Manheim has released three new enhancements to its digital marketplace, stating that as wholesale remains largely digital, the ability for dealers to buy and sell online with ease has never been more important.
The company says those enhancements include significantly more images on vehicles checked in at a physical location, the opportunity to more easily transact at below-floor prices and an additional sale format.
Manheim has added the enhancements as its audience has grown, with sales attendance surpassing pre-COVID levels nearly 19%.
Manheim Digital vice president Zach Hallowell said that although wholesale remains mostly digital, the Manheim Marketplace is very active.
“As our teams work to instill greater buyer confidence when doing business digitally, these new enhancements are the first of several that we will be rolling out to improve the auction experience,” Hallowell said in a news release.
Vehicles brought to a Manheim location for sale will have a standard set of at least 15 images. That is up from seven images captured previously. Manheim said that will help dealers better understand a vehicle’s condition and allow sellers to better showcase their inventory.
Also, Manheim says the new OVE Review Window benefits both sides of the transaction, enabling sellers to move more inventory and helping buyers acquire vehicles at prices they’re willing to pay.
In addition, with new Flash Sales, buyers and sellers now have a quick bidding environment and special promotions, which Manheim says can bring them additional “excitement, exposure and deals.”
Manheim provided more details on each of the enhancements, and regarding the first one, the company says more images equal more information on vehicle condition. The company is investing in helping dealers make more confident digital purchases. That includes a strong focus on expanding available condition information.
All vehicles checked in at a Manheim location will have at least 15 images, and potentially up to 18, depending on vehicle features. The company said that is more than double the number of images included in the previous standard image package.
In addition, clients who already use Manheim’s imaging or condition report services will get that expanded set at no additional charge. New clients will pay only the previous seven-image price. The expanded package will begin rolling out in September, and all Manheim locations will offer it by the end of the year.
The company says more images can provide a clearer picture of the vehicle’s cosmetic condition. That is a major factor dealers consider when deciding to bid or buy, Manheim said. Following is the list of images dealers will begin seeing on vehicles listed from a Manheim location:
— Interior: trunk, odometer, manufacturer tag, left front interior (driver’s side), right front interior (passenger’s side) center dashboard, engine and driver door panel with controls
— Exterior: front, back, left front corner, right front corner, right back corner and left back corner
— Additional Images (if applicable): backseat, sunroof and third row
This is the first of several imaging enhancements Manheim plans to release. Those include undercarriage imaging, and Manheim is currently piloting that enhancement in Texas.
Regarding the second new enhancement, the new OVE Review Window, Manheim says finding the right inventory at the right price has been challenging for some dealers in today’s high-wholesale-price environment.
However, dealers using Manheim’s OVE platform will now experience the availability of the new OVE Review Window, which will provide additional opportunities to win vehicles at below-floor prices.
If a vehicle has bids below the floor price, a two-hour window will open at the end of the sale. That will allow sellers to review the highest bid and decide whether to close the deal.
Also with the OVE Review Window, sellers can list vehicles on OVE with bids below the floor price. Manheim says that the market is “ever-changing,” and the company said that with the capability, the Review Window helps sellers fully access market values.
That allows sellers to move inventory on their terms, Manheim said.
The third enhancement is a new sale format called Flash Sales, which Manheim said is an additional option for its clients to buy and sell vehicles digitally.
The company said these sales are an alternative to the daily listing schedule and will feature rotating sellers and “appealing promotional offers” for just two hours.
Participating sellers receive services such as featured marketing on OVE and targeted marketing support. Buyers receive rotating promotions. A complimentary DealShield Purchase Protection Guarantee on all purchases, as well as inventory priced under $10,000 are examples of some recent promotions.
These enhancements come after two recent digital integrations between vAuto and Manheim. The first is a new feature in vAuto’s Provision that allows clients to request a Manheim Express Concierge specialist. With that feature, clients can more “quickly and effortlessly” get their inventory listed right from their lots.
With the second integration, vAuto’s Stocking Grade and Strategy Action now appears within the recommended vehicles carousel on Manheim.com.
The company said that with that integration, dealers can quickly see how suggested vehicles fit with their current business plans.