Opening in 1988, ServNet auctions celebrated 25 years in business in 2013, and has 31 member auctions. Patty Stanley, ServNet president, looks forward into 2014 and discusses her goals for the auction.
"All indicators point to a major upswing in the market in 2014. We expect to see a significant increase in auction volume, particularly with the influx of off-lease vehicles, and ServNet auctions are in a unique position to manage that increased volume. Unlike other segments in the industry which faced cutbacks during the economic downturn, ServNet auctions took that time to build, strengthening staff and expanding facilities, so that we are as a group ready for the market in 2014," Stanley commented.
According to Stanley, during the coming year, ServNet (corporately and auction owners individually) will also be actively involved in shaping policy in a number of areas that will affect the remarketing industry as a whole.
In 2012, ServNet instituted changes to its organizational structure, creating tactical committees from across the ServNet membership to provide input on industry level topics. Currently, each owner of the 31 ServNet auctions serves on one of three committees: Technology, Brand Awareness/Social Media, and Events/Sales. Each chaired by a member of ServNet's Board of Directors, these committees will influence the decisions that affect ServNet's business environment and the marketplace. In addition ServNet's Board representatives to IARA and AASC/AutoIMS keep the group connected to critical facets of our evolving industry.
"Working with the other auction groups, ServNet is taking a seat on a national level to improve the auction process for its customers. We are working actively on an initiative to address compliance issues brought on by the CFPB and its requirements for the financial institutions that consign vehicles to the auction. In conjunction with OVE, Open Lane and Auction Edge, we are looking forward to the outcome of the HUB project, which will facilitate upstream bidding across a variety of platforms via AutoIMS. ServNet is also working on an initiative to license the Auto Grade system through AutoIMS to give buyers even more confidence when buying from the nation's auctions online," Stanley noted.