Automobile auctions in physical locations aren't likely to go away, but their potion of the re-sell market is certainly shrinking, according Cox Automotive COO Mark O'Neil. Cox, the parent company of auction company Manheim, has been increasingly focused on digital auctions and seeking new ways to bolster their re-sell market revenues.
Cox Automotive expects transaction volume for all wholesale auctions to flatten in 2018 and to drop in coming years. At the same time, online attendance at auctions is starting to outpace physical attendance, Manheim executives said.
It's unclear when — or even whether — that falloff could lead to the downsizing of physical auctions, O'Neil told journalists last week at a media presentation here. But Cox is developing digital tools to take advantage of the shift. For example, he cited digital listing and selling products such as Manheim Express.
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