AUSTIN, Texas, Oct. 24, 2016 /PRNewswire/ -- The Appraisal Lane, a real-time used car trade network and communications platform, today announced it has struck a strategic partnership with Reynolds and Reynolds, a leading provider of automotive dealership software, services, and forms. The announcement comes from The Appraisal Lane's new offices in Austin, Texas.
Reynolds and Reynolds has made a direct equity investment in The Appraisal Lane, as well as the appointment of a credit facility for the acquisition and sales of vehicles. The partnership also involves a Board of Managers that now includes Reynolds and Reynolds executives Robert Burnett, Senior Vice President of Corporate Development, and Trey Hiers, Vice President of Business Development; The Appraisal Lane's Co-founder and CEO, Jeff Risner; Co-founder and President, Andrew Iorgulescu; and Co-Founder and Chief Operating Officer, Chris Tomchay.
"We're excited to partner with The Appraisal Lane team in offering an effective platform that helps automotive retailers streamline the used car appraisal process and obtain real-time access to expert, trustworthy cash offers for trade-in vehicles," said Robert Burnett, senior vice president of Corporate Development at Reynolds. "This is one more example of Reynolds' ongoing commitment to helping automotive retailers operate more efficiently and profitably while, at the same time, improving the overall car-buying experience for dealership customers."
The Appraisal Lane's team of expert appraisers communicate about each vehicle dealers submit from across the nation and then quickly respond with cash offers. Since April 2015, the company says its fully mobile-optimized platform has executed over $65 million in wholesale transactions, including $45 million this year alone. During this same timeframe, dealers have independently uploaded over 40,000 vehicles accompanied by photos and detailed information to receive cash offers from The Appraisal Lane, representing a total of over $500 million worth of vehicles appraised in the community.
"The Appraisal Lane and Reynolds share a similar vision for providing dealers with the tools, information, and transparency they need to optimize their sales processes," said Andrew Iorgulescu, The Appraisal Lane's Co-founder and President. "This partnership positions us for future growth with access to a broader range of dealers across the U.S. It also enables us to continue to strategically manage and guide the company in product and business development. We look forward to expanding the reach of our dealer community and helping even more dealers grow their retail operations."
Iorgulescu says that until now, The Appraisal Lane has been operating in East Coast markets only, but plans are currently underway to expand the community to markets throughout the U.S.
"The growth of our business has been very methodical, and we are currently working to strategically expand our growing dealer community starting east and moving west" said Iorgulescu. "This partnership and investment from Reynolds will significantly help fuel those expansion efforts."
The Appraisal Lane platform manages used car appraisal submissions, purchase offers, and communications between dealers, appraisers, and wholesale buyers, creating a personalized community amongst the participants. It also tracks sales information, such as costs, transportation, and profit and loss information, as well as fulfillment channels through which the vehicles are ultimately sold, including direct-to-dealer, physical auctions, and online auctions. The platform also includes the ability for larger groups to white label the technology to power their own internal vehicle appraisal networks.
Visit www.theappraisallane.com for more information.
About The Appraisal Lane™
The Appraisal Lane, a real-time used car trade network and communications platform, enables dealers to submit used cars for appraisal and receive cash offers from a network of experts who balance knowledge with market valuation data resulting in the most accurate used car valuations. Fully optimized for mobile, the platform manages appraisal submissions, purchase offers, and dealer, appraiser, and buyer communications, as well as sales and fulfillment channel information. Among many other benefits, The Appraisal Lane gives dealers the ability to move used car inventory by providing accurate valuations; provide consistent consumer trade-in offers; the opportunity to white label the technology suite to power their own private networks; and the confidence to take used cars on trade regardless of a new car sale, ultimately improving their business in the process.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/the-appraisal-lane-strikes-strategic-partnership-with-reynolds-and-reynolds-300349578.html
SOURCE The Appraisal Lane