TradeRev continues to add locations, features and clients as it expands in the United States and Canada.
The online wholesale service recently moved into Dallas, Tulsa and Oklahoma City. Keith Crerar, TradeRev’s senior executive vice president, said the company plans on moving into the Houston market soon.
In order to better serve these markets, TradeRev is adding more features. Two of the latest address dealers’ biggest needs – stocking inventory and managing money.
The new Upcoming feature allows dealers to upload inventory 24 hours before it goes on sale.
A dealer group can post a week’s worth of trades to Upcoming on Friday. Potential buyers can review the offerings and place proxy bids.
The auction takes place online the next day.
This allows dealers to acquire inventory in a more efficient manner, Crerar said.
Another feature, MyAccount, offers dealers a complete view of their transaction histories. They can track where their money is at any time, either as a buyer or a seller.
Despite all this automation, the personal experience remains crucial to TradeRev’s success.
“This is a high touch business,” Crerar said.
An example of this is TradeRev’s Title Concierge service. TradeRev tracks the title of all the vehicles bought on its service and a rep personally calls dealers to keep them up to date of each title’s status.
This combination of high tech and high touch features attract more and more clients, both in the United States and Canada. TradeRev just signed six on Canada’s largest auto groups to its service.
The sellers in both countries are enjoying all-time highs for conversion rates, Crerar said.