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ATLANTA – OVE.com, the 24/7 online wholesale marketplace where auctions play a central part in its success, announced today that more than 70 independent National Auto Auction Association (NAAA) auctions have signed on with the site to act as Facilitation Service Providers (FSPs). This number represents nearly half of all NAAA independent auction members -- only NAAA auctions qualify to sign up with OVE.com. |
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“We’ve been using OVE.com for a while now and have seen great results for our business,” said John Rea, NAAA chairman and managing partner of Rea Brothers’ Mid-South Auction. “The site is helping us expand our business, and it’s a critical part of our remarketing strategy. I think that’s true for many auctions across the industry.” |
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As OVE.com FSPs, independent auctions guarantee title, funds and provide arbitration (if needed) for OVE.com’s online wholesale vehicle transactions. Also, in addition to being an NAAA-approved marketplace, the site supports the NIADA and NADA – two organizations vital to the auto industry as a whole. Feedback from FSP participants indicates that the success of the program can be traced back to the unique benefits only OVE.com can offer and to the growth of online usage by dealers and national sellers. |
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The number of buyers purchasing on OVE.com in August increased by 34 percent year-to-date in 2009 versus 2008’s monthly average. Further, OVE.com’s average monthly volume through August 2009 is up 52 percent over 2008’s average monthly volume. Taken as a whole, participating auctions have grown their businesses by an estimated 50 percent year-over-year through use of OVE.com. |
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“OVE.com understands the value of physical auctions and the critical role they play in the remarketing process,” said OVE.com Director of Independent Auction Relations Glenn O’Leary. “The site’s policies and transactional procedures were all designed to adhere to NAAA standards – a move that protects both dealers and national sellers. As the industry has migrated online, it has become much more important for auctions to provide an online solution for their customers. OVE.com helps independents complement their remarketing strategy by being the |
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only online marketplace where customers can choose to buy and sell from their preferred auction location.” |
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Independent auctions that sign up to be OVE.com FSPs will: |
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• Avoid listing or membership fees – for both the auction and the auction’s customers. |
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• Set their own fees – for both buyers and sellers. |
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• “Expand beyond the gates” to facilitate transactions they might not normally touch. |
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• Sell more vehicles for their customers and expand their reach nationally and even internationally. |
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• Easily import images and display condition reports on OVE.com via a new, automated inventory import solution that seamlessly integrates with the auction’s inventory management system. |
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Independent auctions that would like to sign up with OVE.com, or would like to talk about the site’s current promotions for its independent auction partners, should contact Glenn O’Leary at (866) 423-5678 or e-mail support@ove.com. |
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About OVE.com |
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OVE.com, the 24/7 online wholesale marketplace where physical auctions play a central part in its success, is the only marketplace of its kind with a no-questions-asked buy-back guarantee (www.oveoffers.com). OVE.com connects buyers to the leading selection of inventory in the industry while offering them a virtual backlot of more than 25,000 vehicles to help them improve profitability anytime. |