CarMax Partners with AI Technology Company UVeye on Vehicle Assessment Technology for Wholesale Vehicles
January 24 2023 - 09:00AM
GlobeNewswire Inc.
CarMax, the nation’s largest retailer of used cars and one of the
largest wholesalers of used cars, announces it is partnering with
UVeye on automated vehicle assessment technology through
AI-enhanced condition reports for wholesale buyers of vehicles sold
at auction. UVeye is a computer vision tech company that develops
automated inspection systems for vehicles, powered by artificial
intelligence and proprietary hardware.
Since CarMax strategically invested in UVeye in 2021, both
companies have been working together on innovative inspection
solutions for the auction space. CarMax moved its auction sales
online in 2020, and in a remote first world, capturing quality
imagery is critical to providing buyers with maximum information
regarding each vehicle. CarMax has installed the technology in
several wholesale locations and uses UVeye to scan the body, tires,
and the undercarriage of vehicles to quickly produce an online
user-friendly report with high resolution photos. The system also
has the capability to detect issues such as frame damage, missing
parts, fluid leaks, brake and exhaust-system issues. CarMax
operates the system through a license from UVeye.
“CarMax’s purpose is to drive integrity by being honest and
transparent in every interaction. Our partnership with UVeye allows
us to further this mission by providing dealers with highly
detailed imagery on auction vehicles online,” said Dave Unice, VP
of Merchandising Operations. “We’ve been impressed with UVeye’s
technology, and we believe it will help us maximize efficiencies in
our wholesale auction process. We look forward to further
implementing this best-in-class solution across our network and
exploring new opportunities and potential uses with UVeye,” added
Unice.
UVeye CEO Amir Hever echoed this, saying, “UVeye is on a mission
to standardize automatic inspections in the automotive
industry, and this marks a significant step for us. It is a true
privilege to have CarMax on this journey with us both as an
investor and as a strategic customer. We will continue to work
together on providing the best customer experience possible.”
CarMax intends to continue to roll out the system across its
wholesale business, which sold more than 706,000 vehicles in the
last fiscal year.
CarMax will be appearing alongside UVeye at their exhibition at
this year’s NADA conference to be held January 26-29 in Dallas,
where they will showcase the partnership and how the technology
functions.
About CarMax
CarMax, the nation’s largest retailer of used autos,
revolutionized the automotive retail industry by driving integrity,
honesty and transparency in every interaction. The company offers a
truly personalized experience with the option for customers to do
as much, or as little, online and in-store as they want. CarMax
also provides a variety of vehicle delivery methods, including home
delivery, express pickup and appointments in its stores. During the
fiscal year ended February 28, 2022, CarMax sold approximately
924,000 used vehicles and 706,000 wholesale vehicles at its
auctions. In addition, CarMax Auto Finance originated more than $9
billion in receivables during fiscal 2022, adding to its nearly $16
billion portfolio. CarMax has more than 230 stores, more than
30,000 associates, and is proud to have been recognized for 18
consecutive years as one of the Fortune 100 Best Companies to Work
For®. CarMax is committed to making a positive impact on people,
communities and the environment. Learn more in the
2022 Responsibility Report. For more information,
visit www.carmax.com.
About UVeye
UVeye systems utilize a unique combination of proprietary
algorithms, cloud architecture, artificial intelligence, machine
learning and sensor-fusion technologies. The drive-through systems
can detect within seconds external or mechanical flaw and identify
anomalies, modifications or foreign objects from under and from any
side of a vehicle. UVeye's scanning processes complete within
seconds and can be used throughout a vehicle's lifecycle. Its
technology originally was developed for the security industry to
detect weapons and contraband. It now is used in the auto industry
to detect a wide variety of quality issues, including oil leaks,
paint scratches, tire problems, brake-line damage and
exhaust-system issues. The company's investor group includes
CarMax, Meitav Dash Investments, Menora Mivtachim Holdings,
Y.D. More Investments, General Motors, Toyota Tsusho, Volvo Cars,
W.R. Berkley. FIT Ventures and Hyundai Motors. A DropBox selection
of photos and video is available at https://bit.ly/3Oqffic.
Additional information is available at www.UVeye.com.
Public Relations
CarMax
(855) 887-2915
PR@carmax.com
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