AutoBuy, a Florida-based car buying company supplying dealers across the country with often desired, non-advertised used inventory, recently celebrated 100,000 private car sellers served.
With more than $1 billion dollars in inventory appraised in eight years of business, AutoBuy founder Anthony Maida says his used-car inventory rivals that of other auction consignors because the vehicles from his private sellers haven’t been previously marketed.
“Our inventory is fresh, non-advertised or remarketed to consumers,” Maida said during a phone interview with Auto Remarketing. “We‘ve been able to establish an inventory that is of the hottest premium automobiles that are being looked for in the used-car market.”
Gabriel PeerDrake, a dealer who’s just been in business for over year, said he stumbled across AutoBuy by accident, before becoming a fan of the company’s unique supply of inventory.
“The one thing that set them apart is, when I got to an auction and I’m buying in a normal lane, I’m buying cars from other dealers that have their vehicles down there for a myriad of reasons,” said PeerDrake, owner and operator of CARite of Cocoa.
PeerDrake said eight times out of 10, vehicles at auctions have been advertised online by another dealer and carries a digital footprint.
“AutoBuy cars don’t have a digital footprint. There’s no digital history to them. They're buying direct from consumer and selling direct to dealer. There’s no middle retail step involved. So when I offer a vehicle for sale that I get from them, my competitor and my consumer hasn’t seen that car in the marketplace,” he explained.
AutoBuy has also become consumer friendly because it can offer private car seller appraisals that rival those of local markets as well, according to Maida.
Looking at the markets across the U.S., AutoBuy makes purchases on a national basis. So it can offer consumers appraisals not limited to the local market.
“We’ve brought to the table something that is beneficial to the consumer, as well as the dealer industry,” Maida said. “We’re able to provide that premium inventory that all dealers are looking for to supply in their dealer market for retail.”
As Auto Remarketing reported in May, when it's time to trade-in, U.S. consumers have been found to be often disappointed with their vehicle’s appraisals. Maida said much of this disfavor stems from dealers just strictly evaluating and making offers based on local market values.
“A lot of it has to do with dealers evaluating cars on the local market, compared to us evaluating cars on the national market value,” he explained.
Private car sellers can either bring a vehicle to one of AutoBuy’s seven locations or they can visit the company’s website WEPAYTHEMAX.com, to arrange for a certified buyer to come by their home of office to make an appraisal.
Most of AutoBuy’s vehicles are ready for auction within seven days of a purchase, boasts Maida.
“Our average vehicles lifetime in the possession of AutoBuy is seven and a half days from the time that we acquire it, to the time that we buy it and sell it,” he said.
This summer, following its continued growth, Madia said AutoBuy plans to add two locations in central Florida.
“Our goal is to continue to grow this rapid market, and since we are somewhat competitors with CarMax, that we can grow this as we continue to on a national basis,” he added.