Ally Financial Inc. and Fair have partnered to allow Fair to use Ally’s SmartAuction as a remarketing solution for its returned cars, according to a company announcement.
Fair is a relatively new company that offers a different approach to vehicle ownership. Unlike traditional financing or leasing, customers who choose a vehicle through Fair can own that vehicle for as long or as little as they want, whether that’s a month, a year, or four years.
Typically Fair gives the dealer that originated the vehicle transaction the first opportunity to buy the vehicle back once a vehicle is returned.
Now, per the terms of this agreement, that vehicle will be offered to other dealers through Ally’s digital wholesale auction, SmartAuction, as a remarketing option if the originating dealer does not purchase the vehicle.
This is yet another avenue for digital wholesale sales in a market that has seen a rise in digital sales.
In 2017, 40% of vehicles sold by Manheim — 2 million — were purchased through a digital screen as opposed to in-lane, according to Manheim. Through Manheim.com, OVE, and RMS, Manheim sold 630,000 vehicles, amounting to 15% growth year-over-year.