The SmartAuction Midstream model provides an online remarketing platform for vehicles that are grounded at physical auction locations, allowing units to be sold on a 24/7 basis. Launched in late 2007, the SmartAuction Midstream auction base and related sales have been growing rapidly in the last year as independent auctions look for ways to market their vehicles online to a broad dealer base before or after local auction sale days.
“We have worked with many leading independent auctions for years and we are pleased that SmartAuction Midstream can provide an excellent online complement to these physical locations to meet consignor demands for selling vehicles every day of the week,” said Mark Newman, SmartAuction managing director. “SmartAuction provides a great extension to the independent auction operations with its growing dealer base and reassuring turn-key arbitration and settlement procedures.”
With approximately 175 independent auctions in the United States, SmartAuction expects to see growth in its family of SmartAuction Midstream auctions to more than 100 sites by year end.
“With a simple internet connection, SmartAuction turns my regional business into a national marketplace,” said Jerry Barker, general manager of the Greensboro Auto Auction in Greensboro, N.C. “For my customers, the goal is simply to get the inventory sold and avoid incremental inventory costs. SmartAuction is a second chance, or sometimes a third and fourth chance to get more eyes on their vehicles and maximize their revenue stream.”
SmartAuction technology has been effective in reducing remarketing costs and improving residual values for several captive, fleet, rental and financial institution consignors through its upstream approach. SmartAuction Midstream customers are also achieving improved residual values and better inventory turnover rates by utilizing SmartAuction along with local auction sales activity.
Launched in 2000, more than 3.2 million vehicles have been sold through SmartAuction since its inception. In 2009, approximately 440,000 units were sold on SmartAuction representing 45 different vehicle makes. With more than 8,600 registered SmartAuction users, more than 4,000 franchise and non-franchise dealers log in daily to SmartAuction. For more information about SmartAuction visit www.smartauction.biz.