CarMax’s wholesale business sold more than 700,000 vehicles during fiscal year 2022
CarMax, the nation’s largest retailer of used cars and one of the largest used-car wholesalers, is partnering with UVeye to provide AI-enhanced condition reports for buyers of vehicles sold at auction.
CarMax has been a strategic investor in UVeye since 2021. The companies have been working together on innovative solutions to improve used-car auction processes. CarMax’s wholesale business sold more than 700,000 vehicles during the past fiscal year.
CarMax is implementing UVeye’s industry-first inspection technology for its wholesale business operations under a licensing agreement with UVeye.
UVeye systems use artificial intelligence, machine-learning, sensor-fusion and high-speed-camera systems and can spot issues ranging from worn tires and sheet metal-problems to underbody damage.
CarMax moved its auction sales online in 2020. In a remote-first world, capturing quality imagery is critical to providing buyers with a maximum amount of information about each vehicle. The company already has installed UVeye systems at several wholesale locations and plans to roll out the UVeye technology throughout parts of its wholesale business.
CarMax will be using UVeye vehicle scans to check vehicle exteriors, undercarriage components and tires to quickly produce online user-friendly reports that include high-resolution photos. Systems in use at CarMax also will have the ability to detect issues such as frame damage, missing parts and fluid leaks, as well as brake and exhaust-system problems.
“CarMax’s purpose is to drive integrity by being honest and transparent in every interaction,” said Dave Unice, CarMax vice president of Merchandising Operations. “Our partnership with UVeye allows us to further this mission by providing dealers with highly detailed imagery on auction vehicles online.
“We’ve been impressed with UVeye’s technology and we believe it will help us maximize efficiencies in our wholesale auction business. We look forward to further implementing this best-in-class solution across our network and exploring new opportunities and potential uses with UVeye.”
UVeye CEO and Founder Amir Hever added that “UVeye is on a mission to standardize automated inspection processes throughout the automotive industry. Our program with CarMax represents a significant step towards meeting that goal.
“It’s a true privilege to have CarMax on this journey with us both as an investor and as a strategic customer. We will continue to work together on providing the best customer experience possible.”
Hever noted that CarMax will have a presence in UVeye’s exhibit (Booth #6239) at the annual NADA (National Automotive Dealers Associations) conference on January 26-29 in Dallas, Texas.