ATLANTA – To meet the growing demand from consignors for more consistency in vehicle valuation processes, Manheim today announced plans to expand its AutoGrade® condition score licensing program. Initially distributed only to National Auto Auction Association (NAAA) member auctions, the electronic vehicle condition reporting system will now be made available to all non-NAAA auctions and wholesale marketplaces as well as other support entities, including third-party inspection companies, software vendors and consignors.
“Our clients have told us that having access to accurate condition score information is key to understanding a vehicle’s true market value and informing buying decisions,” said Grace Huang, senior vice president of inventory services for Manheim. “By making this program more widely available, we’re helping our customers make more informed buying decisions across the wholesale ecosystem.”
Effective immediately, any organization involved in the vehicle remarketing process will be able to obtain AutoGrade license agreements. Administered through AutoIMS (Auto Auction Services Corporation), the licenses will allow clients to input vehicle damage information via the AutoIMS inventory management system and receive a point-based grade according to Manheim and NAAA standards for various mechanical, structural, body repair and cosmetic defects. To help ensure the continued viability of the expanded license program, Manheim will charge a small transaction fee administered by AutoIMS to any new customers not currently under contract. Current licensees will not be charged a transaction fee until their current contract expires.
“The No. 1 pain point for remarketers is consistent vehicle information,” said Mike Broe, president and CEO, AutoIMS. “With this expanded program, buyers and sellers will have confidence in what the grade means and know that it’s applicable across all platforms.”
Recognized as the gold standard for vehicle condition grading, AutoGrade is becoming more readily available at a time when wholesale volumes are increasing, buyers are embracing internet platforms and sellers are asking for consistency in their vehicle valuation processes across multiple venues and geographies.
“Our goal is to provide our clients with services that improve the overall remarketing experience,” added Huang. “AutoGrade condition scores do just that by supporting reliable, accurate and consistent reporting, thereby providing increased confidence to buyers and sellers alike.”
About Manheim North America
Manheim® is North America’s leading provider of vehicle remarketing services, connecting buyers and sellers to the largest wholesale used vehicle marketplace and most extensive auction network. Through its 115 physical, digital and mobile auction sales, the company helps dealer and commercial clients achieve business results by providing innovative end-to-end inventory solutions. Approximately 18,000 employees enable Manheim to register about 7.5 million used vehicles per year, facilitate transactions representing nearly $50 billion in value and generate annual revenues of more than $2.6 billion. Headquartered in Atlanta, Manheim North America is a Cox Automotive™ brand. For more information, visit http://press.manheim.com.
About Cox Automotive
Cox Automotive Inc. is transforming the way the world buys, sells and owns cars with industry-leading digital marketing, software, financial, wholesale and e-commerce solutions for consumers, dealers, manufacturers and the overall automotive ecosystem worldwide. Committed to open choice and dedicated to strong partnerships, the Cox Automotive family includes Autotrader®, Dealer.com®, Dealertrack®, Kelley Blue Book®, Manheim®, NextGear Capital®, vAuto®, Xtime® and a host of other brands. The global company has 33,000 team members in more than 200 locations and is partner to more than 40,000 auto dealers, as well as most major automobile manufacturers, while engaging U.S. consumer car buyers with the most recognized media brands in the industry. Cox Automotive is a subsidiary of Cox Enterprises Inc., an Atlanta-based company with revenues of $18 billion and approximately 60,000 employees. Cox Enterprises’ other major operating subsidiaries include Cox Communications and Cox Media Group. For more information about Cox Automotive, visit www.coxautoinc.com.
About AutoIMS (Auto Auction Services Corporation)
AutoIMS delivers an industry-leading set of online applications (www.autoims.com, www.recoveryims.com, www.mylocalauction.com) and related services to manage auto portfolios, connecting wholesale auto consignors with auctions and other remarketing industry partners. Additionally, AutoIMS provides robust technology, analytical and consulting services to help the auto industry benchmark and streamline business processes and technology. For more information about AutoIMS visit www.autoims.com or www.autoimssolutions.com.
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