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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.
The two awards the auction received were the Top Selling Independent Auction for 2018 and Soaring Eagle Award, which is awarded for selling over 1,000 cars on the SmartAuction digital sales platform.
The Bank of America digital car shopping and financing platform will now add more than 15,000 Carvana vehicles to its existing inventory of both new and used vehicles.
Online sales of used vehicles in the wholesale market likely exceeded 2 million in 2018, as remarketing technology made it easier for dealers to evaluate, bid, and buy vehicles beyond physical auction locations.
In 2017, 40% of vehicles sold at Manheim were purchased through a digital screen versus in-lane, reported Manheim in a recent announcement. This meant that through 2017, 2 million vehicles at Manheim auctions were purchased through a digital transaction.