Lots of time-honored traditions are changing in the mobility space. I sat down with Mark Endras, co-founder and CTO of TradeRev, and Becca Polak, who is both president of TradeRev and chief legal officer and secretary at KAR Auction Services.
Endras, a Canadian auto dealer, developed technology that greatly simplifies the trade-in process—and increases the badly frayed trust between dealers and their public. When a customer brings in his car, TradeRev conducts an online auction right then and there. Buyers from all over the country, TradeRev veterans bid on the car. The dealer can show the offers to the customer, so there’s no doubt about what the car’s worth—and what the dealer will pay for it. It makes total sense.
Of course, the cars will have to be delivered around the country, but that’s where the synergy with KAR Auction Services comes in—it has experience moving auction cars around the country. The company operates both in the U.S. and Canada, but the cars stay in their country of origin.
In Miami, white Mustang convertibles that can’t be sold in New York might be in demand, Endras explained, and it makes sense for a dealer to buy one on offer for the inventory. If used cars in Dallas are getting a premium, a dealer will want to buy them somewhere else—if it still makes sense after the transportation is figured in.
Traditionally, cars are auctioned at huge events for dealers.
* This is TradeRev’s excerpt from a larger article
Jim Motavalli
Car Talk
Published May 24, 2019
Full Article Available at: https://www.cartalk.com/blogs/jim-motavalli/terrific-transport-tech-10-ways-your-life-will-be-better