The Manheim Marketplace achieved record growth across its digital channels in the first half of 2018, including double-digit growth in digital transactions, volume and sales as wholesale vehicle buyers and sellers continue to adopt a faster, more cost-effective way to move inventory, the company announced.
During the first half, 45% of vehicles were sold to a digital buyer on Manheim.com, OEM-specific private stores, OVE, or Simulcast. Digital off-site dealer transactions that happen outside a physical auction location increased 32.6% over 2017.
"Our clients are benefiting from the incredible audience of active buyers and engaged sellers in the Manheim Marketplace," said Zach Hallowell, vice president of Manheim's digital marketplace and RMS Automotive. "With significant upgrades to our digital auction technology, intelligent search functionality, Manheim Market Report valuations, OEM build data penetration, and condition reports, dealers have the peace of mind to feel confident in their digital purchases."
RMS Automotive achieved several records in the first half with its private stores seeing unprecedented sales levels from BMW, MINI, Mercedes-Benz, Nissan, Infiniti, Porsche, and Volvo. Buyers originating through a co-listing generated 40% of open sales. The co-listing capability allows open-sale vehicles listed on private stores to be simultaneously offered on Manheim.com and OVE.
OVE achieved a major milestone of 3 million transactions since the platform launched in 2013 partly due to record months in March, May, and June. Transactions increased 15.8% over 2017.
The company also reported the completion of several client-focused improvements to its digital channels during the period. They include:
- Insight condition reports: Manheim rolled out a new Insight condition report that features more manufacturer data, crisper photos, and improved visuals.
- Manheim Express: Debuted at NADA 2018 and launching nationwide on July 25, the Manheim Express mobile application offers dealers a self-service way to list and sell inventory in the Manheim Marketplace.
- New OVE search: Manheim launched the automotive industry's first intelligent search for wholesale inventory on OVE to reduce search time and deliver more accurate and personalized search results.
- A.I.-powered optimization solutions: Combining machine learning with Cox Automotive’s unmatched proprietary data assets, RMS Automotive created an A.I.-powered optimization product suite with pricing, location, and reconditioning that provides vehicle-specific recommendations to help drive the highest portfolio value for commercial clients.
- Manheim Market Report (MMR) enhancements: Manheim continues investing in MMR, making it more accurate through the addition of OEM build data and by leveraging machine learning and data science to adjust for other factors such as condition and mileage variability.
Enhancements to the online marketplace over the next few months will include:
- Enhanced Vehicle Detail Page (VDP) on OVE: The goal is to provide clients with the most relevant information at a glance. Insight condition reports information will be visible on OVE VDPs, making inventory sourcing easier and faster.
- Manheim deller dashboard: Sellers will have the necessary information to make more data-driven decisions across their entire vehicle portfolio, while providing clearer insight into what actions are required to maximize their returns.
- Personalized vehicle recommendations: To help buyers quickly find the right car, Manheim is leveraging deep data science capabilities and massive data set to provide highly relevant and personalized recommendations based on buyers previous activities.
"We are feeling bullish as we see an increase in cross-channel buying and selling, the cornerstone of the Manheim Marketplace," said Derek Hansen, vice president of off-site solutions. "The success we've seen so far this year fuels our desire to continue enhancing the digital experience and building trust with our buyers and sellers."