DriveTime retails a lot of metal to consumers through its nationwide footprint of dealerships.
Now the company wants to help its inventory buyers acquire necessary units from the wholesale space.
Earlier this week, DriveTime announced what it’s dubbed the “Genius Way to Buy a Car” at auctions with the launch of Buyonic.
Available on either desktop or mobile device, DriveTime explained Buyonic is an internally developed application to streamline, automate and reinvent the auction purchasing process.
“We’re excited about the features and early successes of Buyonic,” said Peter Hermes, managing director of inventory at DriveTime.
The features of Buyonic include:
• Pre-filtered vehicle lists guiding buy strategy and live auction actions
• Recommended purchase values
• Live performance tracking
• Capture estimated reconditioning value
• Real time adaptability on purchasing needs
“We began piloting Buyonic with our online buyers beginning in December of last year, and it is now in use with all of our in-lane and online buyers,” said Maureen Needham, director of IT for inventory at DriveTime.
“We are already planning enhancements including recommended delivery location and automated condition report evaluation,” Needham said.
Colin Bachinsky, vice president of inventory, elaborated as to why DriveTime is taking on this endeavor.
“While continuing to be a leader in automotive digital retailing, DriveTime is also innovating in other areas of our business,” Bachinsky said. “Long term, we expect our most recent innovation, Buyonic, to help us capture the entire inventory life cycle of auction, purchase and reconditioning data, allowing us to strategically use the information to win more bids at a better price with lower reconditioning costs, while continuing to provide our customers with high-quality vehicles.
“We’re just beginning to scratch the surface of the quality, efficiency and cost reduction opportunities,” he went on to say.
For more information on DriveTime, visit drivetime.com.