AutoBuy's innovative remarketing model and efficient, virtual appraisal process for consumers results in steady stream of fresh inventory for auto dealers, driving record growth: 180% sales growth, $2 billion in inventory appraised to date, and expansion into four more states.
WEST PALM BEACH, Fla., Nov. 1, 2021 /PRNewswire/ -- AutoBuy is delivering fresh, high-quality used vehicle inventory to dealers at a record pace, resulting in triple digit sales growth year-over-year, a nearly 500% increase in EBITDA, over 300K customers served and $2 billion in inventory appraised to date. The company's virtual buying and appraisal process is driving much of this growth, including recent expansion into four more states: Georgia, Tennessee, South Carolina and North Carolina.
"Our virtual appraisal process was already in progress when the pandemic hit and has only accelerated our vehicle sourcing opportunities, putting us in the sweet spot of current market need and further driving our rapid sales growth and business expansion," said Mark Maida, AutoBuy Co-founder and CEO. "AutoBuy has always been a disrupter in the industry because we have perfected an efficient and value-focused car selling model for consumers, with the end goal of providing auto dealerships with used vehicle inventory that has not been seen in the market yet."
AutoBuy, which purchases vehicles directly from car owners, expanded on its already successful business with a virtual process in 2020. This means that the company, during the pandemic and beyond, can offer consumers a contactless selling and appraisal experience that is easy and safe. This, in turn, enables AutoBuy to rapidly and efficiently source fresh vehicle inventory for auto dealers across the US, a capability that is unique in the auto industry, and one that is increasingly important in a market plagued by inventory shortages resulting from supply chain issues.
Says Chris Vendola, Sr Buyer for the Jim Hudson Group of South Carolina, which has been sourcing inventory from AutoBuy since 2020: "The steady stream of vehicles that we are able to source from AutoBuy is, quite literally, a miracle in this current environment. AutoBuy gives us a sharp competitive edge, helping us increase profits, while also enabling us to offer our customers vehicles that are fresh on the market. The other miracle is AutoBuy's best-in-class customer service and backend processes."
According to Cox Automotive, used-vehicle supply at the end of August 2021 was 17% below 20191, and shows no sign of rising: J.D. Power forecasts that used-vehicle supply will continue to go down in 2022 and in 2023.2 Meanwhile supply chain issues are forecast to cause automakers to build 7.7 million fewer vehicles globally than they would have if they could get all the parts and raw materials they need.3 All these elements underscore the significance of AutoBuy's model, which YTD has seen a 58% increase in leads, 80% increase in purchases from consumers, and a 478% increase in EBITDA.
"AutoBuy offers the best inventory sourcing solution for auto dealers precisely because we offer consumers a safe and transparent way to sell their vehicles at the highest possible price," continued Maida. "At a time when used vehicle supply is at historic lows and demand remains high, we are proud to offer an essential service to our industry by providing dealers with inventory that has never been re-marketed. This is crucial as dealers are often competing over vehicles that have been dumped at auction after being listed for months."
Maida notes that the company has 12 bricks and mortar locations and has expanded to 18 virtual cities, across five states, while its digital marketplace for dealer vehicle sourcing is available nationwide. Current dealership customers operate in 35+ states and Canada representing over $50 billion in used auto transaction values.
AutoBuy's virtual appraisal offers consumers a completely contactless process including video appraisal, same-day vehicle pickup and e-check funded within an hour of purchase completion. Consumers also have the option to complete all steps in person. Because of AutoBuy's 270 thousand strong customer databases that provide enterprise analytics and deep real-time insights into national vehicle pricing, it is able to precisely appraise value based on matching vehicle models to markets with high demand in a way that no one else in the market can. This is why the company can offer consumers among the highest prices for their used vehicles.
Founded in 2010, and based in West Palm Beach, Florida, AutoBuy upends traditional automotive remarketing with a unique model that offers auto retailers and auction houses a marketplace of fresh, high-quality used vehicles, without the hassle of reconditioning. It accomplishes this by providing consumers the option of a completely virtual speedy, convenient, safe, and hassle-free way to sell their vehicles for the maximum market price through its WEPAYTHEMAX.com website. Instead of competing with dealerships, AutoBuy serves as a facilitator to both customers looking for the most competitive price for their used vehicle, and to dealers seeking in-demand inventory. The company, which has over 125 years of auto remarketing expertise on its team, has appraised over $2 billion of used vehicle inventory and has served over 300,000 private car sellers, and is the only remarketing company to achieve a near perfect (4.9) Google review score with consumers.
Melanie Webber, mWEBB Communications, firstname.lastname@example.org or 949-307-1723
Angela Jacobson, mWEBB Communications, email@example.com or 714-454-8776
3 AlixPartners https://www.cnn.com/2021/09/28/business/auto-industry-supply-chain-problems/index.html
Source - PRNEWSWIRE