ADESA hosts 22-site digital sale for Hertz via Simulcast+
ADESA utilized its Simulcast+ digital auction platform last week to host a 22-site online sale on behalf of The Hertz Corp., selling cars digitally to buyers in 19 states during this single digital auction event.
The Simulcast+ platform, which ADESA first began using in April, is a new digital auction platform designed to simulate a live auction environment through a live streaming format that’s fully digitized and highly automated, parent company KAR Global said in a news release.
Through this technology, vehicles can be sold digitally from auctions, distribution center, dealerships or multiple locations.
“We launched Simulcast+ months ahead of schedule to support our customers during the COVID-19 lockdowns, and it has grown exponentially since then,” KAR chairman and chief executive officer Jim Hallett said in a news release.
“It’s faster than a physical auction, it’s safer than a physical auction, and it allows sellers and buyers to participate in live auctions anytime, anywhere,” Hallett said.
“Last week’s successful Hertz sale reinforces Simulcast+ as the premier solution to effectively remarket inventory from multiple locations and reach a broad, highly engaged national buyer base.”
Since ADESA first began employing Simulcast+, it has used the technology in more than 400 auction events, with more than 11,000 buying dealers participating and making over 400,000 bids. There have been tens of thousands of digital sales through this platform during that time, KAR said.
KAR said the results from Simulcast+ sales tend to align with those from physical auctions, but they generate an average of 20% more bids per vehicle than auctions utilizing the standard Simulcast platform.
The company said several of its commercial OEM and financial institutions have prioritized using Simulcast+. KAR said several large dealer groups are turning to the platform for open and closed sales within their networks.
The aforementioned Hertz sale was the second it has done via Simulcast+.
"We were pleased with the results of this sale in terms of dealer attendance, bidding activity, conversion and proceeds,” said Jeffrey Adams, who is senior vice president of remarketing at The Hertz Corp., in a news release.
“The Simulcast+ technology is easy to use and delivers valuable, real-time and post-sale analytics beyond what we could capture through a physical lane sale,” Adams said.