CARMEL, Ind., July 30, 2020 /PRNewswire/ -- Last week, ADESA, a
subsidiary of KAR Auction Services, Inc. d/b/a KAR Global (NYSE:
KAR), hosted a single digital auction event with vehicles in 22
different locations using the company's
Simulcast+SM technology. The sale was hosted on
behalf of The Hertz Corporation and sold vehicles to buyers in 19
states across the country. Simulcast+ is ADESA's new digital
auction platform that simulates the competitive live auction
environment in a fully digitized, highly automated, live streaming
format. The technology allows vehicles to be offered from an
auction, distribution center, dealership or multiple sites and
facilitates fast, competitive bidding for buyers.
"We launched Simulcast+ months ahead of schedule to support our
customers during the COVID-19 lockdowns, and it has grown
exponentially since then," said Jim
Hallett, chairman and CEO of KAR Global. "It's faster than a
physical auction, it's safer than a physical auction, and it allows
sellers and buyers to participate in live auctions anytime,
anywhere. Last week's successful Hertz sale reinforces Simulcast+
as the premier solution to effectively remarket inventory from
multiple locations and reach a broad, highly engaged national buyer
base."
The Simulcast+ technology was first utilized by ADESA in
April 2020, and has since been used
for more than 400 auction events. Over 11,000 buying dealers have
participated in those events, casting over 400,000 bids and
resulting in tens of thousands of digital vehicle sales. Simulcast+
conversion mirrors results from physical auction sales and averages
almost 20% more bids per vehicle than auctions using the regular
Simulcast technology. Several KAR Global commercial OEM and
financial institution customers are now using the technology as
their preferred downstream auction platform, and several large
dealer groups have also used Simulcast+ to facilitate open and
closed sales across their network. Last week's sale was the second
supporting Hertz's remarketing efforts.
"We were pleased with the results of this sale in terms of
dealer attendance, bidding activity, conversion and proceeds," said
Jeffrey Adams, senior vice president
of remarketing at The Hertz Corporation. "The Simulcast+ technology
is easy to use and delivers valuable, real-time and post-sale
analytics beyond what we could capture through a physical lane
sale."
For sellers, the Simulcast+ platform offers full control to set
and adjust floors, pass on bids, post new asking prices and
communicate directly with buyers during the sale. The integrated
seller dashboard also captures comprehensive pricing, bidding and
behavioral data that can be utilized to inform and market future
sales. For buyers, Simulcast+ provides the ease, convenience and
safety of bidding from any location and allows access to sales well
outside their usual geographic auction market. It also delivers a
more transparent bidding experience by clearly displaying every bid
and every bidder on every sale.
"Simulcast+ is all about the user experience—giving sellers
control and flexibility to run their sales their way and engaging
buyers in a high-energy, Vegas-style competitive bidding
environment," said Tom Fisher, chief
digital officer for KAR. "Every detail of this platform—from the
interface and information display to the images, sounds and
functionality—was designed to make Simulcast+ the fastest, most
advanced sequential auction platform on the market."
Active ADESA dealers can learn more about Simulcast+ and view
sales schedules and run lists by visiting ADESA.com. Dealers not
currently registered for KAR's digital platforms, including ADESA
Simulcast®, DealerBlock and TradeRev, can visit
www.adesa.com/godigital.
Media
Inquiries:
|
Analyst
Inquiries:
|
Stephanie
Freeman
|
Mike
Eliason
|
(317)
619-9515
|
(317)
249-4559
|
stephanie.freeman@karglobal.com
|
mike.eliason@karglobal.com
|
About KAR
KAR Auction Services, Inc. d/b/a KAR Global (NYSE: KAR),
provides sellers and buyers across the global wholesale used
vehicle industry with innovative, technology-driven remarketing
solutions. KAR Global's unique end-to-end platform supports whole
car, financing, logistics and other ancillary and related services,
including the sale of nearly 3.8 million units valued at
approximately $40 billion through our
auctions in 2019. Our integrated physical, online and mobile
marketplaces reduce risk, improve transparency and streamline
transactions for customers in more than 80 countries. Headquartered
in Carmel, Indiana, KAR Global has
employees across the United
States, Canada,
Mexico, U.K. and Europe. For more information and the latest
KAR Global news, go to www.karglobal.com and follow us on
Twitter @KARspeaks.
View original content to download
multimedia:http://www.prnewswire.com/news-releases/adesa-hosts-22-site-remote-sale-using-simulcastsm-technology-301103210.html
SOURCE KAR Global