Creates Seamless End-To-End Buying and Selling Experience for Dealers
TORONTO, Ont. – December 6, 2017 – TradeRev, a dealer-to-dealer digital mobile auction application, announced its latest release and the most advanced version of its technology platform. TradeRev 4.0 leverages data science and predictive modeling to deploy new features not available on any other digital vehicle auction platform. TradeRev is a business unit of KAR Auction Services, Inc. (NYSE: KAR), and today’s release also integrates KAR capabilities to help dealers complete auction transactions in a single instance, directly from their mobile devices.
“TradeRev has a simple goal – to make buying and selling cars as fast, fair and easy as possible for dealers,” said Becca Polak, president of TradeRev and chief legal officer for KAR Auction Services, Inc. “TradeRev 4.0 supercharges our app with analytics and machine learning and continues to leverage the power of the KAR platform. We’ve simplified the entire in-app auction experience from scheduling, searching and bidding all the way through post-sale services.”
The new TradeRev 4.0 features are available to dealers today, and include the following enhancements:
- Sellers using the TradeRev Pro subscription service can now Schedule Events for future sales. TradeRev 4.0 then promotes these events on the app’s “Event Calendar” so prospective buyers can preview, research and prepare for upcoming sales.
- TradeRev’s learning software analyzes buying and selling patterns and industry trends to generate personalized dealer Vehicle Recommendations that make browsing for inventory faster and smarter.
- Bid Assist makes digital auctions more efficient by utilizing complex data analytics and machine learning models to detect and eliminate unrealistic bids.
- Through Mobile Checkout, dealers can complete the entire auction transaction on their mobile device, including payment, financing and optional inspection services. This functionality is supplemented with TradeRev’s comprehensive post-sale services, including title management, a fast-tracked arbitration process and live dealer support six days a week.
- Previously available only on the TradeRev desktop edition, the mobile app now also displays real-time AFC Credit Line Availability for dealers financing vehicles through KAR’s AFC floorplan financing unit.
“TradeRev was built by dealers, for dealers – so when dealers talk, we listen,” said James Tani, executive vice president of TradeRev, Canada. “The in-app experience of TradeRev 4.0 directly reflects the feedback and suggestions of our thousands of customers across North America. And the enhancements to our post-sale process and support team take care of every detail, every time for every customer.”
TradeRev is a mobile app and desktop solution that facilitates real-time, live-bidding dealer-to-dealer vehicle auctions. TradeRev’s broad network of participating dealers provides fast, convenient access to high quality trade-in and commercial consignment inventory directly from a smartphone, tablet or desktop. TradeRev has over 250 employees across office locations in Toronto, Chicago and Carmel, Indiana, and field staff located in markets across the U.S. and Canada.
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About KAR Auction Services
KAR Auction Services (NYSE: KAR) provides sellers and buyers across the global wholesale used vehicle industry with innovative, technology-driven remarketing solutions. KAR’s unique end-to-end platform supports whole car, salvage, financing, logistics and other ancillary and related services, including the sale of more than 5 million units valued at over $40 billion through our auctions. Our integrated physical, online and mobile marketplaces reduce risk, improve transparency and streamline transactions for customers in 110 countries. Headquartered in Carmel, Ind., KAR has approximately 17,600 employees across the United States, Canada, Mexico and the United Kingdom. www.karauctionservices.com.