Using OnlineKars has been a huge improvement for Rallye BMW. We have experienced the benefits of real-time bidding, an organized dashboard, and increased dealer profit firsthand. The platform has revolutionized the way we run our dealer auction, making it an indispensable tool for our business. We highly recommend OnlineKars to any dealership looking to streamline their auction processes, boost profitability, and stay ahead in the competitive automotive market.
I would like to respond from both perspectives, one as CFO and the other as GM.
As the CFO and in charge of the auction, this platform is a seamless process from the accounting side. Too often management overlooks expense savings for time management. Our prior auction process was extremely laborious and the platform was antiquated. With OnlineKars we are actually able to repurpose an entire accounting department clerk’s time to another function.
That said an additional function of Online Kars is the transparency and integrity that was missing with the prior platform.
Now, as the GM of both Acura and Lexus, OnlineKars has improved the Gross Profits for wholesale. So much so that it now becomes a tricky decision on whether or not to retail our own brands. This is definitely due to the features that this program has designed, such as the anti-sniping algorithm and ease of bidding process.
Rallye Motor Company
Rallye Motor Company, which has had its own weekly private auction for its wholesale vehicles for decades, elected to participate as a pilot for an online dealer-only auction platform that began in March of 2022.
It did not take but a couple of auctions to realize how outstanding a tool the OnlineKars online auction platform is.
First and foremost, the platform is extremely user-friendly for both our preowned managers and our extensive network of dealer participants. Our accounting department also has found the software to be a great asset, as it has reduced the time dedicated to the auction because the OnlineKars platform does it all; from uploading the vehicles from our inventory to the auction site, which is done seamlessly and without human involvement, by the OnlineKars’
computers that pull the data directly from our DMS and vAuto, to streamline the billing and accounting processes.
What impressed me most at the beginning and continues to this day, was the efficiency and transparency of the bidding process. Bids cannot be manipulated, as the bidder’s identity is not known to anyone until the auction ends, and the platform notifies the winning bidders.
Managers are able to monitor the progress of the auction and the number of bids received on each vehicle in real-time.
A great feature of the software is the “Anti-Sniping” algorithm built into it, which automatically extends the auction time on a vehicle when a bidder attempts to enter a bid at the very last moment (“Sniping”). When Sniping occurs, a 5-minute bidding-time extension for that particular vehicle is triggered. The process repeats itself until Sniping ends. This process drives bids much higher. We have seen bidding on some vehicles go more than 3 hours beyond the official auction ending time.
I could enumerate many more features unique to the OnlineKars auction platform, including great management tools that feature auction performance summaries for each auction and for auctions that have occurred in the past, including charts and graphs.
Initially, I was skeptical about whether the platform would work, but it turned out that it is working far beyond our expectations. Furthermore, OnlineKars continues to innovate and introduce new features designed to make the process more and more efficient and drive up the gross profit of each vehicle well above anything we ever expected.
If a dealer or group of dealerships is interested in digitizing their existing auction process or wants to create a new state-of-the-art online auction process for their wholesale pre-owned vehicles, OnlineKars is the answer, and we endorse them wholeheartedly.
Rallye Motor Company