GMAC SmartAuction Nets Two Million Online Sales
Leading wholesale, used-vehicle auction web site now seeking to diversify
DETROIT, July 18 /PRNewswire/ -- Having recently notched its two millionth online sale, GMAC Financial Services' SmartAuction web site continues to integrate new features and expand dealer and third party access to nearly one million vehicles listed annually as part of GMAC's industry-leading wholesale remarketing program. GMAC developed SmartAuction in mid-2000 as a means of reducing costs and also enhancing dealer services associated with remarketing off-lease vehicles. Having already added daily rental and dealer-owned vehicles to the supply, GMAC is now building upon its industry leading web application to expand services available to the nearly 7,000 General Motors affiliated dealerships to non-GM franchised dealerships, independent dealers and select rental companies across the United States with SmartAuctionOpen. "We've just launched SmartAuctionOpen, which is really our version of an open physical auction providing vehicle access to an even greater number of non-GM and independent dealers," said Barbara Stokel, GMAC executive vice president of North American Operations. "Adding SmartAuctionOpen allows GMAC to further compliment its dealer programs in a way that ultimately improves the bottom line." SmartAuctionOpen is a new remarketing segmentation of vehicles including dealer-owned vehicles from more than 5,400 eligible GM dealers, select GMAC- owned vehicles, and rental vehicles from such companies as Enterprise, Avis, Budget, National and Alamo. "SmartAuction and SmartAuctionOpen are really intended as a complimentary tool to the physical auction process many dealerships depend on for their used vehicle business," said Steve Kapusta, director GMAC Remarketing. "We continue to see about 3,500 GM dealers logging onto SmartAuction on a daily basis. During the course of a year, more than 5,000 dealerships purchase a vehicle which meets their needs." SmartAuction and SmartAuctionOpen have several advantages over traditional wholesale remarketing activities including a significant savings of time and money for those dealership employees who would otherwise have to leave the dealership to attend a physical auction. In addition, an off-lease vehicle can be listed via SmartAuction in two to four days after turn-in, as opposed to taking as long as 45 days to appear at a physical auction. GMAC has also coordinated a third-party vehicle inspection service to standardize vehicle descriptions encouraging dealers to bid with confidence. Vehicles are generally listed on SmartAuction and SmartAuctionOpen for three to five days. Vehicles which are not purchased are then transported to physical auctions around the country. GMAC typically lists 90 percent of its off-lease vehicles via SmartAuction while continuing to support physical auctions with desirable vehicles as well. SmartAuction continues to be exclusive to GM franchised dealers offering them the first opportunity to purchase GM rental repurchase program vehicles, GM company vehicles and GMAC lease returns, similar to the GM Factory Sale at traditional physical auctions. The daily number of vehicles listed on SmartAuction is estimated between 7,000 and 9,000 on any given day. More than half of that number would be available via SmartAuctionOpen to the broader customer base of GM, non-GM franchised dealers and independent dealers. About GMAC Financial Services: GMAC Financial Services is a global, diversified financial services company that operates in approximately 40 countries in automotive finance, real estate finance, insurance and other commercial businesses. GMAC was established in 1919 and currently employs about 31,000 people worldwide. At Dec. 31, 2006, GMAC held more than $287 billion in assets and earned net income for 2006 of $2.1 billion on net revenue of $18.2 billion. In 2000, GMAC SmartAuction enabled dealers to sell more than 34,000 units via the online service. This total grew to 370,000 units in 2006. This annual count reflects a purchase rate of 1,400 units a day on average via GMAC SmartAuction. For more information, go to www.gmacfs.com.
SOURCE GMAC Financial Services
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