“Basically, a consumer can download the TradeRev app, they can take pictures of the car and load them,” the KAR Chairman and Chief Executive Officer said. “Then algorithms we built will give them an instant cash offer. They can take that instant cash offer to the dealer and either get a check or use it as a trade."
CarMax, known for its success in the used car sales business, has brought its offering called “home delivery” into the Atlanta area, which partially entails a salesperson bringing cars for test drives to customers’ homes or offices with no obligations.
As mobility options such as ride-sharing and car-sharing erode individual vehicle ownership in certain areas, automakers are investing in these services to shore up revenue and keep up with tech-driven transportation trends.
“I think it’s all about leverage and brinkmanship in a trade negotiation, and at the end of the day, it’s mutual destruction to implement tariffs of these levels on autos,” CEO Mike Jackson said. “Let alone the fact that there’s no underlying authority that’s justifiable to do it.
The auto industry has struggled with a lack of transparency together with widespread information inaccuracies, from titling to financing. The not-for-profit Fusion Foundation aims to tackle these issues through its blockchain technology.