OKLAHOMA CITY –
A startup virtual auto auction platform offering 360-degree condition reports said in a news release on Wednesday that its marketplace and auction platforms are open for business.
That platform is called, LaneX.bid, and its founder and chief executive officer says its structure of conducting live events entirely online “provides maximum health and safety protections for customers.”
The company said its business model allows it to offer buy and sell fees of $200 and $100, respectively.
LaneX.bid founder and chief executive officer Ben Schwarz said that during the COVID-19 pandemic, opening a new business has been a “unique challenge.”
“Thankfully, our entire business model is built around a virtual auction platform,” Schwarz said in a news release.
Schwarz said the platform does not host in-person auctions.
“Instead, ours are live events with actual auctioneers, conducted entirely online,” he said, adding that it is more efficient and “allows for a much better experience.”
Schwarz said he developed technology partnerships that help LaneX.bid function well as a virtual auto auction. The online auction platform is patented technology developed and hosted by Auction Streaming.
The 360-degree images and condition reports are powered by Fyusion. To transport purchased vehicles, logistics partner ACERTUS connects LaneX.bid with pre-approved, vetted carriers.
“We architect software systems that are ahead of its time and rely on forward thinking partnerships like LaneX.bid with the same vision to make it materialize into a streamlined profit-making machine,” said Auction Streaming founder and chief executive officer David Vahman.
Joe Kramer, senior vice president of Auction Streaming and Autoxloo, said LaneX.bid has “become the new standard of automotive wholesale remarketing.”
“LaneX.bid changes the paradigm of how vehicles are sold, traded and delivered, bringing instant value to participating dealerships and auctions alike,” Kramer said.
Fyusion chief executive officer and co-founder Radu Rusu said his company is happy to provide LaneX.bid customers with a 360-degree view of vehicles up for auction.
“We are pleased to partner with LaneX.bid to create an innovative solution that will improve the auction experience for many auto dealers,” Rusu said.
Rusu continued, “Like Fyusion, LaneX.bid is looking to the future of automotive wholesaling, and responding to changing customer needs. We look forward to building a great customer experience together.”
ACERTUS co-founder and chief executive officer William Billiter said the timing is right to re-think how cars are bought and sold at the wholesale level.
“It’s always exciting to partner with fellow industry innovators to create powerful technology solutions to streamline automotive logistics,” Billiter said.
Billiter continued, “Amidst these unprecedented times, the auto remarketing industry is ready to embrace a new wave of digital transformation to buy and sell cars. Through this strategic partnership, ACERTUS will serve as a fast, reliable transport solutions provider to help increase speed to market and maximize vehicle value during a time when buyers and sellers need it the most.”
Prospective buyers and sellers can register at https://www.lanex.bid/dealer-registration.