We are in a new era when it comes to dealer inventory and everyone is looking for a better way to buy and sell vehicles. We wanted to spend time today discussing some of the current challenges facing the automotive industry and providing insight into some great buying and selling solutions through one of the leading online inventory platforms in our industry, Ally SmartAuction for dealers.
Today on Inside Automotive, we welcome Nate Lattimer with: Enterprise Fleet Management; Todd Sanders, Executive Director of Remarketing Services with rose; Josh Callahan, Senior Director of Remarketing Services at Ally; and Jeremy Wiggins, director of used vehicles at city carInc.
Used cars are top of mind for dealers, especially when the stock of new cars is low. Lattimer says there are significantly fewer used cars now than in years past. Everyone has to work much harder to efficiently find and acquire the right cars. In the rental sector, dealers and customers can see that the mileage of these vehicles is significantly higher, a trend that is likely to continue for the foreseeable future.
When purchasing online, it is not only important to be able to rely on the quality and condition of the car, but also essential. Virtual auctions do not necessarily allow buyers to inspect vehicles on site. SmartAuction explains this in several ways, including reputation. Ally has been in business for many years and has a top-notch arbitration process. Sanders explains that dealers appreciate having third-party inspection services. Hundreds of users use the SmartAuction platform to receive inspection reports, and Ally hopes this service continues to expand. “Dealers across the country use this product to inspect their vehicles,” Callahan says. He then explains how a dealer sold more than 1,000 cars through SmartAuction last year.
SmartAuction also offers a buyer’s program where dealers can return eligible vehicles if it fails. SmartAuction’s seller program allows dealers to list used vehicles at no cost and only pay when they sell. These safeguards prevent unexpected surprises for dealers and give buyers a sense of comfort, allowing them to move more inventory.
Used car managers spend an enormous amount of time looking for inventory and work harder due to staff shortages. PM or after-hours auctions make dealers’ jobs easier. Wiggins says that sometimes buyers don’t have time to go online for an auction in the morning. PM auctions give dealers more opportunities to buy.
Wiggins tries to participate in every auction he can, especially with the market as it is now. In fact, Wiggins buys 90% of SmartAuction’s cars because of its excellent arbitration policy and seamless process. Dealers are looking for ways to maximize their wholesale and retail profits, and SmartAuction allows dealers to wholesale it on the platform, while still having the flexibility to sell it before the vehicle is sold on the platform. There are approximately 30,000 vehicles on the platform daily.
“The virtual way of buying is definitely the future and [SmartAuction] really helps us see more stock faster,” says Lattimer.
Click here to learn more about Ally’s SmartAuction platform and other dealer services.
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