TROY, MI – SmartAuction, an upstream remarketing Web site, is on a record sales pace having facilitated nearly 210,000 online transactions year-to-date through May, an annualized pace of 500,000 vehicle transactions per year.
SmartAuction, with more than 7,700 active users, continues to see growth among its diversified dealer population, according to a company spokesperson. While SmartAuction's history extends back to General Motors, SmartAuction today has more than 2,100 non-GM dealers using the Web site for their remarketing needs.
"In a challenging economic environment, SmartAuction's ability to bring value to the dealer has led to our dealer population growing by 500-600 dealers so far this year," said SmartAuction Managing Director Mark Newman. "We now also have the chance to welcome more than 2,000 new Chrysler dealers to SmartAuction, as we continue to diversify our operations from a captive finance provider to a more independent company serving multiple customers."
Through May, SmartAuction recorded a 33-percent year-over-year increase in sales between dealers, a major component of the nearly 40 percent increase in volumes from non-GM/GMAC consignors so far this year. Dealers as a group are now one of the major consignors on SmartAuction and join new rental car, fleet, and financial institutions in continuing to grow the SmartAuction buyer and seller community.
"It makes sense that independent and diversified franchise dealers will become one of the largest growth segments within SmartAuction," said Newman. "The decline of leasing by finance companies will further drive dealer remarketing volumes and SmartAuction's upstream remarketing model can allow dealers to optimize their pre-owned vehicle business."
Later this summer, SmartAuction is expected to record a milestone with its 3 millionth online sale since its inception in 2000. Newman noted it took roughly 44 months to record the first million; 33 months to reach the second million; and likely only 27 months to reach the third - even in a stressed economy.
"SmartAuction has about 10,000 vehicles listed on any given day for all dealers to see and we offer complete remarketing solutions like our QuickTurn inventory management suite and the Virtual Showroom interface for dealers to work side-by-side with their customers," said Newman.