Carvana, the online used car market that cuts the dealer out of the sales equation, has boomed since the shutdowns in March, but ACV Auctions, which works with dealers to sell used vehicles, also has seen a boom in sales, according to its CEO.
ACV Auctions, which unlike Carvana works with franchise and independent dealers across the U.S. to buy and sell used car inventory online, has 700 inspector teams and 100 regional managers, and the company was forced to grow the inspector network quickly as physical auctions became impossible for dealers during Covid-19 shutdowns.
Dealers have been going to physical auction locations for a long time, and business changed don't take place all at once, Chamoun says, but when dealers suddenly could not go to a physical auction it shifted the behavior of dealers and has made more of the market willing to sell digitally, and bid on and buy vehicles online. "Both supply and demand are seeing an acceleration of dealers moving to digital," Chamoun said.
It built a tool to scan a car title and create electronic recognition of the documents so the title process could occur between buyers and sellers and ACV in a digital environment.
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Source: Reuters - 🏆 2. / 97 Read more »