Vehicles posted on OVE.com, Manheim’s 24/7 bid or buy now wholesale vehicle marketplace, are exposed to a broader range of buyers, but do they retain a higher auction value than those that are re-run through the physical lane? The answer according to a recent Manheim study is a resounding yes.
In an analysis of 15 Manheim national commercial customers that list “no sales” on OVE.com, vehicles sold through the online platform outperformed vehicles run a second time in the physical auction lane in Manheim Market Report (MMR) percent, Manheim’s benchmark auction value. Additionally, commercial customers benefitted from reduced holding costs resulting from lower days to sell as well as greater exposure to previously untapped online-only and remote buyers.
“Dealers using OVE.com add another buying and selling avenue to their business portfolio that clearly helps increase sales and profits,” said Jenifer Eggert, vice president of digital services for Manheim. “As our customers continue to embrace online channels to move inventory, we continually strive to strengthen our core online tools and processes in an effort to perfect customers’ digital experience.”
To that end, Manheim recently introduced several customer-facing enhancements to OVE.com specifically designed with customer success in mind. Among them, seller ratings now aggregate data from a trio of sources to give buyers the trust and confidence in purchasing from many sellers. New centralized processes allow for a more thorough capture and quicker posting of “no sale” inventory, helping customers sell more cars faster. Also, a new integration with DealShield onto OVE.com gives buyers a quote by vehicle at checkout and helps manage the sale of returned vehicle purchases through the buy-back guarantee program quickly and more efficiently.
For more information on the benefits of OVE.com, please read the recent case study here.
About Manheim (www.manheim.com)
Manheim is the leading global provider of vehicle remarketing services, connecting buyers and sellers of used vehicles to the largest wholesale used-vehicle marketplace. The company helps dealer and commercial customers achieve results by providing physical and digital auction channels, data analysis, financing, transportation and mobile products and solutions.
Manheim pioneered in-lane vehicle auctions and has been an innovator in both digital and mobile auction platforms. Manheim registers nearly 7 million used vehicles annually, facilitating transactions representing nearly $46 billion in value. Manheim’s research and consulting arm, Manheim Consulting, provides industry-leading market intelligence and publishes the widely recognized annual Used Car Market Report. The company offers dealer financing through NextGear Capital, Inc. and transportation services through Ready Auto Transport.
Headquartered in Atlanta, Manheim has more than 20,000 employees in 122 worldwide sites and generates annual revenues of more than $2.5 billion. A subsidiary of Cox Enterprises, Manheim participates in “Go Green with Manheim,” the company’s sustainability program.
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