Next up in our Auto Remarketing Podcast series from NADA Show 2022, BacklotCars co-founder Justin Davis chats with senior editor Joe Overby about the company's work to go beyond the inventory liquidation piece and help dealers source used cars, and utilizing data and machine-learning to help dealers on both sides of the transaction.
Plus, Davis shares what he has learned from KAR Global chief executive Peter Kelly, whose paths in wholesale are quite similar, and discusses the CARWAVE integration at KAR.
To listen to the conversation, click on the link available below, or visit the Auto Remarketing Podcast page.
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"We're ready for major U.S. expansion."
That was one message EBlock chief executive Jason McClenahan had for dealers at NADA Show 2022, where he sat down with senior editor Joe Overby to discuss the progress of the digital auction company's U.S. rollout, its work with independent auto auctions and more.
Plus, McClenahan discusses the EDealer side of the business and where it goes next.
To listen to this episode, click on the link available below, or visit the Auto Remarketing Podcast page.
Download and subscribe to the Auto Remarketing Podcast on iTunes or on Google Play.
Next up in our series of Auto Remarketing Podcast episodes from NADA Show 2022 in Las Vegas, senior editor Joe Overby talks with CARS chief executive officer Alex Vetter.
Their discussion dives deeper into the Accu-Trade purchase, the dealer reaction and why the deal made sense.
Plus, Vetter shares his thoughts on some of the big news happening in the wholesale and digital space.
To listen to this episode, click on the link available below, or visit the Auto Remarketing Podcast page.
Download and subscribe to the Auto Remarketing Podcast on iTunes or on Google Play.
CDK Global has entered the online wholesale space, launching a new marketplace called CDK CarSource that is designed to connect dealers to used-car inventories from other dealers across the country.
Fred Fordin, vice president, DMS at CDK Global, joins the show to explain more about how the platform will work and what sets it apart in an increasingly crowded space.
To listen to the conversation, click on the link available below, or visit the Auto Remarketing Podcast page.
Download and subscribe to the Auto Remarketing Podcast on iTunes or on Google Play.
In this episode of the Auto Remarketing Podcast, we continue our discussions on the growing online market for vehicle auctions.
Joyride Autos chief executive officer John Wicker and chief product and technology officer John Krupnik join the show to talk about the origins of their company, which provides an online auction platform and marketplace for undervalued vehicles.
As reported previously in Auto Remarketing, Krupnik was chief information officer at IAA for 14 years and recently joined Joyride.
“I’ve spent my career in the world of auto auctions, and I’ve never seen a moment that’s more ripe for innovation,” Krupnik said in a news release.
“The accelerated shift to e-commerce, global supply chain shortage for cars and their parts, and increased average age of vehicles on our roads have all contributed to Joyride’s remarkable early momentum,” he said. “The opportunity to help lead the Joyride team and innovate in this underserved yet rapidly growing category was an obvious decision for me.”
The Joyride platform is designed to ease the selling and buying of unclaimed and aged vehicles through online auctions.
It launched in April 2020 and has sold 30,000 vehicles through the platform. Joyride is available in California, Texas, Indiana and Nevada. The company plans to use a recent $2 million seed funding round to expand into new markets.
To listen to the interview with Krupnik and Wicker, click on the link available below, or visit the Auto Remarketing Podcast page.
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It's now easier for dealers to access and participate in live, auctioneer-led Manheim sales from anywhere, says the auction giant. That's because the Cox Automotive company has launched an enhanced Simulcast experience for its dealer customers on its mobile app.
Dealers continue to turn more and more to digital platforms for their wholesale buying needs. And now, via the Manheim app, they have access to a more streamlined way of accessing live, auctioneer-led sales, have more information at their fingertips and are privy to a better experience with live video streams, the company said.
According to Manheim, these improvements are part of a "larger drive" at Manheim to create a more connected experience across its physical and digital platforms. The timing may be ideal, as nearly 80% of purchases are going to digital wholesale buyers, the press release announcing the enhancements stated.
"Even with in-person access to our auction locations, more dealers than ever are continuing to choose digital wholesale," Manheim Digital senior vice president Zach Hallowell said in a news release. "These mobile Simulcast enhancements give dealers easy access to the information they need, so they can spend more time bidding and buying — no matter where they’re located."
Earlier this year, Manheim launched its new mobile app, and the new key features of the enhanced simulcast experience include:
• Live video feed of the auction lane, providing clients the same, great Simulcast experience on mobile that they get on Manheim.com
• Two ways to quickly enter sales: through the Simulcast icon in the Quick Launch menu or via Favorite Locations
• Ability to see Future Sales by location with lane alerts and number of vehicles in each sale
Since its launch in March, the Manheim mobile app has been downloaded more than 75,000 times.
With inventory options not so plentiful right now, dealers certainly want to know as much as possible about a used vehicle — especially one they’re buying exclusively online and do not have the opportunity to kick tires and sit behind the wheel before the hammer falls.
In response to client feedback, Manheim is introducing an enhanced vehicle inspection solution that the company said on Thursday can provide greater levels of detail for Manheim Express vehicles.
According to a news release, this move comes at a time when sales through the Manheim Express digital buying and selling app are skyrocketing, increasing by nearly 230% from 2020 to 2021.
“The key to making digital buying as good as — or even better than — buying in person is to give clients deep insights about the vehicles they’re considering,” Manheim Digital associate vice president Connie Suozzo said in the news release.
“By bringing a more comprehensive and efficient inspection to Manheim Express’ industry-leading condition tools, we’re giving clients a new level of detail to inform their listing and buying decisions,” Suozzo continued.
Manheim highlighted the new inspection solution can provide a more robust and efficient process for users to assess a vehicle’s exact condition and make even better listing and buying decisions. It builds on condition information produced by the Manheim Express app such as:
— Immersive, 360-degree images
— Movable images to see depth of damage
— Audio and video tags to assess engine noise
— Interior 360s
The new inspection features now include:
• Filtering enables inspection questions to be generated based on key vehicle description information, making the condition report more relevant to the specific vehicle for buyers and sellers.
• Multi-select allows more than one answer to a given question, making the condition report crystal clear by defining all issues for a given area together. For example, inspectors can now note that a hood has both a dent and prior substandard repair, rather than just a damaged hood.
• Free-form text enables inspectors to provide additional context to items uncovered during the inspection, helping clients more fully understand the vehicle’s condition.
• Numeric entry allows a quantity to be selected for some items, enabling clients to better understand the magnitude of the damage, such as the number of dents on a door.
• Nested questions generate specific questions based on answers to previous questions, driving efficiencies in the inspection and the resulting condition report.
Manheim pointed out these enhancements enrich the user experience for both buyers and sellers.
The company said buyers can have greater confidence in their digital purchases by gaining a deeper understanding of the vehicle’s condition before buying.
Manheim added sellers get greater vehicle marketability, an expanded buyer audience resulting from the improved condition information and benefit from increased efficiencies, as the new process can help reduce the time and effort needed to complete an inspection.
Additionally, Manheim noted that the enhanced information will display in a familiar user interface format, meaning no major learning curve.
“Dealers will simply notice the additional level of detail and vehicle-specific questions within a Manheim Express condition report,” the company said.
ACV continues to grow beyond its beginnings as a digital dealer-to-dealer wholesale platform.
Mike Pokora, who heads up research and development for ACV, joined the Auto Remarketing Podcast to discuss the company's expansion into other areas of tech, how its Audio Motor Profile technology utilizes machine learning, what pieces of the tech puzzle need to be solved next, plus much more.
To listen to the episode, click on the link available below, or visit the Auto Remarketing Podcast page.
Download and subscribe to the Auto Remarketing Podcast on iTunes or on Google Play.
Cherokee Media Group senior editor Joe Overby recently shared a conversation with EBlock chief operating officer John Brasher, who moved into his current role on May 3.
Brasher discussed both company activities and the current state of the wholesale market.
To hear the conversation, click on the link available below, or visit the Auto Remarketing Podcast page.
Download and subscribe to the Auto Remarketing Podcast on iTunes or on Google Play.
McConkey Auction Group is migrating ABS Auto Auctions, its digital auction company for the Southwest, into the EBlock platform; a move expected to be completed by early summer.
ABS is a digital auction company that has 10 physical locations (where ancillary services like inspections and tasks can be completed) but whose sales are all online.
MAG acquired ABS last year, as Auto Remarketing reported here in November.
Meantime, EBlock has been MAG’s digital platform partner in the Pacific Northwest since January 2020.
Transitioning ABS to EBlock can “enhance customer offerings and online user experience in a variety of ways and unifies the ABS and MAG digital experience,” the group said in a news release.
In the release, MAG chief executive and president Bob McConkey said, “EBlock has provided us with the opportunity to expand its exceptional technology throughout our organization. ABS and EBlock similarly deliver a live auction experience; the migration of ABS to EBlock will combine our Pacific Northwest and Southwest digital footprints into one integrated marketplace.”
The 10 ABS physical locations will remain, MAG confirmed, but the branding will reflect an EBlock element.
Current ABS customers will receive various communications to help in the transition, including demonstrations, Q&As and access to experts.
In the release, EBlock president and CEO Jason McClenahan said, “The digital transformation of the automotive industry is accelerating. Having the opportunity to work with pioneers like ABS and the McConkey Auction Group is exciting. Providing our technology to them through this migration to EBlock, positions them to deliver an unmatched customer experience.”
