FREDERICK, MD – Mirroring an upswing in the use of remarketing technology throughout the industry, the National Auto Auction Association (NAAA) recently reported that its affiliated online platforms have displayed tremendous growth over last year.
“Last year, these four platforms accounted for nearly 625,000 wholesale vehicle transactions, and we’re seeing double-digit growth each year,” said John Rea, NAAA president.
As such, NAAA highlighted the benefits to utilizing these Web-based auction services that still maintain strong ties to physical auctions.
“Because of their affiliation with brick-and-mortar NAAA auctions, both buyers and sellers benefit from all the services our customers have come to expect,” Rea said. He noted that such services include title guarantees, access to floor planning, marshaling, reconditioning, access to transportation, post-sale inspections, electronic condition reports, and instant marketing opportunities through various Web-based classified services.
“Our member auctions have been at this for more than 60 years and have the infrastructure behind the Internet to facilitate the transactions of our online affiliates,” Rea said. ”Whether it’s dealer-to-dealer transactions, buy-it-now, or live auction broadcast sales, our affiliates have the technical expertise and inventory to deliver value to both our consignors and buyers.”
Not only can dealers electronically access vehicles at the physical auction, but also through midstream and upstream channels.
“These partners have both open and closed upstream sales from such notable manufacturers and their captive finance companies as Chrysler Corp., Ford Motor Co., Hyundai Motor Co., Kia Motors America, Mercedes-Benz, Toyota, and Toyota Financial Services,” Rea said.
“This unrivaled capability from our partners is a testament to the long-term relationships our auctions have with all automotive manufacturers and their financing arms as well as a host of institutional consignors,” he pointed out.
NAAA vice president discussed the advantages in online platforms providing continuous access to wholesale inventory nationwide.
“The platforms provide a secure and simple way for dealers to source the inventory they need from any computer — anywhere,” Angelicchio stated. “Unlike some other platforms, our affiliates work with the brick-and-mortar facilities that dealers know and trust.”