“My overall impressions of the new condition reports are very positive. The condition grades have gotten more consistent, the pictures are better, and the vehicle details are better than before.” -Bobby Louvaris of Lokey Automotive Group
ATLANTA – To tackle a key client pain point—a need for more accurate and consistent vehicle information—Manheim is rolling out a new InSight Condition Report that enables buyers to make faster, more profitable decisions. With enhancements fueled by clients’ need for more accuracy and consistency, the new report features more manufacturer data, crisper photos and improved visuals, which makes it easier and faster for clients to view important information and make smarter and more confident decisions.
“Comprehensive condition reports mean buyers have more accurate wholesale vehicle valuations and confidence in their decision-making,” said Fredrick Standfield, vice president, Assurance at Manheim. “For sellers, Manheim’s condition reports get buyers to look first at their listings, drive optimal sales prices and percentages, as well as cut down on arbitration.”
The new InSight Condition Report is part of the $10+ million investment Manheim has made in its condition report technology, and is driven by the new Inspections application co-developed with industry partner AiM at Manheim auctions and mobile sites. The new InSight Condition Report brings clients several enhancements that improve upon its predecessor, which was rated best-in-class by clients in a blind assurance study during the design and testing process.
Manufacturer data, including packages and options, is added automatically during the capture process, leading to increased accuracy and consistency in the report’s creation. The new visual display enables clients to digitally “walk the vehicle” on any digital channel in the Manheim Marketplace. This display provides quick, at a glance information about the condition of the vehicle—fueling faster decision making for buyers. Crisper photos with pan-and-zoom functionalities, including a heat map to quickly view damages, improves buyers’ confidence in getting the vehicle expected. And finally, Manheim will have access to data from prior Condition Reports, providing a consistent representation of each vehicle as it moves through the Marketplace.
Feedback from clients on the new InSight Condition Report has been overwhelmingly positive:
- Tom Dunphy of Williams Automotive Group said: “Condition Reports are so valuable because it’s a time thing, and time is money. It takes me 30 seconds or so before I know whether I’m going to move on or investigate further. The faster I can evaluate, the faster I can move on or make a decision.”
- Bobby Louvaris of Lokey Automotive Group added: “My overall impressions of the new condition reports are very positive. The condition grades have gotten more consistent, the pictures are better, and the vehicle details are better than before.”
Digital buyers tend to look at listings with condition reports first, making these vehicles popular. Manheim research shows that dealer units with condition reports were 2.5 times likely to sell online via Simulcast than units without a condition report. Additionally, dealers enjoy peace of mind knowing that vehicles with condition reports have a decrease in arbitration over units without one.
Sellers get a good return on their investment when they purchase a condition report, as the reports more than pay for themselves when considering an average $40 per day vehicle holding and depreciation costs. That adds up to $1,200 in 30 days, making selling vehicles faster a priority.
“Manheim’s vehicle information advancements are well timed as clients increasingly use our digital and mobile platforms to experience a more cost-effective and productive way to move inventory,” added Standfield. “During 2018, we plan to continue addressing dealer pain points and focus on growing interest in vehicles upstream and offsite.”