Manheim Auctions Near Digital Tipping Point
During the first half of the year, 45% of vehicles were sold to a digital buyer on Manheim.com, OEM-specific Private Stores, OVE or Simulcast.
Manheim’s online auto auctions are nearing a tipping point as sales on the remarketing-services company’s digital platform approach 50%.
“The Manheim Marketplace achieved record-level digital adoption in the first half,” says Manheim spokeswoman Dara Hailes, citing increased client demand for digital buying and selling options.
During the first half of the year, 45% of all vehicles were sold to a digital buyer on Manheim.com, OEM-specific Private Stores, OVE or Simulcast.
Manheim saw double-digit growth in digital transactions, volume and sales as wholesale vehicle buyers and sellers continue to adopt to developing technologies.
“Our clients are benefiting from the incredible audience of active buyers and engaged sellers in the Manheim Marketplace,” says Zach Hallowell, vice president-Manheim Digital Marketplace and RMS Automotive.
RMS Automotive achieved records in the first half with its Private Stores seeing unprecedented sales levels from BMW/MINI, Mercedes-Benz, Nissan/Infiniti, Porsche and Volvo.
OVE achieved a milestone of 3 million transactions since the platform launched in 2013, in part due to record months in March, May and June with transactions up 15.8% over 2017.
Citing client demand, Manheim completed several digital-channel improvements this year. Those include:
- Insight Condition Reports that features more manufacturer data, crisper photos and improved visuals.
- Manheim Express, a mobile application that offers dealers a self-service way to list and sell inventory in the Manheim Marketplace.
“We are feeling bullish as we see an increase in cross-channel buying and selling, the cornerstone of the Manheim Marketplace,” says Derek Hansen, Manheim’s vice president-Offsite Solutions.
He adds, “The success we’ve seen so far this year fuels our desire to continue enhancing the digital experience.”
Up next are enhanced vehicle detail pages on OVE, a digital dashboard that gives sellers data-driven insights to maximize returns and personalized vehicle recommendations to help buyers quickly find the right vehicles.
Online auctions began in the late 1990s. At first, many dealers were reluctant to participate, saying they were too detached from the action at physical auctions. That feeling has changed.
Manheim operates 127 physical auctions. It also has portable physical auctions, nicknamed “auctions in a box” to serve smaller marketplaces.
Source: Wards Auto