Photo via Wikimedia.
Manheim, ADESA, and the independent auctions will begin developing a platform that allows simultaneous bidding on vehicles listed on multiple online auction sites, the auctions announced Thursday.
Auction representatives have formed a steering committee to oversee development of the initiative, the auctions announced at the Conference of Auto Remarketing. The steering committee has engaged Auto Auction Services Corp. (AASC) to build and maintain the hub technology.
"This multiplatform bidding solution will not only increase the transparency and efficiency of the automobile auction sector, but will also enhance competition to the benefit of customers," said Mike Broe, president and chief executive officer of AASC.
The multiplatform bidding platform should be ready for testing in the second half of 2014. The initiative came at the request of wholesale automobile customers, according to steering committee members.
"Our customers have asked for this, and with multiplatform bidding we've not only created the type of channel that our customers want, but also one that continues to build a trusted and transparent marketplace," said Sandy Schwartz, group president for Manheim and AutoTrader.