CarMax Inc.’s auction subsidiary grows and evolves as they consider allow dealers who are purchasing cars at auction in person to now buy cars over the internet.
Fred Stark, CarMax assistant vice president of auction services said, “Simulcast is certainly something we’re interested in testing,” he said. “It’s not something we have as a nationwide experience, but it’s something we’re certainly looking into.”
But in the meantime, the nation’s largest retailer of used vehicles opened its 75th auction site in Fremont, California, on Aug. 15. The site also marks CarMax’s second auction in the San Francisco Bay Area, Stark said.
CarMax Auctions sites are located on the properties of its used-car stores.
Unlike traditional wholesale auctions, CarMax owns the vehicles it sells at its auctions, which aided its 95-percent sales rate in its last fiscal year that ended Feb. 28, 2018, Stark said.
Since the company doesn’t have consignors, it puts its focus on the buying experience, which makes CarMax Auctions an attractive place for dealers to source used-vehicle inventory, Stark said.
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