Automobile dealers will be able to access information on off-lease vehicles and purchase them via the Internet, prior to auction, through a new service being developed by DealerTrack and Manheim (www.manheim.com).
The new service is currently under development and scheduled for launch in the fourth quarter of 2001.
Through this service, participating DealerTrack(SM) lenders will be able to list off-lease vehicles on the DealerTrack site prior to their termination date and up to the point when those vehicles reach auction. Dealers will be able to access these listings and purchase vehicles online. Included in the service offering, Manheim’s Remarketing Solutions will provide inspection reports on each vehicle and Manheim Auctions will facilitate the transactions involved, including title and funds transfer.
“Partnering with industry leader Manheim is a key component of our strategy of expanding DealerTrack to be a full-service provider for automobile dealers, giving them all the critical tools they need to conduct their business in a highly efficient and cost-effective way,” said Mark O’Neil, president and chief executive officer, DealerTrack. “This new relationship also contributes to our goal of helping to strengthen relationships between lenders and dealers.”
Currently, Chase Manhattan Bank, Arcadia Financial, AmeriCredit, Wells Fargo and Subaru Motors Finance participate on the DealerTrack platform.
“Manheim’s primary goal has always been helping dealers succeed and this technology initiative is one more valuable service to our dealer customers,” said Joe Luppino, chief operating officer, Manheim Interactive.
For more information about DealerTrack, auto dealers may contact Rick Pinto, national sales manager, at (631) 486-1655, or e-mail [email protected]. Lenders may contact Rich McLeer, national lender relationship manager, at (631) 486-1649, or e-mail [email protected].
About Manheim Interactive
Manheim Interactive is the interactive department of Manheim Auctions, and as such, develops Manheim’s online products and services for the wholesale b2b used-car industry.
Customers include auto dealers, manufacturers, banks, fleet/lease, finance and car-rental companies. Twenty-five thousand auto dealers currently use Manheim Interactive technology.
About Manheim Auctions
Manheim Auctions, which says it is dedicated to helping dealers succeed, offers services that impact every stage of a used vehicle’s life cycle. These include transaction, reconditioning and certification services, managed remarketing, end-of-lease term management services, vehicle transportation, dealer floor planning, retail inspection and government auction services.
The company also assists auto manufacturers, fleet and lease companies, banks and other financial institutions in selling their used vehicle inventories.
A wholly owned subsidiary of Cox Enterprises, Inc., Manheim Auctions has been involved in the wholesale automobile auction industry for 56 years. With more than 34,000 employees at its 125 auctions and related businesses, Manheim is a global remarketing organization with 85 auctions in North America and additional operations in France, the United Kingdom, Australia and New Zealand.
In the year 2000, the company auctioned more than 7.5 million vehicles at its North American auctions.
DealerTrack (www.dealertrack.com) is an independent Web-based auto finance enabler for automotive dealers.
The company provides an impartial end-to-end loan and lease transaction channel that improves efficiencies and profitability for lender and dealer users by automating credit processes, speeding lending communications and improving transaction efficiency through the use of the Internet.
More than 7,000 dealerships nationwide, both individual stores and large dealer groups, currently use the DealerTrack system. Formed by a lender consortium, DealerTrack is owned by J.P. Morgan Chase & Co., AmeriCredit Corp. and Wells Fargo & Co.