Numbers and graphs may seem routine and even lackluster at times, but AutoIMS (Auto Auction Services Corp.) has found a way to make them pop across the remarketing industry.
The remarketing technology company issued its first quarterly “Industry View” report this week, a compendium of data and metrics based on sales volume among its vast client network of U.S. commercial vehicle consignors and auctions. It collectively draws upon sales scorecards from 1,600 commercial consignor entities and 750 physical auctions, said Joe Miller, vice president of client experience.
The idea for a comprehensive benchmark report evolved from the company’s fresh strategic perspective on how to view and analyze sales activity among its clients, Miller said. AutoIMS is pursuing more data and metrics this year as part of the company’s three-pronged approach to self-service, automation, and metrics.
“We’ve been investing more in data and analysis, hearing more from our clients, looking for ways to benchmark their own performance, and thinking about measurement differently,” Miller said. “We are over a year into a new tool called the sales scorecard.
We can pull all data for clients in one massive dump and they can pull their own scorecards and compare it to industry data.”
The AutoIMS Industry View complements many of the existing remarketing stat reports and trend analysis issued by other companies. Miller called the overview more “tactical and granular” in the way it captures and reports metrics. “This is Remarketing 101 where we look at the particular industry segment of commercial client remarketers and their performance.”
The overview includes graphs and charts on such stats as conversion rates, average days from assigned to secured, gross sales price as a percentage of floor price and average damage estimate. “Even if you see the same metrics somewhere else, they don’t have the perspective we do with our database.”
Individual client data cannot be discovered or discerned in the overview report, he added. AutoIMS’ client cross-section includes lenders of all types such as banks, credit unions, sub-prime finance, rental car companies, fleet clients, fleet management companies, and captive finance firms. Before the pandemic, about five million vehicles per year were coming through its database.
The overview eventually could include metrics for various niches and subgroups within the remarketing industry. The next quarterly report will be released around July 31.