“The tangible items are not the most important part of these improvements, but rather the OVE team’s efforts to seek out and address our biggest needs,” said Brandon Bailey, director of online operations at Akron Auto Auctions. “The company took an active interest in independent auctions and let our voices be heard.”
ATLANTA, November 11, 2016—Independent auctions are closing more deals as a result of collaborative efforts with Cox Automotive. In early 2016, these longstanding partners shared the need to be better informed about bid and offer status. This input led to two key improvements that have contributed to double-digit growth in digital remarketing transactions over last year’s performance.
“The tangible items are not the most important part of these improvements, but rather the OVE team’s efforts to seek out and address our biggest needs,” said Brandon Bailey, director of online operations at Akron Auto Auctions. “The company took an active interest in independent auctions and let our voices be heard.”
Many independent auctions rely on the OVE digital platform, which is the industry’s largest digital marketplaces serving more than 150 independent auction locations.
Two Enhancements: OVE Two-Way Text Notifications and Live Bid & Offer Report
Earlier this year, the company introduced OVE Two-Way Text Notifications enabling buyers and sellers to accept, decline or counter an offer in real-time by text message, in addition to replying via the OVE online platform. This industry first, allows dealers to make inventory transactions on-the-go, resulting in more closed sales and fewer missed opportunities.
Additionally, OVE instituted another tool to drive more transactions with the launch of the twice daily, automated delivery of the new Live Bid & Offer Report. The new report presents a live view of offers and bids by motivated buyers and sellers and displays bidding activity by location. With this information, auction users are better equipped to facilitate deals between buyers and sellers who are close in price. Since its August introduction, this tool has driven a noticeable lift in digital transactions.
“We appreciate the insightful guidance that our independent auction partners provided during the planning and development of our product and service enhancements,” said Peter Lavallee, senior director of Independent Auctions for OVE Cox Automotive, and a featured speaker during the 2016 Used Car Week Conferences in Las Vegas. “And, their enthusiasm for OVE offerings reinforces this win-win relationship.”
Clients have praised the functionality and benefits of using the Live Bid & Offer Report, saying:
In addition to these enhancements, independent auction partners were paired with a regional manager from Cox Automotive to answer any questions or address any issues that might come up as well as monitor selling activity to motivate and help produce more sales.
“After all the improvements made this year, we believe sales will only go up in years to come,” remarked Bailey.
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.
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