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OPENLANE Empowers US Dealers With Faster Vehicle Wholesaling

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“Absolute Sale” Delivers Increased Velocity, Higher Engagement, Better Results

CARMEL, Ind., June 4, 2024 /PRNewswire/ — OPENLANE, Inc. (NYSE: KAR), a leading operator of digital marketplaces for wholesale used vehicles, announces Absolute Sale, a new sale format that enables sellers to signal they are committed to selling a vehicle to the highest offer that day. The exclusive feature increases buyer confidence and visibility, boosting engagement and optimizing seller returns.

 

“With just the click of a button, sellers can indicate they are committed to selling a vehicle that same day, and buyers looking to stock their lots can quickly discern who’s ready to deal,” said James Coyle, EVP and president, North American marketplaces at OPENLANE. “Buyers also save time, knowing that if they submit the highest bid, the seller will honor the win and sell the car — it’s easier than ever for buyers to feel confident in their wholesale bidding and buying strategy. For sellers, Absolute Sale rapidly and efficiently yields more eyeballs, offers and proceeds. And that velocity generates results: after activating the feature, sellers have seen sale prices increase by an average of $500 — and for vehicles over $20,000, by an average of $1,000.”

Absolute Sale is available on all dealer-consigned vehicles in OPENLANE’s US marketplace, and can be activated by the seller during the sale day at any time after 9 a.m. ET. Vehicles launched in Absolute Sale mode indicate the seller will sell to the highest offer received that day, and are featured prominently in a dedicated carousel with a special badge and timer that increase buyer visibility and engagement. Buyers can also filter for Absolute Sale vehicles, enabling them to more confidently focus their sourcing and negotiating on vehicles that sellers have committed to selling that same day.

“Our customers’ success is our success, and Absolute Sale certainly delivers on that promise,” said Shiv Dutt, SVP and president, US marketplace at OPENLANE. “Like many of our most transformative innovations, Absolute Sale had its genesis in customer conversations focused on understanding how OPENLANE can help ease persistent industry pain points. Everybody wins: buyers know their time negotiating won’t be wasted, and sellers can feel confident they’re getting the very best market value.”

To learn more, request a preview or schedule a demo, visit openlane.com.

OPENLANE Contacts:

Media Inquiries:

Analyst Inquiries:

Laurie Dippold

Brad Lakhia

(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

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My China Story: Technology Brings the World Together for a Chinese New Year

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BEIJING, Dec. 24, 2024 /PRNewswire/ — As the Spring Festival approaches, many are preparing for their holiday travels abroad. While the excitement of spontaneous trips is undeniable, one of the biggest hurdles travelers face is language barriers. However, iFlytek‘s innovative translation device promises to make communication effortless, helping you navigate any language challenges with ease.

 

Known for its sleek and compact design, iFlytek’s smart translation gadget offers an elegant black, business-style exterior, a moderate size, and a lightweight build. It’s the ideal travel companion, fitting easily into your pocket without weighing you down. Whether you’re heading to a city getaway or a remote adventure, this device ensures that language is never an obstacle.

The device boasts impressive capabilities, supporting translations in 84 languages online and 16 languages offline. Whether you’re traveling to Japan, South Korea, France, Germany, or the Middle East, this device handles it all. Even in remote locations—such as secluded mountain temples or isolated islands—the offline translation feature ensures you won’t be left speechless. The device also offers specialized vocabulary for specific fields, making translations more precise and professional.

With its intuitive interface, the gadget is easy to use—just a tap, and you’re ready to communicate. This makes it a perfect tool for travelers who want to ensure a smooth and enjoyable experience while abroad.

But what lies behind this innovative device? How did it come to life? To learn more about its development and functionality, we are following a Russian journalist as he visits iFlytek’s headquarters for an exclusive look at this remarkable “gadget” and uncover the story behind its creation.

Stay tuned as we explore the technology that’s revolutionizing the way we connect across cultures.

https://youtu.be/QkdFG0LvH70

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SOURCE “My China Story” International Short Video Competition Organizing Committee

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Cutting-edge automotive software in India: Dedicated business unit of digital transformation specialist Embitel now operates as CARIAD India

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400-person-strong team has been an established partner on numerous technology projects for CARIAD, the automotive software company of the Volkswagen Group.Embitel Managing Director, Sharad Bairathi: “CARIAD’s internationally renowned brand name will be a major advantage in the highly competitive Indian technology sector.”CARIAD Chief Launch Officer, Thomas Günther: “Working together under the CARIAD brand strengthens our joint commitment to delivering cutting-edge automotive software solutions.”

BENGALURU, India, Dec. 24, 2024 /PRNewswire/ — The CARIAD Business Unit of Bengaluru-based digital transformation specialist Embitel now operates as CARIAD India. The 400-person-strong team has been an established partner on numerous technology projects for CARIAD, the automotive software company of the Volkswagen Group.

Since 2020, Embitel’s CARIAD Business Unit has worked successfully with CARIAD on many technology projects, primarily in the areas of platform software, Scalable Vehicle Compute Platform, high-speed communication technologies, ADAS/AD, power systems, energy and charging, and body electronics. To further strengthen this partnership, Embitel’s CARIAD Business Unit now officially operates as CARIAD India under a licensing agreement with Germany-based CARIAD SE.

Sharad Bairathi, Managing Director of Embitel, commented: “The rebranding to CARIAD India marks a significant milestone. It shows everyone how close our links with CARIAD are. The internationally renowned brand name will be a major advantage in the highly competitive Indian technology sector.”

CARIAD’s Chief Launch Officer, Thomas Günther, added: “We are welcoming our colleagues in India even closer to the team. India’s technology landscape pulsates with innovation and working together under the CARIAD brand now strengthens our joint commitment to delivering cutting-edge automotive software solutions.”

CARIAD India has grown continuously and now has close to 400 employees. It started with a small team delivering base services for the Driver Reflection Module, which is an integral part of the Volkswagen Group’s advanced driver assistance systems. This team later expanded to develop software for a microcontroller and the Scalable Vehicle Compute Platform (SVCP), a flexible system that supports various automotive functions, including communication interfaces and power management for electric cars.

The ADAS/AD team, established in 2022, works on behaviour software, sensors, map localization, driving, and safety projects. Equipped with advanced systems, the lab in Bengaluru is a key partner for CARIAD in Germany and internationally.

CARIAD India has also established an expert team to work on solutions for vehicle, energy, charging and body functions. The power electronics software team develops the diagnostics, security and bootloader functions. Another team is currently being setup for the high-voltage energy management systems for new vehicle platforms.

The rebranding to CARIAD India does not alter the ownership or legal status of Embitel Technologies India Pvt. Ltd. – which continues to be the legal entity. Embitel remains a subsidiary of the diconium group and, thus part of Volkswagen Group Sales IT.

CARIAD® is a trademark of CARIAD SE licensed to Embitel Technologies India Pvt. Ltd.

CARIAD

CARIAD is the automotive software company of the Volkswagen Group. Founded in 2020, CARIAD creates and delivers leading digital technology for brands such as Volkswagen, Audi and Porsche. In software centres in Germany, the USA, China, Estonia and India, more than 6,000 experts work on making the automotive experience safer, more sustainable and more comfortable for everyone. The company’s technology stack includes advanced driver assistance systems, charging technology, a unified infotainment platform, software functions for driving performance, as well as a new digital ecosystem and digital services in and around the vehicle. Iconic cars like the Volkswagen ID. Buzz and ID.7, the Audi Q6 e-tron and the electric Porsche Macan 4 are already equipped with the latest CARIAD technology. With the Volkswagen Group brands, CARIAD aims to transform the car into a software-defined vehicle that relies on software as the basis for most of its functions.

For further information, visit https://cariad.technology.

Embitel

Since its inception in 2006, Embitel Technologies India Pvt. Ltd., has driven digital transformation through advanced technology in the realms of Automotive, Internet of Things, Connected Car and Digital Solutions. Embitel has a proven track record of delivering end-to-end solutions from concept to production for a global client base. The company also provides accelerator solutions that can help customers to reduce overall development time and effort considerably. A Volkswagen Group company, Embitel is a close development partner for CARIAD, the Group’s automotive software company. Embitel also supports CARIAD in enhancing customer experience for digital business and mobility services through seamless e-commerce solutions. Embitel has its corporate office in Bengaluru, with development centres in Ahmedabad, Pune and Coimbatore in India.

Find more information about Embitel at www.embitel.com.

 

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From Local Innovator to Global Player: XData Group’s 2024 Milestones

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TALLINN, Estonia, Dec. 24, 2024 /PRNewswire/ — XData Group, a B2B software development firm and a rising fintech innovator based in Tallinn, Estonia, has celebrated a year of exceptional achievements in 2024. Compared to the previous year, the company has doubled its revenue, jumping from €3.3M to €7.8M, while the net profit is expected to be in the €3-3.5 million range. This is a remarkable leap for a growing business, cementing XData’s position as a prominent rising player in the B2B software development space.

The past year has been transformative for XData Group: despite facing challenges in attracting top talent, the company successfully grew its team from 27 to 79 employees, nearly tripling in size. This expansion reflects XData’s ability to draw skilled professionals motivated by a shared vision of reshaping the banking industry through cutting-edge technology.

A significant milestone of 2024 was the release of the company’s flagship banking suite, designed to enhance user experience and operational efficiency in online banking.

Additionally, XData Group expanded its global presence by opening new offices in Spain and Armenia, two emerging tech hubs that align well with the company’s vision and forward-thinking approach.

The company’s client base has also grown as XData secured partnerships with several European banks and financial institutions in the Middle East, showcasing its growing reputation as a trusted partner.

“We are proud of everything we’ve achieved this year and XData’s growing role in driving the adoption of AI and automation in the banking space. As 2025 draws near, our team is committed to scaling our operations even further, doubling down on our proprietary AI-driven solutions and making sure our clients get the best that XData has to offer,” – stated Roman Eloshvili, CEO of XData Group.

XData Group has ambitious plans for the upcoming year: among other things, the company aims to achieve €14 million in revenue and expand its team to 120–130 employees. The company will also shift focus from outsourcing projects to enhancing its internal product development, driving innovation in AI-powered solutions for banking and financial services.

As automation and AI reshape the financial landscape, XData Group intends to stand at the forefront of this transformation, empowering its partners to transition seamlessly into a new age of technology, where financial services become more accessible, efficient, and user-centric.

 

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SOURCE XData Group

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