CarOffer reached a notable milestone, as the CarGurus’ subsidiary announced on Tuesday it has enrolled 10,000 dealer rooftops on its automated instant wholesale vehicle trade platform.

According to a news release, CarOffer enrolled dealer rooftops are defined as those for which CarOffer and the applicable dealer have signed an enrollment agreement to participate on the CarOffer platform and CarOffer has entered such dealer’s rooftops in its sales management system.

The company added that the tally also includes dealers that have signed an enrollment agreement but have not yet completed CarOffer’s onboarding process.

CarOffer highlighted its benchmark comes only two-and-a-half years after launching its Buying Matrix platform, a stock market-like approach to vehicle ordering that can provide dealers with an instant, efficient and cost-effective way to buy, sell and trade inventory.

The company indicated the adoption rate of the CarOffer platform has snowballed as dealers look for ways to effectively meet their local shoppers’ needs while simultaneously competing with national online retailers for “direct from consumer” inventory.

CarOffer also explained there is a flywheel effect to the Buying Matrix: as the volume of active dealers on the platform grows, it simultaneously produces more options for dealers to acquire and offload used inventory from other dealers as well as consumers.

“It’s hard to believe that CarOffer’s first transaction was only two and a half years ago,” CarOffer founder and chief executive officer Bruce Thompson said in the news release. “When we launched the product, we weren’t sure how quickly dealers would adopt an inventory trading platform completely foreign to anything they had ever encountered.

“That said, it was evident the industry needed a radical change, as decades-old inventory sourcing and liquidation methods were inefficient, manual and time intensive. So, we put everything on the line to create a platform that is one of a kind,” he said.

“I am so proud of the CarOffer teammates who have supported our vision from the very beginning, as this milestone would not have been possible without their ambitions and tenacity,” Thompson continued. “We always had lofty aspirations but enrolling 10,000 dealer rooftops this early in 2022 exceeded even our highest expectations. I owe everything to the incredible team we have built and truly believe this is the only group of individuals that could have pulled off this significant achievement.”

CarOffer reiterated its platform is geared to work much like today’s stock market, applying instant liquidity and values to vehicles.

• On the buy side, dealers can place limit orders and quotas for units they wish to acquire through a user-friendly interface that allows them to set desired pricing, equipment, mileage and condition of the vehicles they want to purchase; the automated technology fulfills the orders seamlessly.

• On the sell side, dealers simply login to see pending live offers that have been automatically placed on their inventory units. They accept offers they want and check out via a familiar shopping cart checkout process.

Last year, CarGurus launched CarGurus Instant Max Cash Offer that can allow a consumer to sell a vehicle in seconds to one of CarOffer’s growing network of dealer partners.

CarGurus Instant Max Cash Offer is powered by the CarOffer Buying Matrix and automatically can matche the customer’s vehicle to the highest buy offer in the platform.

The company went on to mention that all CarOffer dealer customers can benefit from a streamlined logistical support process that includes the handling of transportation, titling, and inspections all delivered on one bill of sale. This facilitates nationwide trading to maximize inventory selection and efficiency.

“Going from 0 to 10,000 enrollments in such a short period is a testament to the hard work of the sales team and the entire organization,” CarOffer chief sales officer Mark Bland said.

“Reaching a milestone like this is a reflection of dedicated efforts across the company combined with our outstanding product performance and partnership with the CarGurus team. I am extremely proud of the team’s performance and the impact we have made on the industry,” Bland added.

For more information, visit www.caroffer.com.