Growth Fuels More Than 1.3 Million Vehicles Sold to Digital Buyers Through July
Atlanta, GA – When Manheim’s Simulcast technology was introduced to the remarketing industry in 2002, dealers were skeptical about this newfangled way of buying and selling cars. Now, 17 years later, dealers are believers. Some 1.3 million vehicles were sold to Manheim digital buyers through July of this year and more than 60 percent of Manheim’s live sale attendance occurred via Simulcast.
As use of this digital auction platform continues to grow, Manheim is boosting its investment and improving its dealer experience by adding new features. They include:
- One platform that makes it easier for dealers to view the bidding/buying experience
- Odometers and auction lights, indicating any special conditions of the sale, that are now visible for vehicles on the run list
- Photo tabs that provide more visuals, larger images and multiple views, allowing dealers to see the vehicles from different angles without being onsite
- A responsive bid window that dealers can enlarge or compress based on their monitor size to make it easier to see all relevant information
- The ability to scroll forward or backward through the run list to preview vehicles before they’re on the auction block and follow the vehicle status after it leaves the block to potentially submit a bid on any unsold vehicles
- Visible proxy bid amounts to remind dealers that they have already placed a bid
Clients will begin to experience the new Manheim Simulcast features later this year and into early 2020.
“The new Simulcast updates further evolve a technology that has transformed the remarketing industry by bringing the auction to the dealer,” said Grace Huang, president, Manheim. “These new features give dealers real-time access to even more vehicle details and images, so they can make faster, smarter bidding decisions. They’re also part of a bigger commitment by Manheim to invest in ways to improve the auction experience for dealers, creating a safer way to buy while helping them more effectively run their businesses.”
Simulcast revolutionized the remarketing industry in 2002 with a first-of-its-kind experience that allowed dealers to participate in an auction whether remotely from their dealership or in-person at the auction. Since then, dealers continue to embrace Simulcast in ever greater numbers with approximately 14.5 million bids placed last year through the technology. And, year-to-date through July 2019, 35 percent of vehicles that ran down Manheim’s auction lanes were sold via Simulcast. Currently, the company is in the midst of a two-year, $100 million investment in its digital marketplace, including Simulcast, to continue its mission to deliver the industry’s top destination for wholesale vehicle buyers and sellers.
Manheim also continues to upgrade the Simulcast technology for the benefit of buyers, including the ability to simultaneously watch and bid on vehicles in up to 40 different lanes, giving them unmatched access to a wide range of inventory without ever leaving their dealership.
The upgraded Simulcast technology is part of a revamped Manheim.com that seeks to deliver a more personalized experience for dealers, helping them find the inventory most relevant to their needs. It’s also part of Cox Automotive’s continued investment in digital solutions to create a more efficient wholesale used vehicle marketplace. Nearly half of all vehicles sold by Manheim in 2018 were through digital channels, a trend that is expected to increase to more than 50 percent by the end of the year.