ATLANTA – Online buying and selling is transforming the auction industry, and independent auctions are no exception to the trend. OVE.com – the 24/7 bid or buy now wholesale vehicle marketplace – now has 115 independent auction partners and each is expanding its online business. In 2010, OVE.com saw online sales transactions from its independent partners collectively increase by more than 100 percent.
A key factor in the rising online transactions is that many independent auctions now are dedicating resources – both staff time and money – to their online buying and selling strategies. This strategy is paying dividends.
“We increased our sales 528 percent last year on OVE.com, and we’re on pace to increase it another 390 percent this year,” said Jim Gaughan, CEO of Northeast Pennsylvania Auto Auction. “The key for us was dedicating and incentivizing a team to grow the online portion of our business, just like we do with dealer sales and fleet-lease. They hit the road and sold Northeast Pennsylvania Auto Auction to new customers, especially attacking a higher market than what we do in the lanes, and making a lot of our OVE.com sales incremental business.”
Independent auctions are hearing about the conveniences and benefits of online auctions from multiple constituents. Dealer customers and commercial account teams alike rely on the latest business technology to stay ahead of their competition.
“I discovered that some of my customers were using competing auctions, so it was critical to get in front of them and tell them they didn’t need to transport their cars an hour or two away just to sell online,” added Gaughan. “I am in their back yard and can sell their vehicles online almost seven days a week. I’m predominantly a dealer auction, but OVE.com has helped me expand my reach from a regional level to a national level.”
OVE.com’s independent auction partners enjoy no integration or membership costs (or listing fees) and benefit from the ability to control the entire transaction, from setting their own fees to arbitration. Also, a relationship with OVE.com gives independent auctions instant access to the largest dealer base available and the opportunity to expand sales nationally, even internationally, since their inventory appears on Manheim.com’s PowerSearch.
“We are proud to provide an online remarketing service that independent auctions find profitable for their businesses,” said Joe George, group vice president, Manheim Online Solutions. “Currently, our independent auction partners are trending to grow their sales again in 2011, possibly by as much as 38 percent. As the industry transforms, we are dedicated to researching and creating innovative technology solutions that further help our independent auction partners expand their business online and beyond.”
To recognize those who helped reach last year’s online growth milestone, OVE.com will present its second annual Otto Awards prior to this year’s Conference of Automotive Remarketing. Awards will be given for Most Innovative, Best Overall, Most Sold Commercial, Most Sold Dealer and Highest Year-Over-Year Growth. The awards ceremony will be held on Tuesday, March 8 in Las Vegas, and the Conference of Automotive Remarketing will be March 9-10 in Las Vegas.
For more information about OVE.com’s independent auction program, call (866) 626-4346 or visit www.ove.com.