Cox Automotive enabled sellers in California on July 14 to join in its Upside wholesale experience, which brings on sellers statewide and makes it easier for buyers in the western half of the country to find inventory closer to home in the sale.
To date, more than 15,500 vehicles have sold through Upside Direct after generating over 350,000 bids. With Upside, Cox Automotive is introducing a data-driven approach to the wholesale process that combines industry brands.
Together, Kelley Blue Book Instant Cash Offer, vAuto, and the Manheim Marketplace help dealers take in vehicles at an affordable price while promising a profitable exit for wholesale units. Sellers have received over $14 million in profit sharing above the guaranteed minimum since Upside launched in May 2022.
“Upside provides a winning combination for every dealer along the transaction,” said Derek Hanson, vice president of operations and inventory management solutions at Cox Automotive, in a recent news release. “Sellers tap into a wholesale experience that helps them maximize returns on every vehicle, and buyers get access to in-demand inventory while reducing risks.”
Upside: Benefits for Sellers
By combining and connecting brands in the industry, Upside provides a way to generate profits in wholesale or retail, so they can take in more trades and close more retail deals. Dealers with a Kelley Blue Book instant cash offer buying center who added Upside were able to close between 20% to 30% more deals on their instant cash offer leads.
Starting with a Kelley Blue Book instant cash offer, Upside promises sellers an amount above that offer if they wholesale, so there’s no chance of sellers losing money on the deal. All vehicles sell on the first run for at least the amount of the Upside minimum. And when a vehicle sells for more, sellers keep the lion's share of the upside.
Upside Direct: Benefits for Buyers
Now that thousands of West Coast sellers can join Upside, buyers from across the country will have access to even more vehicles — including those highly sought after fresh trades — in the Upside Direct sale.
Every vehicle starts with an initial bid that is 50% of MMR, and buyers can have confidence that even one bid wins a vehicle since 100% of the units offered will sell. This means that buyers may find deals that will help boost their inventory and profitability.
Every vehicle listed has a clear and transparent condition report, complete with 360 imaging. If the vehicle purchased doesn’t match the condition report, buyers can easily return the vehicle. In addition to Upside Direct's buyer-friendly policies, eligible vehicles come with a complimentary DealShield 21-day return guarantee.
In the coming months, Upside will expand into more markets in the U.S. where demand is high for sellers looking to take advantage of the value Upside provides.