CARMEL, Ind., May 25, 2021 /PRNewswire/ -- ADESA, a
business unit of global wholesale used vehicle digital marketplace
operator KAR Auction Services, Inc. d/b/a KAR Global (NYSE: KAR),
announces the launch of its proprietary "% to Retail"
functionality. All 24/7 bid/buy vehicle listings on ADESA's digital
marketplace now showcase the current bid of the vehicle compared to
the estimated national used retail market price. "% to Retail" is
powered by autoniq®, a sister company to ADESA and a leading source
for app-based vehicle pricing and evaluation information. The new
feature is aimed at helping dealers quickly analyze vehicle pricing
and make better informed decisions on the best inventory for their
lot.
"Our customers are experiencing unusual market dynamics across
North America, so having instant
access to real-time intelligence on vehicle valuation has never
been more helpful and important," said John
Hammer, chief commercial officer of KAR Global and president
of ADESA. "With the '% to Retail' feature, we're making it easier
and faster for dealers to identify vehicles priced right for their
wholesale-to-retail strategy. Our digital marketplaces are
expanding the pool of fresh inventory accessible to buyers, and '%
to Retail' will help them make better, faster and smarter bidding
and buying decisions."
The "% to Retail" functionality uses KAR's proprietary data
science capabilities to evaluate data from across ADESA and KAR's
other digital marketplaces along with the latest industry, market
and economic data to accurately estimate potential vehicle
profitability. Buyers can filter their searches on ADESA by "% to
Retail" range to focus their bidding and buying on vehicles within
a particular range—and each listing will tell the dealer the
estimated margin between the wholesale price/bid and the estimated
retail sale. Vehicles with a lower percentage to retail present the
greatest opportunity for retail profit while those with higher
percentages are closer to the estimated retail market price.
ADESA's industry-leading search capabilities allow buyers to sort
and/or filter vehicles by additional specifications like proximity,
make and model, and condition to showcase all vehicles that are
available.
"Dealers who piloted the '% to Retail' functionality
consistently found it easy to use and beneficial for finding the
best, most competitively priced vehicles," said Rick Griskie, president of digital marketplaces
at KAR Global. "This new feature allows our dealers to find the
exact inventory that supports their overall retail strategy, and
we've already seen early success with our dealers using the tool
showing a 20% higher success rate in finding vehicles to purchase
compared to those who did not use the tool."
ADESA is a leading provider of digital marketplaces for
wholesale used vehicles supported by more than 70 vehicle logistics
center locations across North
America. ADESA's progressive technology, data-driven tools
and industry leading customer support are helping make wholesale
easy so its OEM, financial institution, rental, fleet, and
franchise and independent dealer customers can be more successful.
Learn more about ADESA here.
KAR
Contacts
|
|
Media
Inquiries:
|
Analyst
Inquiries:
|
Jill
Trudeau
|
Mike
Eliason
|
(317)
796-0945
|
(317)
249-4559
|
jill.trudeau@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 3.1 million units valued at over
$40 billion through our auctions in
2020. Our integrated physical, online and mobile marketplaces
reduce risk, improve transparency and streamline transactions for
customers in about 75 countries. Headquartered in Carmel, Indiana, KAR Global has employees
across the United States,
Canada, Mexico, Uruguay, United
Kingdom. and Europe. For
more information and the latest KAR Global news, go to
www.karglobal.com and follow us on Twitter @KARspeaks.
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SOURCE KAR Global