Online auctions and other upstream remarketing activities are quickly becoming key components of automotive remarketers’ sales strategies, according to a new industry survey conducted by Emercent Solutions and the International Automotive Remarketers Alliance (IARA). The findings are derived from a survey of 25 automotive industry executives representing 42% of the vehicles remarketed annually by captive lenders, banks, and fleet and lease companies.But to what extent will online auctions capture buyers from the decades-old tradition of physical used-car auctions? This is one of the key questions auto industry executives are exploring as Emercent and the IARA reveal the findings from their survey today at the IARA’s Remarketing Roundtable Series in Las Vegas.“We are seeing a shift in the way vehicles are remarketed,” said Bob Gear, vice president of business development for Emercent. “This is significant, because the physical auction process has not changed dramatically for the last 60 years. The survey underscores what most of the industry has been seeing in the last two years.”“Online auctions are definitely having an impact on the way vehicles are being remarketed,” said Matt Marks, executive director of the IARA. “While physical auctions are certainly not going away, channels like online auctions are becoming increasingly important.”The survey of captive lenders, banks, and fleet and lease companies examines current trends and future intentions regarding the use of upstream remarketing processes and procedures. Upstream remarketing is defined as any selling of a vehicle prior to a physical auction.The survey findings include:
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