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