Team Toyota in Indiana has primarily used CarOffer to acquire inventory, said its used-car manager Mike Miskus.
“We’ve purchased over 70 units through the platform in the last couple of months and found it to be a fantastic new way to source upstream vehicles,” Miskus said in a news release.
He continued, “It’s allowing us to continue double-digit year-over-year pre-owned sales increase.”
Comments like that could be part of the reason for a strong 2020 outlook for CarOffer. The company, which describes itself as “retail automotive’s first automated instant wholesale vehicle-trade platform,” said on Thursday that it celebrated record monthly sales of $60 million, along with 100% dealer rooftop growth in January.
The real-time bidding platform currently processes more than $1.2 billion of vehicle offers daily, describing itself as “the industry’s most efficient vehicle sourcing, buying and trading solution.”
The company says its platform offers a “simplified Amazon-like buying experience” that it says eliminates trade-in speculation.
Because of that, according to CarOffer, dealers can trade up to 30% more vehicles within the first 30 days of implementation.
As an example of what it describes as the efficiency and transparency in the CarOffer trading process, the company provides two instant offers at the point of appraisal.
A “sell it today” price is the first of those. The second is a “keep it now” with a guaranteed “sell it in 45 days” price.
In addition, the platform automatically makes binding offers on 85% to 90% of vehicles in a dealer’s inventory, and it does that 24 hours a day, seven days per week.
CarOffer also says its vehicle sourcing system brings an experience that it says is similar to the sourcing process for new vehicles from manufacturers. Dealers can order pre-owned inventory, and the system automatically sources the vehicles and delivers to dealers’ specifications.
CarOffer says features of its “mobile-friendly platform” include real-time point of appraisal instant buy offers, automated inventory offers, 45-day guaranteed sell offers and access to nationwide buyers.
The company said it will hold demonstrations of the platform’s latest features at NADA 2020.
Those include market data insights, a faster inspection and transportation process, and up-to-the-minute information and status access through an alerting system.
CarOffer said it designed those features to give dealers more buying power and cost savings.
“The perfect storm of an experienced team, a CEO serial entrepreneur, and a no-risk solution has set CarOffer up for early success and a strong outlook for 2020, with rooftop projections in the thousands by mid-year,” CarOffer wrote.
Foundation Auto Corp chief operating officer Chuck Kramer described CarOffer as a powerful and simple-to-use tool.
“CarOffer’s solution is unique and fills a need in our industry,” Kramer said.
He continued, “We have successfully bought and sold units on CarOffer, and the system has allowed us to trade for 20 to 25% more vehicles due to its real-time offers at point of appraisal. And we enjoy the ability to order our Gold and Platinum units in the system knowing they will get delivered as expected. I encourage every dealer to look at CarOffer.”
CarOffer founder and chief executive officer Bruce Thompson said the company is happy with its early momentum.
He continued, “Dealers are enrolling at an incredible rate because they’re seeing tangible results and that’s what it’s all about, he said. “We’ve gone from $0 to $60 million per month in sales over the last 180 days. It’s exciting to deliver a solution that dealers want and need, and our initial success is due to the hard work and experience of the entire team at CarOffer. I’m so proud of them and this incredible new company.”