Fleet News

Marketwatch: More buyers sign up to Simulcast service

THE internet is becoming an increasingly important channel for remarketing, with online auction sales doubling in the last year, Manheim Auctions claims.

Since the launch of its Simulcast service in January, Manheim has seen internet sales leap from 3% to 6% of its total number. Nearly 500 buyers have registered for the service, the majority of whom hadn’t bought cars from Manheim before.

Around 30% of those new buyers purchased vehicles online worth more than £3.5 million, with some vendors seeing prices increasing by up to 2% as online buyers bid against those on the auction floor, the firm reckons.

David Mercer, Manheim’s director of Automotive Services said: ‘Attracting up to 30 new online buyers to a typical physical auction has certainly helped increase conversion rates and prices, which is good news for our vendors.

‘While the focus on Simulcast is now providing buyers with the latest technology to buy cars from the comfort of their office, the general principle of physical auctions still count.

‘The cars that have been valeted, reconditioned and are offered for sale with a full service history still make the best money.’ The increase in business over the web has meant Manheim has fast-tracked the expansion of the Simulcast network. Originally installed in only the Leeds branch, it has now been set up in seven sites with two more – Washington and Manchester – going online in the next few weeks.

Simulcast allows buyers to watch live images of the auction hall, with a full commentary from the auctioneer, with online bids displayed on screens in the hall.

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