Company achieves important growth milestone and announces accelerating traction with dealers.
TORONTO, Aug. 18, 2015 /PRNewswire/ -- TradeRev, a Toronto-based provider of a vehicle appraisal and auctioning system for automotive dealers, announced today the company has posted its 100,000th vehicle to the TradeRev system. TradeRev President and Co-Founder Mark Endras made the announcement.
Founded in Toronto in 2009, TradeRev leverages mobile technology to enable automotive dealers to do real-time auctions on vehicles as part of the vehicle trade-in appraisal process, as well as auction vehicles to other dealers directly from their dealership. The company has grown rapidly in Canada and has been expanding strategically in the United States since ADESA acquired a 50 percent stake of TradeRev in August 2014. ADESA is a business unit of KAR Auction Services (NYSE: KAR). Using TradeRev makes the remarketing process more productive and profitable for dealers, and allows them to close more retail deals, minimize risk during the trade-in process and sell vehicles quickly and at reduced expense.
"Having experience as a car dealer, I saw a need for a mobile application that would revolutionize the vehicle appraisal and auction process in a convenient, user-friendly platform that can be used anytime, anywhere," said Endras. "We created the TradeRev solution with dealers in mind. Our mission is to help dealers increase their profitability by improving their trade-in process, close more retail deals and significantly reduce remarketing costs. We are proud of the success that TradeRev has achieved and are excited to share our innovative technology with our dealer partners across North America as we expand."
"Using the TradeRev appraisal system properly can greatly streamline your trade-in process and assist your dealership in making deals happen," said Todd Fils, pre-owned director at Daytona Kia Mitsubishi. "Since bringing the TradeRev system into our dealership, we have increased wholesale profit, cut transportation cost and reduced conventional auction fees. Customer service and assistance is second to none—this is a must for any dealership and will open your store up to a new audience of buyers."
"This is a great closing tool. It allows us to tell the customer the true value of their vehicle based on bids from hundreds of buyers in the local market, and it ultimately helps us sell more cars," said Dean Howell, general sales manager at Taylor Ford in Waynesville, North Carolina. "It also brings added convenience to the wholesale process—instead of spending time cleaning and transporting cars to auctions, my team can quickly sell inventory and arrange for the details to be taken care of through the TradeRev platform."
TradeRev is expanding its footprint in the dealer-to-dealer market across the United States. Currently doing business with more than 3,000 car dealers throughout North America, TradeRev continues to revolutionize automotive wholesale as it pursues aggressive outreach throughout the United States.
TradeRev is a revolutionary vehicle appraisal and auctioning system that gives dealers and buyers the power to launch live, one-hour, dealer-to-dealer auctions from the palm of their hand, whenever and wherever they are. Available on iOS, Android and desktops, TradeRev brings unmatched convenience, accessibility and advantage to the retail and wholesale remarketing processes, including the ability to sell vehicles on-demand, and generate real-time, real-data pricing information. Through SMS, mobile and email alerts, buyers never miss an auction, and have access to fresh trades before they even reach traditional inventory channels. Backed by ADESA's suite of back office services, as well as an innovative rating system, buyers and sellers alike can participate in real-time auctions with confidence and transparency. ADESA is a business unit of KAR Auction Services (NYSE: KAR). For more information, visit traderev.com.