KAR Auction Services, Inc. announced the launch of a new website for its instaVIN business unit.
The redesigned website delivers near real-time title, salvage and insurance total loss events.
Dealer and commercial customers can now order instaVIN reports in batches up to 100 VINs. There are new filter options to deliver condensed reports, and additional HTML functionality to embed links from web ads, allowing for easier visibility for online shoppers.
InstaVIN car history reports now include an optional original factory window sticker with build data for an additional charge. The window sticker includes VIN-specific standard and factory installed options and packages, original MSRP, EPA mileage and safety ratings, warranties, code guide information, and engine and transmission specifications.
Manheim announced the opening of six new auctions.
The sales are located in Alabama, Georgia, Illinois, North Carolina, West Texas and Utah. The new, smaller Manheim auction sites offer multi-consignor auctions as well as Simulcast, inspection and reconditioning services. Financing options through NextGear Capital and assurance packages through DealShield are also available.
Cox Automotive has launched Nextology, a digital marketing strategy series presented by Autotrader, Kelley Blue Book, and Dealer.com.
Nextology events will combine dynamic working sessions, data-driven keynotes, and strategic consultations, all in a premier setting with overnight accommodations provided.
Attendees will also learn about and demo new and emerging products.
The next event will take place at the Intercontinental Hotel in Boston July 19-20. Additional dates will be announced later this year.
Executives at CarMax Inc. attribute the company’s success to a pretty simple idea: selling what people want.
They said the mix of vehicles positively impacted their earnings in the company’s latest quarter. CarMax reported net earnings growth of 20.7 percent in its latest quarter.
The vehicle mix improved compared to last year’s offerings. Their percentage of sales in large and medium SUV’s and trucks rose to 27 percent, which is about three points higher than the prior quarter.
“So even last year, when we were little bit lower in large SUV’s and trucks, we were still putting what folks wanted to buy and what were also a good deal for them,” said CarMax CEO Bill Nash. “So I think the supply has increased on these vehicles and has driven price down somewhat but again we’re going to buy what the consumers want.”
The company’s new online appraisal initiative helped CarMax stock the right vehicles. The online system allows customers to receive a value for their vehicle before coming into the store.
CarMax executives view buying inventory directly from consumers as a better value proposition.
“It is more profitable than buying it off-site so we’re always trying to drive as much as possible through the line but even given this quarter where we were allowed a little more off-site purchases because the volume, we’re still able to maintain gross profit per unit,” Nash said.
Even though CarMax is stocking more SUV’s and minivans, the average selling price remains down a bit. Nash said that this could be attributed to the acquisition prices.
“I think this speaks to the execution that the stores are doing and the great things that are buyers do, making sure that they’re getting the best price and really at the end of the day that’s really where it starts,” Nash said. “You have got to buy the vehicles at the right price so lower acquisition prices more than offsetting the increase that you would normally see from the mix shift.”
Cars.com Inc. has received a patent from the U.S. Patent and Trademark Office for its Lot Insights technology.
First introduced in 2015, Lot Insights technology identifies mobile consumers on or near dealership lots to provide valuable insights for automotive advertisers. The patented technology allows for more precise, accurate, location-based consumer data for Cars.com dealer partners.
Using Lot Insights technology, Cars.com created the new On-the-Lot Trends Report by analyzing mobile consumer shopping behavior to identify the top viewed makes and models by style.
Takata Corp. and Key Safety Systems have reached an agreement in principle to sponsor a restructuring plan for the sale of substantially all of Takata’s global assets and operations to KSS for an aggregate purchase price of approximately $1.588 billion, subject to certain adjustments at closing.
Under the agreement, KSS will acquire all of Takata’s assets, except for certain assets and operations that relate to the company’s manufacturing and sale of airbag inflators. Takata expects to continue to meet demand for airbag inflator replacements without interruption.
The Federal Trade Commission has announced the final agenda for its June 28 workshop to examine the consumer privacy and security issues posed by automated and connected cars.
FTC Acting Chairman Maureen K. Ohlhausen will deliver opening remarks at the daylong workshop. The event will bring together a variety of stakeholders, including industry representatives, consumer advocates, academics, and government officials, to discuss privacy and security issues related to connected and automated vehicles.
The workshop will feature panel discussions on the types of data connected cars will generate, collect and share; cybersecurity challenges; the privacy implications of connected cars; and potential role of government agencies.
The workshop, which is free and open to the public, will be held at the Constitution Center, 400 7th St., SW, Washington, DC 20024. The conference will be webcast live.
PassTime's new override app allows consumers to request an override command directly from their smartphone.
From the app, consumers enter or scan their serial numbers or VINs.
PassTime's system processes the request and sends an override command to the device (if available).
Once the device accepts the override command, the vehicle starts as usual.
TradeRev announced the elimination of monthly subscription fees for U.S. car dealers. TradeRev users can now launch and participate in unlimited one-hour online vehicle auctions with live, competitive bidding and only pay fees for completed transactions.
TradeRev also introduced new personalized “Title Concierge” and “My Account” features and enhanced post-sale services.
TradeRev’s new “Title Concierge” service will open a direct line of communication with both parties, contacting sellers immediately after a vehicle is sold and following up until the title is in the buyer’s hands. It will also keep buyers regularly updated on title status to help them better plan and manage their inventory.
TradeRev is also adding a “My Account” feature. Using “My Account,” customers can view a summary of their entire TradeRev accounting history on a single, easy-to-read page. The “My Account” tool will track all money movement between sellers and buyers, automatically posting each transaction in real time.
TradeRev is also making transporting vehicles between dealers easier and more convenient. Through TradeRev’s mobile app, sellers can now submit Vehicle Release Forms (VRFs) from their phones or tablet devices with the touch of a thumbprint.
In the past, sellers were required to download a VRF, then scan and email or fax the form to the transporter. TradeRev has digitized and accelerated this process, allowing submission and review through the TradeRev mobile app.
Manheim has nearly tripled the availability of Enhanced Vehicle Imaging (EVI), expanding from 25 to 74 auction locations throughout North America.
EVI provides a consistent set of quality high-resolution images that showcase vehicles in an optimal way.
Using programmable cameras and software, certified photography staff shoots the images after vehicles have been reconditioned. They display one car at a time and include a consistent set of views.