Pub. 62 2021-2022 Issue 1
19 FALL 2021 Member benefits can facilitate a great give-and-take relationship, and my role in developing relationships creates benefits for our partnership affiliations and their members. We sponsor many events, help associations with non dues revenue, and have foundational relationships with most dealership associations across the country. I still talk to a lot of my dealer friends when there is a problem or a need. ACV is a partner, not the traditional vendor calling on dealers. ACV’s success is measured by each dealer partner’s success using ACV products. I built the first relationships in Cleveland with the Cleveland Auto Dealers Association, and now ACV has 60 association relationships across the U.S. What would you say to a dealer who is thinking about using ACV? What are the benefits and disadvantages they should consider? We help dealers retail vehicles and source inventories, and we should be part of any dealer’s strategy to maximize their wholesale and retail opportunities. Our products will make dealers added gross profit more efficiently, in many different ways. If you are not looking at ACV as part of your strategy, you are not maximizing your efficiencies or profit opportunities. Pricing and best-in-class inspections done by a highly trained ACV inspector are the two main benefits of working with ACV. Dealers often price inventory according to what they need to get, not what the car is worth. But there won’t be a lot of bidding if inventory is not effectively priced to market. We can give you an accuracy check and tell you what a car is truly worth in a large live auction market. Our auctions are 20 minutes and run seven days a week, which improves cash flow for dealers. One of ACV’s new offerings is True360. This inspection helps dealers retail used vehicles that have an accident reported in either Carfax or Auto Check. The accuracy of accident reports has always been an industry problem. Accident reports usually contain information from untrained people outside the auto industry, like police officers who don’t have the time or expertise to make this kind of evaluation. True360 has a nationwide group of trained inspectors who use world- class technology to do a True360 inspection of vehicles that have been in accidents. Our inspection process is unlike anything else in the market. The inspectors take about 30 minutes to look at the structural and cosmetic condition of the vehicle and use the results to populate a report and score the car. The inspector uploads the report to Auto Check or Carfax. True360 also provides a web link for a dealer’s website so consumers browsing online can view the true condition of a vehicle, including a history of repairs. The process is completely transparent. About 70% of the time, the vehicles in accidents have very minor damage that doesn’t affect performance or reliability. True360 inspections help your customers understand when damage is insignificant. True360 allows dealers to confidently source inventory with accidents in their vehicle history. ACV can inspect them, and if the vehicle does not meet their standards, ACV can wholesale It on our live auction platform. The inspector uploads the report to Auto Check or Carfax. ACV also provides a web link for dealer’s websites so consumers browsing a dealer’s website read about the damage. The process is completely transparent. Customers value transparency. They spend four minutes on average reading the VDP page with True360 reports. This keeps consumers from jumping off a dealer’s website. Some dealers get reports for their entire inventory, even ones without accidents. How has ACV done so far during the pandemic? The pandemic has actually accelerated business faster because it made people more aware of us and the benefits of digital wholesale and retail. Marketplace year-over-year revenue between 2020 and 2021 was up 98%. The second quarter revenue on the platform was $97 million. We sold over 153,000 vehicles in the second quarter of 2021. Most of the physical auctions closed during the first part of the pandemic, but ACV continued to run our virtual auctions live seven days a week. Each auction is 20 minutes long. We manage the protocols in all operating states to ensure our inspectors followed the safety protocols, such as masking, STU ZALUD — CONTINUED ON PAGE 20 Our inspection process is unlike anything else in themarket. The inspectors takeabout 30minutes to lookat the structural and cosmetic condition of the vehicle and use the results to populate a report and score the car. The inspector uploads the report to Auto Check or Carfax. True 360 also provides a web link for a dealer’swebsite so consumers browsing online can view the true condition of a vehicle, including a history of repairs. The process is completely transparent.
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