ATLANTA — A study of Manheim’s 24/7 bid or buy now wholesale vehicle marketplace, called OVE.com, found that vehicles posted to the site retain a higher auction value than those that are re-run through the physical lane.
In an analysis of 15 Manheim national commercial customers that list “no sales” on OVE.com, vehicles sold through the online platform outperformed vehicles run a second time in the physical auction lane in Manheim Market Report (MMR) percent, Manheim’s benchmark auction value. Additionally, commercial customers benefitted from reduced holding costs resulting from lower days to sell as well as greater exposure to previously untapped online-only and remote buyers.
“Dealers using OVE.com add another buying and selling avenue to their business portfolio that clearly helps increase sales and profits,” said Jenifer Eggert, vice president of digital services for Manheim. “As our customers continue to embrace online channels to move inventory, we continually strive to strengthen our core online tools and processes in an effort to perfect customers’ digital experience.”
To that end, Manheim recently introduced several customer-facing enhancements to OVE.com specifically designed with customer success in mind, officials said. Among them, seller ratings now aggregate data from a trio of sources to give buyers the trust and confidence in purchasing from many sellers. New centralized processes allow for a more thorough capture and quicker posting of “no sale” inventory, helping customers sell more cars faster. Also, a new integration with DealShield onto OVE.com gives buyers a quote by vehicle at checkout and helps manage the sale of returned vehicle purchases through the buy-back guarantee program quickly and more efficiently.
To view the full case study, click here.