C O N T I N U E D F R O M PA G E 2 5
| Back to the Basics: On the Block
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When a buyer shows interest in the vehicle, he is asked to send a deposit to a third party to hold while the inspection takes place. Unfortunately, there is no legitimate third party. Once the scammer collects the deposit, the victim is left without his money or a car.” helps him appear legitimate. The price for the vehicle is usually at a great discount, too good to pass up. “When a buyer shows interest in the vehicle, he is asked to send a deposit to a third party to hold while the inspection takes place. Unfortunately, there is no legitimate third party. Once the scammer collects the deposit, the victim is left without his money or a car.” Auction Projections The future of auto auctions will place a continued focus on manipulating technology to
benefit dealers. “We continue to make investments in our auction infrastructure to facilitate our buyers’ diverse business needs,” ADESA’s Caruso said. “That includes more computer terminals for customers to use, better Wi-Fi access and more reconditioning options both presale and post-sale. We will continue to evolve our business to meet the demands of our dealers.” One example is ADESA’s newly released dealer application for the iPhone. “The app combines relevant industry guide books, vehicle history reports and other useful business data with the cars running at our auctions,” Caruso said. “The evolution of mobile technology will continue to shape how we do business.” The new auto auction services have put the technology companies that develop those services in the driver’s seat. In July, vAuto, an Oakbrook, Ill., company specializing in dealer support services and a wholly owned subsidiary of AutoTrader Group Inc., announced the acquisition of Auction Genius, a web-based software solution for auto dealers buying vehicles at auction. “This acquisition advances vAuto’s mission to help dealers become more efficient and effective used vehicle retailers,” vAuto founder Dale Pollak said. With Auction Genius, vAuto promises to eliminate the inefficiencies and difficulties
dealers encounter every day as they evaluate and purchase used vehicles from wholesale auctions. “Today, every dealer relies on wholesale auctions for used vehicles,” Auction Genius president and co-founder Todd Kinzle said. “This highly competitive environment requires dealers to evaluate far more vehicles than they used to, and the time it takes to do the proper research is overwhelming.” Enter Auction Genius. Kinzle says dealers can now analyze as many as 10 times the number of vehicles and zero in on the “right” cars with significantly more speed and efficiency. Typically dealers will use multiple systems and tools to create used vehicle buy lists, match the lists with cars scheduled to be sold at wholesale online auctions and gather condition/market valuation reports to assess individual vehicles for potential purchase. They also access live online auctions through a separate system to buy the cars that fit their purchase parameters. It’s a piecemeal process. Auction Genius also integrates with a growing list of industry partners, including CARFAX, AutoCheck, NADA Guide Book, Black Book, Kelley Blue Book and Galves. Current auction integration includes Manheim Simulcast, OVE.com, Manheim PowerSearch, ADESA LiveBlock and OpenLane.
BY JASON ROBERSON
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