The investment will benefit Cox's Manheim by creating a partnership that will provide Manheim with 3D, 360-degree images, of the vehicles available on Manheim's online marketplace.
Currently, dealers are able to create 360-degree images by simply walking around their vehicle using smartphones to capture exterior and interior shots.
Photo courtesy of Manheim.
Cox Automotive is leading a new $30 million investment round in Fyusion, a 3D imaging, machine learning technology provider, the company announced.
The investment will benefit Cox's Manheim by creating a partnership that will provide Manheim with 3D, 360-degree images, of the vehicles available on Manheim's online marketplace.
In its announcement, the company stated that the investment in the company was driven by growing digital sales and requests from buyers for more high-quality images of the vehicles they're bidding for.
"Dealers tell us that high-quality imaging is a key factor in continuing to drive digital adoption," said Grace Huang, president of Manheim. "We are continuing to invest in delivering the digital buyers in the Manheim Marketplace. Going forward Manheim and Fyusion plan to develop innovative capabilities that help them take full advantage of digital channels to reach more buyers and close more sales."
This investment comes at a time when digital sales are booming for Manheim. The company sold more than 2 million vehicles to digital buyers in the Manheim Marketplace in 2018.
Currently, dealers are able to create 360-degree images by simply walking around their vehicle using smartphones to capture exterior and interior shots. The images captured, along with geometric data about the vehicle provide interactive 360-degree views in less than three minutes.
Auction workers capturing these images can also tag vehicle damage with moveable images that mimic typical in-person movements used by dealers to assess dent depth and other blemishes.
Going forward, Manheim and Fyusion plan to bring things such as artificial intelligence and improved objectivity to their condition reports, the company stated.
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