By connecting the dots between various platforms, Cox Automotive Canada has created an easier and more seamless remarketing process for dealerships.
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Dealerships in Canada are always looking for better ways to efficiently source, fund, and deliver used vehicle inventory. It’s the lifeblood of their used car operations.
With leaner staffing since the pandemic, inventory scarce, and demand for used vehicles high, dealerships need to find vehicles in a convenient and timely manner, according to Maria Soklis, President of Cox Automotive Canada.
“You don’t want to reinvent the wheel every time you need to purchase a used vehicle,” says Soklis. “You want one integrated platform that can quickly and consistently get all those wheels working together and moving in the same direction to save time, energy and money.”
It’s a concept that Cox Automotive Canada has embraced with its Inventory and Financial Solutions offerings that brings an end-to-end solution to market that can do it all — from financing your vehicle inventory, to getting them inspected pre- or -post-sale, sanitized, and delivered to your lot.
“At Cox Automotive Canada, our mission is to provide solutions that create greater efficiencies in the automotive ecosystem,” says Soklis. “We’re proud to offer this unparalleled holistic solution to the automotive industry.”
“At Cox Automotive Canada, our mission is to provide solutions that create greater efficiencies in the automotive ecosystem.”
Maria Soklis, President, Cox Automotive Canada
Four services that fall under the company’s Inventory and Financial Solutions umbrella cater to those needs: Manheim, MUVIT, NextGear Capital and Ready Logistics.
Manheim’s physical auctions are suspended during the pandemic, but the company holds simulcast auctions several times per week from Vancouver, B.C., Edmonton, Alta., Toronto, Ont., Montreal, Que., and Halifax, N.S. with its newly-revamped digital platform.
Manheim also continues to offer dealers its vast range of services such as detailing, light mechanical repairs, and pre- and post-sale inspections. John Sidoti, the company’s National Sales Director, Digital and Remarketing Solutions describes it as a “one-stop shop” for dealers that helps eliminate logistics and scheduling hassles. Manheim also recently introduced a vehicle disinfection service that provides dealerships with greater peace-of-mind when purchasing used vehicles.
In between Manheim’s simulcast auctions, Sidoti says dealers can buy and sell used vehicle inventory at any time via MUVIT, the company’s digital auction platform that’s open 24/7.
The MUVIT platform features an artificial intelligence (AI)-integrated vehicle inspection technology known as PAVE. Within minutes, PAVE automatically captures vehicle information such as dents and scratches, tire tread depth, and all relevant vehicle data via a VIN scan. Dealerships simply use the PAVE app on a mobile phone to capture vehicle photos, and condition information which is then uploaded into the system and attached to the inventory listing on MUVIT.
Dealers also have the option to list vehicles in a 24-hour daily listing sale through Buy Now or Make an Offer bidding styles. Otherwise, there are options for proxy or reserve-style bidding.
When dealers find the inventory they need, they can finance it through NextGear Capital, a floor planning service for independent and franchise dealers.
With NextGear Capital, dealerships throughout Canada have access to flexible lines of credit. In a world where digital is a must-have ingredient of the “new normal,” the company also offers online and mobile account management tools, and dealer performance data to participating dealers.
With financing in place, used car buyers can now shop for used vehicle inventory.
Once the dealership acquires the vehicles they need from the Manheim simulcast auction or through MUVIT, they are only clicks away from arranging transport to their dealerships via Ready Logistics.
This service connects dealers, auctions, commercial fleet and car owners across Canada and the United States so transporting the vehicles is quick and convenient. “Even before COVID-19, a faster, more consistent and efficient process was needed,” says Sidoti. “Now, it’s needed more than ever.”
Sidoti says the combined power of the different offerings simplifies and digitizes the journey for dealerships and customers. Connected solutions, he says, play an important role in creating greater efficiencies in the process — and this is what makes the experience faster, seamless, and overall more convenient for everyone.
