for each vehicle they review, empowering them to more quickly and accurately interpret the data captured in the vehicle description and ultimately make smarter, more profitable bidding and buying decisions.

"OPENLANE's Visual Boost AI really improves the quality of the inspections, giving me 60%-70% extra confidence about the major damage on the vehicle," said Rami Mourtaja, general manager of R B Morgan Co in Houston, Texas. "Before, I was circling the pictures trying to find everything, and now it's all done for me. Scratches, dents, everything — it's easier and faster than ever for me to view an inspection and bid with confidence."

Innovated in partnership with Click-Ins Visual Intelligence platform for vehicle inspections, Visual Boost AI expands the company's portfolio of mobile-based artificial intelligence capabilities for damage detection and vehicle inspections. OPENLANE's network of independent vehicle inspectors scan the vehicle using their smartphone camera as part of their regular inspection process. The technology automatically generates AI-detected damage overlays for each of eight standard CR images showing the vehicle at successive 45° angles, which the inspector then validates and reconciles. The entire process takes less than a minute and helps further strengthen both seller and buyer confidence while promoting a more vibrant marketplace. To learn more and schedule a demo, visit 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