WEST PALM BEACH, Fla. - AutoBuy plans to open four new locations in Florida, having served more than 100,000 private car sellers and appraised over $1 billion in inventory, the company recently announced.
Since last year, AutoBuy said it has increased its available inventory by more than 110 percent and seen its revenue growth reach nearly 70 percent year-over-year, via both its brick and mortar locations and its website wepaythemax.com.
"AutoBuy is the missing link in the pre-owned vehicle equation: dealers know the profitable inventory they need from the data and market research they now have at the tips of their fingers - but, until AutoBuy, this inventory has been difficult to acquire," AutoBuy chief executive officer Mark Maida said in a news release.
A major supplier to Manheim and ADESA, founded in 2010, AutoBuy provides inventory to dealerships across the country via both simulcast and in-lane sales.
"AutoBuy has truly cracked one of the key auto remarketing challenges by developing a model that is completely unique in the industry and that has helped us grow our incremental sales 172 percent year over year," said Manheim Auto Auction of West Palm Beach general manager Robert Zakaib.
"The inventory we receive from AutoBuy is incredibly diverse because they have solved the most complicated part of the vehicle transaction - the trade-in. AutoBuy is able to focus on offering consumers a fair market price which, in turn, means they have a direct funnel of quality vehicles that we can offer to dealers at auction."
AutoBuy said it currently works with the auction in a program where Manheim focuses on reconditioning vehicles AutoBuy acquires from consumers.
"AutoBuy has been a huge part of our success this year. Its vehicles are not only among the highest quality we sell, but they also have a 'time-to-lot' that is half that of any others with drastically reduced reconditioning costs," said Gabriel Peer-Drake Sr. owner of CARite "Plus, because they are freshly purchased from consumers, they lack the drawbacks of other used inventory which often arrives with 'hidden problems' or a history of being unsuccessfully marketed online. AutoBuy vehicles are unique, diverse and unusually low mileage vehicles that I can't buy anywhere else, allowing me to create my own fast-selling vehicle marketplace."
According to AutoBuy, CARite has been purchasing vehicles from AutoBuy since its inception and its vehicles represent about 40 percent of CARite's inventory.
Source - autoremarketing