BHPH dealers auto auction experiences are vastly different from a decade ago. The way in which inventory acquisition is managed has been changing for some time. (See Dale Pollak’s article about rethinking how dealers source vehicles.) Now, a new generation of continually growing auto auction giants have made online wholesale vehicle auctions safe, easy, and efficient for modern BHPH dealers.
Of course, you could simply Google “car auctions near me” and hope for the best, but online auto auctions often offer easier access to a wider selection of vehicles. Along with convenience, online auto auctions also cut out certain expenses, such as rental or overhead for a space, which can often save buyers money in the end. However, there are several different online BHPH dealer’s auto auction options, and it’s vital for dealerships to choose the one that works for their specific needs. Here are some of the best-known options available online today.
Manheim Auto Auctions
Manheim auto auctions provides physical live auctions as well as online auctions with available applications for both desktop and mobile devices. Their main app offers online search and bidding tools, a feature to scan VIN’s while in auto auction lanes, and the ability to check MMR values at any time. Manheim also offers the Second Chance Sales App, which allows another opportunity to buy vehicles that didn’t sell during auto auctions. These follow up auctions begin minutes after the original ends, and last until 6:00 am the next day. Qualifying vehicles sold via the Second Chance Sales App are eligible for both PSI and Deal Shield. PSI (Post-Sale Inspection,) offers dealers a 7 to 14 post inspection return policy. Deal Shield allows vehicles to be returned up to 21 days and 360 post purchase miles after the auction. Both of these are purchased separately, but Deal Shield is available by subscription only.
ACV Auto Auctions
ACV is a fully online auto auction company. Their app is incredibly versatile, offering full comprehensive online condition reports on every vehicle, a search feature that allows dealers to set filters for vehicles, multiple convenient 20-minute auctions, real-time notifications, and efficiently streamlined payment and title processes. ACV can even help you find the best options for transporting purchased vehicles to your dealership. Having all of this available in a convenient app, available for mobile devices and desktop computers, has made ACV a popular choice in the arena of online auto auctions. Although they do not have the same PSI and Deal Shield programs as Manheim listed online, ACV has a reputation for thoroughly inspecting their cars, and making certain every sale is fair and transparent. This is a potential one-stop-shop fit for many BHPH dealers auto auction needs.
TradeRev offers a different solution to fill BHPH dealers auto auction requirements. More specifically, it is a website and online application that allows dealers to function as auto auction companies. Somewhat like eBay for used car dealers, TradeRev allows dealerships the opportunity to auction off recent trades in a one-hour online auction. This enables them to sell trade-ins faster and for more. TradeRev’s app also offers one-click fund transfers, floorplan financing, vehicle transportation quotes, and title management. Along with that, there is a built-in research tool that provides real-time market value data on every vehicle. TradeRev is built around the premise of dealerships having the option of buying new stock from one another rather than visiting auto auction houses, and having a network of other dealers ready to buy trades quickly. This option may fit BHPH dealers looking for a way to dip into wholesale vehicles sales as well as BHPH sales.
All three of these companies offer great and unique services, each different from the others. Because every BHPH dealer is different, dealers auto auction needs are never quite the same. Considering different options like these three companies is important as BHPH dealerships find the online auto auction company that fits them best. That is because only one thing is true for every BHPH dealer: the way that auto auctions and inventory acquisition work is changing. Technology is becoming an increasingly vital part of both.