ATLANTA — Manheim will continue its mission to deliver the industry’s top destination for wholesale vehicle buyers and sellers and will invest over $100 million in its digital marketplace from 2018 through 2019, the company announced. Manheim has been enhancing its digital platforms, from OVE to RMS Automotive and Simulcast, all designed to give dealers a faster, easier and more efficient experience wherever and however they want to do business. The latest enhancements include the launch of the Manheim Express mobile app, and the forthcoming launch of a full-service concierge service, which will offer trained advisors to help dealers maximize vehicle listings and profitability. “With wave after wave of enhancements, we are delivering a future-proof digital marketplace,” said Nick Peluso, president of Manheim Digital Marketplace and RMS Automotive. "We are committed to delivering an omni-channel marketplace that dealers can tap that offers the type of choices they need to compete and thrive in today’s fast-moving used vehicle marketplace.” Dealers are Increasingly embracing online inventory channels, recognizing they can move inventory faster online with 24/7 access to buyers and sellers. In fact, Manheim experienced significant digital acquisition growth with 45% of all vehicles sold to a digital buyer during the first half of 2018, up from 39% in 2017, executives said. On OVE, Manheim’s leading open digital marketplace, Manheim has invested in a complete overhaul of the vehicle search experience, bringing faster performance and greater personalization. The site now learns from each user’s searches and purchases to present the most relevant set of results possible. Sellers will see a significantly improved selling experience in 2019 as well. Enhancements will cascade to other platforms in the Manheim Marketplace, including Manheim.com, and Simulcast in the coming months, all according to the announcement.
The Federal Reserve Bank of New York’s Q1 U.S. household debt report finds auto loan and lease originations declined slightly year-over-year — except for sub-620 customers — while 90-day delinquencies grew by 9.2%.