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Manheim will invest $13 million over the next three years in a wide-ranging program to create a safety culture at its auctions, the Atlanta-based company announced.
Manheim has expanded its mobile auction network this year, and plans to expand its network further into new cities in the northeast, Midwest, mid-Atlantic, and southeast in order to meet dealer and consignor demand for remarketing options in those cities.
Manheim has relocated its Logistics Solutions platforms — which include its Ready Logistics and Central Dispatch operations — to Phoenix in order to support the transport needs of its shippers, carriers, and the evolving mobility sector.
This investment follows years of online sales growth for Manheim. During the first half of 2018, digital sales for Manheim grew by 45% year-over-year. In 2017 sales were up 39% year-over-year during the same time period.
Segments such as compact cars and mid-size cars are outperforming the overall market. Meanwhile, vans, utility vehicles, and pickups are under performing the overall market.
Used-vehicle auctions have started resuming regular business hours following the effects of Hurricane Florence, which had less of an impact on the U.S vehicle market than Hurricanes Harvey and Irma in 2017.
Several North Carolina used vehicle auctions closed as a result of Hurricane Florence sweeping into the state, while others shifted to online sales or delayed on-site sales.
Manheim noted that this increase in wholesale price is an abnormal for this time of year, as higher depreciation is normally expected toward the end of summer.
Used-vehicle values have held strong this year. A strong economy and more efficient remarketing strategies are helping make 2018 a banner year for used-vehicle values.
The three key initiatives of the investment were a permeable paving system, a water reclamation center, and site security upgrades.