Based on input from users, ACV Auctions launched three new features to its nationwide online wholesale marketplace in an effort to increase efficiency for dealers buying and selling on the platform.
Coming on the heels of reinforcing its workforce with several industry veterans, the new updates to ACV Auctions’ platform revealed on Monday include:
— Run List for early access to select inventory
— New filter options to navigate the platform’s growing inventory
— Proxy bid options to help buyers
“We have listened to what options dealers would like to have, and we have delivered,” ACV chief executive officer George Chamoun said in a news release. “Our current live auction format is an effective and efficient way to sell the majority of wholesale cars.
“However, a subset of vehicles, such as low-mileage ones, may benefit from leveraging the Run List to market these vehicles over the course of several hours to drive activity,” Chamoun continued. “We’re empowering the dealer and consignors to sell and buy vehicles in the manner that fits their business.”
ACV Auctions elaborated further about each of these enhanced features.
Run List can provide access to certain auctions before they go live, enabling dealers to bid in a way that fits their schedule.
Within the Run List section, buyers can enter a one-time proxy bid (standard) or a persistent proxy bid, which means the proxy bid they enter will be applied to the current auction along with subsequent runs within 10 days. The company said their bid will automatically go into effect once the auction moves from the Run List to the Live Auction.
Dealers who are selling vehicles will see “Send to Run List” as a launching option for their auctions. Choosing this option will place the auction in the Run List lane, allowing buyers to actively bid on their auction before the auction moves into the Live Auctions.
ACV noted that sellers will still be able to launch their vehicles into the Live Auction lane immediately by following the normal launch process.
Run List is an option available in the app and on the website.
“Franchise dealers in particular will find ACV’s Run List appealing, from both buying and selling perspectives,” ACV Auctions chief sales officer Mike Waterman said. “Buyers can bid on their own timeline and can count on a carefully curated inventory of vehicles when they visit the Run List.
“The majority of the Run List inventory will be low-mileage, frontline cars, enabling commercial consignors, franchise dealers and large independent dealers to market specific vehicles more effectively,” Waterman continued.
ACV explained that enhancements to filters are geared to optimize the time dealers spend on the platform so they can find the exact dealer they want quickly and easily.
Dealers can now filter by the following categories:
— Distance by state and by ZIP code
— Vehicle body type
— Fuel type
— Auction type (such as Green, Yellow, Red, and Blue Light classifications)
ACV highlighted that buyers now have two options when it comes to proxy bids — standard and persistent.
Standard proxy bid applies the proxy bid to an auction listing only, but not to future runs of that vehicle.
Persistent proxy bidding applies the proxy bid to an auction listing and all future runs, within 10 days.
“Allowing buyers to review and place proxy bids on a list of upcoming auctions optimizes their time spent in the app,” Waterman said. “Sellers get the benefit of increased eyeballs on their auctions, generating more views and bids. This will, primarily, be for vehicles priced $18,000 and higher because the target buyers for higher-priced vehicles typically prefer a Run List.”
ACV pointed out that it now operates in 138 territories from coast to coast and will be in more than 140 territories by year-end.
For more information on ACV Auctions, visit acvauctions.com.