Tools on the platform enable customers to filter their results based on their needs and set a competitive price based on the data available. Customers are also notified when stock meets their needs is added to the site.
Though Cox Auto and Auto Trader have collaborated for the project, Dealer Auction will be an independent offering. It offers lower buyer fees, matches buyers and sellers transacting online and offer data for customers.
Le Etta Pearce, Dealer Auction Chief Executive said: “This is a truly exciting new platform that’s built to meet the real needs of our customers. While we’re drawing on a bank of expertise and experience from our parent companies, Dealer Auction is its own business with a clear goal of transforming the way vehicles are remarketed. We want to provide our customers with more choice, better insights and greater margin.”
A primary goal of the platform is to connect the right stock with the right buyer with existing customers being consulted before the change in process and throughout.
Martin Forbes, Cox Automotive Chief Executive said: “Dealer Auction will become an increasingly important and influential wholesale channel as we move further towards a digitalised sector. Our view is 80% of core trade vehicles will be transacted online by 2023 so it’s vital we provide our vendor and buyer customers with the products and services they need to achieve their own ambitions.”
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