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The start point for the best source of fleet information |
Auction houses have been labelled the dinosaurs of the used car industry in the past, being grouped together in perception terms with clichéd second-hand dealers and the image of old-school sheepskin coats.
But you don't have to look far to realise that that isn't the case.
The amount of technology underpinning the process of shifting vehicles - within auction companies and elsewhere - has come on an awfully long way, driven the industry forward and created new market niches - all of which is much to the benefit of the fleet operator.
BCA's operations director, Simon Henstock, believes that some of the biggest technological advances in the auction and remarketing fields surround business data and marketing analytics: "The use of business intelligence data and analytics is becoming more widespread and demand for this data will inevitably grow.
"This includes looking at a wider range of data to inform reserve price setting, such as daily, condition-adjusted vehicle valuations (rather than the traditional monthly data), vehicle demand data (which channel the vehicle might best sell in, which sales to enter it in) and utilising consumer data such as retail market pricing and demand information.
"There is also data around the benefits of vehicle preparation, mechanical checks, vehicle movements and other activities in the remarketing process. These factors are all gaining importance with vendors."
Sign of the times
Jon Mitchell, sales director of online remarketing firm Autorola, says mobile apps and tablets are now playing a bigger role with both buyers and fleet sellers: "More and more buyers are using mobile applications to source information when buying vehicles, while our sellers are using them to log online to see how their vehicles are doing when they are on the move.
"[Businesses] renewing their websites over the coming months should be set up so they can be automatically accessed with an iPad, iPhone or tablet."
From the leasing companies' perspectives, the online side has had the biggest impact in recent years. Hitachi Capital's strategic remarketing and supply manager Scott Holland explains: "The biggest technology development in remarketing is the rise of online-based systems to help sell vehicle stock.
"Having a picture of the whole market allows online traders to accurately assess the current market and what sort of premium they could make on a sale. There was a time when traders saw online remarketing as a risky option, but now with experience, improved images and availability of vehicle data, there is confidence and trust in buying a vehicle you haven't seen in person."
Holland doesn't agree that handheld devices will necessarily revolutionise the industry, though. He believes they do have a benefit, but they won't change the stock you've got to sell.
"Any additional way to acquire stock is welcome, but ultimately vendors only have the stock they have to sell - having different ways to purchase won't change what is available to buy," he says. "Apps will allow new and perhaps less-experienced individuals to enter the market, though, and more buyers in any market will likely lift prices."
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Business Car Magazine © 2020 | Business Car is part of NS Media Group.
