OAKBROOK TERRACE, Ill., October 7, 2021 – vAuto announces a new feature within vAuto Provision. Wholesale Hub is the new way to wholesale inventory from within vAuto Provision, enabling dealers to wholesale more efficiently and profitably. Wholesale Hub synchronizes and streamlines the vAuto Provision wholesale workflow to several Manheim channels including Manheim.com and OVE, Manheim in-lane sales and Manheim Express. The solution will be launching first for vehicles to be sent to the Manheim Express Concierge team, followed by Manheim’s other channels later in the year.
Capitalizing on the rising interest and profitability of used cars, vAuto offers Wholesale Hub to support dealerships during a predicted unseasonable slowing sales period. Wholesale efficiency is critical as dealers move into Q4 facing continued inventory challenges and sales roadblocks.
“Wholesale Hub creates efficiencies in the wholesale vehicle disposal process,” says Derek Hansen, VP of Wholesale Operations, vAuto, “It helps Provision dealers save time, reduce time-to-sell and maximize profits by streamlining processes that find inventory marked for wholesale, send inventory to auction, and track wholesale inventory from within Provision. These gains in efficiency equate to real advantages given current industry challenges.”
According to the just released Manheim’s Used Vehicle Value Index, wholesale used-vehicle prices (on a mix-, mileage-, and seasonally adjusted basis) increased 5.3% month- over- month in September. This brought the Manheim Used Vehicle Value Index to 204.8, a 27.1% increase from a year ago and a record high. In addition to increased pricing, wholesale used car supply remains below normal.
In addition to low supply and increased pricing for wholesale used vehicles, Cox Automotive’s September 2021 Forecast reports new-vehicle inventory levels are more than 50% lower than they were one year ago, when inventory was already below healthy levels, and supply chain issues continue to disrupt production. This pronounced lack of new vehicles is sending more shoppers into the used market, further driving up demand.
With Wholesale Hub improving their workflow, dealerships can now list cars through Manheim in ‘bulk’ in the same time that it used to take to process one vehicle. This makes it faster and easier to get their vehicles into the world’s largest wholesale marketplace—whether those vehicles will be sold from the dealers’ lots or on site at a Manheim location. For vehicles sent to a Manheim location, dealers can move their vehicles effortlessly through every step of the wholesale process with Manheim’s connected, intuitive marketplace.
For offsite vehicles, dealers can designate a car as wholesale and choose Manheim Express for their wholesale option. A trained Manheim specialist will then go to the dealer’s lot, inspect the vehicle, cover it with an Inspection Guarantee and enable the vehicle to be listed on Manheim Express, Manheim.com and OVE simultaneously. They can then track the vehicle’s status in Wholesale Hub. vAuto plans to make Wholesale Hub available to other auction marketplaces later this year.
"The partnership between Cox Automotive brands vAuto and Manheim makes it all a lot easier,” said Paul Golias, Corporate Used Vehicle Director, Modern Automotive. “We want to be able to retail everything, but if we can get more in wholesale, and free up those funds, that’s all the better.”
Cox Automotive-owned vAuto provides innovative technology, tools and business intelligence to thousands of dealerships across the United States and Canada, helping them compete more effectively and increase new/used vehicle sales volumes and profits. Cox Automotive-owned Manheim provides end-to-end wholesale vehicle solutions that help dealer and commercial clients increase profits and efficiencies in their used vehicle operations.
For information on all of Cox Automotive's 2021 new offerings, visit www.coxautoinc.com/experience.
About vAuto
vAuto® provides innovative technology, tools and business intelligence to thousands of dealerships across the United States and Canada, helping them compete more effectively and increase new/used vehicle sales volumes and profits. Founded in 2005, vAuto revolutionized dealers' used vehicle operations with the groundbreaking Provision® suite of tools. Leveraging The Velocity Method of Management®, pioneered by vAuto founder, Dale Pollak, Provision helped dealers adopt a more transparent- and turn-focused approach to used vehicle acquisition, appraising, pricing and merchandising based on real-time, local market supply-and-demand data. vAuto's solutions also include Conquest, a new vehicle inventory management and pricing system, and Stockwave, which enables dealers to efficiently find and purchase vehicles from leading wholesale sources via a single platform. In 2018, vAuto released the Provision ProfitTime metric and methodology to help dealers maximize inventory turn and gross profit based on the investment value or profit potential of each vehicle. In 2020, the company debuted an all new iRecon solution, integrated with Provision, to help dealers recondition vehicles and get them retail ready faster.
Headquartered near Chicago, Illinois, vAuto is a Cox Automotive™ brand.
About Cox Automotive
Cox Automotive Inc. makes buying, selling, owning and using vehicles easier for everyone. The global company's more than 27,000 team members and family of brands, including Autotrader®, Clutch Technologies, Dealer.com®, Dealertrack®, Kelley Blue Book®, Manheim®, NextGear Capital®, VinSolutions®, vAuto® and Xtime®, are passionate about helping millions of car shoppers, 40,000 auto dealer clients across five continents and many others throughout the automotive industry thrive for generations to come. Cox Automotive is a subsidiary of Cox Enterprises Inc., a privately-owned, Atlanta-based company with annual revenues of nearly $20 billion. www.coxautoinc.com
Media Contact
Lisa Aloisio
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