ATLANTA, May 1, 2017 – As off-lease volumes continue to rise, RMS Automotive and Manheim are making it easier for dealers to source manufacturers’ premium off-lease and off-program vehicles before they cross the auction block. A new co-listing capability allows for all open sale vehicles listed on manufacturers’ digital sales platforms powered by RMS Automotive to be simultaneously offered on Manheim.com and OVE, Manheim’s 24/7 online wholesale marketplace. This new offering not only provides dealers with access to a larger selection of high-quality used vehicles, but manufacturers can greatly increase exposure of their inventory to Manheim’s vast digital buying audience to help drive transaction velocity.
“Co-listing allows us to continue building on the significant growth we’re currently experiencing in our digital channels,” said Ed Berkowitz, vice president of product management for Cox Automotive Inventory Solutions. “By offering manufacturers’ ‘open sale’ listings to the largest base of online buyers on OVE and Manheim.com, we can offer dealers exclusive early access to thousands of pre-auction vehicles that can’t be found anywhere else.”
Having opened its online remarketing channel to all dealers last summer, BMW Group Financial Services, NA LLC is the first commercial consignor to co-list its national inventory of off-lease vehicles under the new offering. With the solution, inventory found on BMWGroupDirect.com is now included in dealers’ Manheim.com and OVE search results. By clicking on one of these listings, Manheim and RMS Automotive use single sign-on authentication to seamlessly direct dealers to the consignor’s private label website where they can evaluate, bid on and purchase the vehicle. This allows BMW to better manage the buying experience through its branded marketplace while still leveraging the massive dealer audience found on OVE and Manheim.com.
“It’s a win-win situation for everyone,” added Berkowitz. “Buyers enjoy a greater selection of inventory from the industry’s largest digital wholesale marketplace and BMW strengthens its upstream remarketing efforts by turning inventory faster, which translates to lower depreciation and holding costs.”
Since launching in March, more than 2,700 new users have registered with BMWGroupDirect.com through the co-listing service, nearly doubling the website’s registered dealer-base. This capability further demonstrates the power of Cox Automotive’s comprehensive and leading digital remarketing channels, which averaged more than 135,000 monthly users and saw more than 1.6 million transactions conducted in 2016.
About BMW Group Financial Services
BMW Group Financial Services was established in the U.S. in 1992 to support the sales and marketing of BMW products. Since then, the Group has expanded to provide service to markets in multiple countries and continues to evolve beyond its role as a captive finance unit. BMW Group Financial Services offers a wide range of leasing, retail and commercial financing and banking products tailored to meet the needs of the BMW customer. The Group also provides financing to BMW dealers for expanding dealership capabilities and enhancing overall operations. With $50billion in serviced assets and over 1.3 million automotive lending customers across the U.S., Canada and Mexico, BMW Group Financial Services finances almost three-quarters of the BMWs sold or leased in North America. BMW Group Financial Services employs more than 1,000 people, including consultants and temporary workers, most of whom are located in the Hilliard, Ohio, Regional Service Center, which serves the U.S., Canada and Mexico.
In 2001, the MINI Financial Services division was established to provide support for the brand’s dealers and its customers by offering financing and leasing options and branded financial services products. Alphera Financial Services was established in 2006 to provide financial services to multi-brand dealers.
BMW Group Financial Services also offers credit card products through its subsidiary, the BMW Bank of North America. up2drive.com is a division of BMW Bank of North America, a wholly owned subsidiary of BMW Financial Services NA, LLC. BMW Insurance Agency, Inc., a property and casualty producer is also part of BMW Group Financial Services. Information about BMW Group products is available to consumers via the Internet at:
About RMS Automotive
Transacting vehicles in multiple countries and growing, RMS Automotive, a Cox Automotive Brand, delivers a global enterprise software solution that enables its commercial clients to manage their portfolios across the complete vehicle lifecycle – from new car build to used car sale. Through automation and data science, RMS Automotive provides VIN-specific recommendations for accurate vehicle pricing as well as optimal reconditioning and inventory distribution. These services deliver real-time integration with a client’s platform, faster remarketing time, reduced depreciation/cost of capital, improved residuals and reduction in wholesale losses. For more information about RMS Automotive, visit www.rmsautomotive.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 $20 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.
# # #