PR Newswire: news distribution, targeting and monitoring
2014
See more news releases in Automotive  | Banking & Financial Services

GMAC SmartAuction Nets Two Million Online Sales

Leading wholesale, used-vehicle auction web site now seeking to diversify

users



Share with Twitter Share with LinkedIn
    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

Featured Video

Journalists and Bloggers

Visit PR Newswire for Journalists for releases, photos, ProfNet experts, and customized feeds just for Media.

View and download archived video content distributed by MultiVu on The Digital Center.

Share with Twitter Share with LinkedIn
 

Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

 

 
 

PR Newswire Membership

Fill out a PR Newswire membership form or contact us at (888) 776-0942.

 
 

Learn about PR Newswire services

Request more information about PR Newswire products and services or call us at (888) 776-0942.

 

Online Member Center

Not a Member?
Click Here to Join
Login
Search News Releases
Advanced Search
Search
  1. PR Newswire Services
  2. Knowledge Center
  3. Browse News Releases
  4. Contact PR Newswire
  5. Send a News Release