By Desiree Homer
ACV Auctions, the online platform for dealers to buy and sell units in a live auction environment, is selling more cars these days, all thanks to technology enhancements. While ACV Auctions moves more cars, it also means dealerships are benefiting. How are dealers are capitalizing on the tech upgrades and improvements to the popular auction system?
Modernizing How Dealers Manage Wholesale Buying & Selling
ACV Auctions is making significant investments in technology upgrades that provide transparency and operational simplification. This is a big move for ACV, as it competes with other auction providers like RideSafety, Autorola, and BacklotCars. The tech improvements are allowing dealers to buy vehicles sight unseen and sell entire wholesale inventories for immediate results. What kind of results, you ask? The company, based on sources calculating 2019 data, has over 10,000 registered buyers on its platform. Dealers are leveraging the ability to buy inventory from over 350 miles away. Selling with ACV has tremendous improvements as well, with an overall sell-through rate of 60-80%. When traditional auction sell-through rates were more like 50%, the digital enhancements are connecting dealers with buyers and inventory in a game-changing way.
The Game-Changing Features Keep Coming
There has been a constant flow of key features making the wholesale auction more convenient for dealers. Last September, ACV Auctions launched capabilities, including Run List, new category filters, and proxy bid options. These and ongoing tech advancements are based on dealer suggestions and feedback. ACV Chief Executive Officer, George Chamoun, mentioned in a news release, “we have listened to what options dealers would like to have, and we have delivered.”
Run List is particularly appealing for those franchise dealers who buy and sell. ACV Chief Sales Officer, Mike Waterman, discussed the benefits of this added tech, which allows buyers to bid on their own schedule. It provides dealers an opportunity to engage in their convenient timeline and rely on a curated inventory of vehicles when using the Run List.
Proxy bidding is being streamlined as well, now with two options – standard and persistent. The standard proxy bid is available for auction listings only, while the persistent bidding applies to existing and future runs over ten days. Waterman points out how buyers can optimize their time spent in the app altogether.
The Dealership Perspective
For dealers, being able to buy and sell entire lots of wholesale vehicles more efficiently is just good business. Liza Myers, from Carter Myers Automotive, spoke about her auction experience. She shared sentiments about success with ACV with capabilities to sell wholesale inventory in an “expedited and transparent manner.” Thus, delivering tremendous financial results.
As the tech enhancements continue to be introduced to both web and app-based transaction processes, dealerships directly benefit. Selling your wholesale inventory gets easier as more buyers can easily view and bid on your vehicles. Buying from the auction with Run List features and new categories means you can buy the precise inventory you need, in the most efficient and convenient channels. These and other ACV Auction tech-based upgrades are making it a win-win for everyone, dealers included.