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 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.

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.