REMARKETING: Out with the old
23 September 2014
Author: Jack Carfrae
Jack Carfrae explores the latest technological developments in the UK remarketing industry
Picture a physical car auction and you don't conjure up an image of a cutting-edge sales process.
Granted, your average auction house will contain more examples of the time-honoured way of selling used vehicles, but behind the traditional halls lies a series of more sophisticated ways of defleeting cars and vans.
As is the case with the wider fleet industry (and anyone present at the BVRLA's technology conference earlier this month will now be well versed in this), big data is now threatening to shake up used vehicle circles and is set to refine the defleeting process.
"Large-scale data collection across multiple touch points will become more commonplace, but it is the way that data is analysed and used that will make the difference," says BCA's operations director, Simon Henstock.
"In simple remarketing terms there are obvious benefits to precisely targeting the right vehicles to the right buyers at the right time and in the right channel. But beyond this, remarketers will be looking at a wider range of data to inform reserve price setting, such as daily, condition-adjusted vehicle valuations, buyer demand data, and consumer data such as retail market pricing and demand information."
He continues: "Take this a step further, and big data could lead to predicting future hotspots of demand or oversupply, which could be fed back up the remarketing chain to assist volume vendors.
"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 who seek to differentiate their vehicles in the market and ensure their vehicles are sold as quickly as possible."
Away from the data scene, it's now accepted that online selling is no longer a new thing, and it's pretty well ingrained within the trade and fleet communities.