Manheim has revved up its search and sales functions on Manheim.com and OVE.com, Manheim’s online sales platforms. These enhancements, which took effect last month, are designed to help buyers find relevant inventory quicker and make the sale process easier and faster.
As part of the rollout, the floor price can be reached within three bids submittals on OVE.com, and only vehicles priced at or below 120 percent of Manheim Market Report (MMR) will be displayed in search results. Additionally, only vehicles with condition reports will be displayed in initial search results, and the success and facilitation fees will be combined into one single “Sell Fee.”
“These changes come from buyer suggestions and our research,” said Jenifer Eggert, Manheim’s vice president of digital services. “Our customers want and need a faster and easier way to search for and bid on inventory. They have asked for this, and Manheim has delivered with these great new enhancements.”
Dealers have shared with Manheim that setting the starting bid significantly lower than the floor price can extend the sales process. Now if a starting bid is more than three bid increments lower than the floor price, the starting bid will automatically be raised to three bid increments below floor price.
According to customer research, buyers are most interested in vehicles that are priced closest to MMR. With changes to the filter settings, customers can find vehicles closest to MMR prices on OVE.com. Buyers will still be able to adjust their filters to see vehicles without an MMR value.
Online buyers have shared with Manheim that they want access to condition report information and images to help make their buying decisions with more confidence. Although buyers can adjust their filters to allow them to see all vehicles, with the new OVE.com policy changes, buyers are encouraged to include condition information and images on all vehicles in their searches.
The success and facilitation fees have not changed, but they are now being displayed differently.