G3 Offsite Auctions Grow in Appeal
G3 Remarketing has reported increased demand for their offsite online offering over the last 12-months as vendors embrace the benefit of remote selling.
“Volumes have doubled in 2012 and we now have the ability to relocate our bespoke inspection software within 24-hours’ notice” explained Matt Dale, Director.
Having developed a specific application for processing offsite stock to ensure it is appraised, imaged and presented for sale quickly, G3 have been able to attract further clients.
“Commercially it works for all three parties involved. The vendor doesn’t have the expense or delay of moving an asset from their dedicated refurbishment centre to another geographical location and as they retain the asset, there is zero risk. From G3’s perspective, moving an asset to our remarketing centre incurs costs that can be eliminated therefore we can offer competitive commercial terms and finally, due to the quality of the appraisals and audio descriptions, purchasers can bid risk free and get the vehicle delivered with 72 hours”
The speed to market is also a great benefit as outlined by Matt Dale “We receive stock notifications on day one, by day two we have deployed our offsite inspection team to appraise the stock and by day three the vehicles are entered into an online auction. Payment is processed within 3-5 days from sale so in real-time, less than a week from a vehicle coming off contract, the vendor has cleared funds in their account”
Dale continues “Our platform allows all images to be pushed to our website immediately and as these are high-definition shots, it permits users to zoom in on specific areas to clearly view damage. Due to this quality, the sale activity has increased substantially since we launched the service in 2011”
G3 Remarketing has recently developed a range of tools that use ANPR technology (automatic number plate recognition) to speed-up the entire process. This is used for both the offsite and onsite inspection process and removes human inputting errors commonly associated to large volume data crunching.
“There are a number of companies in the market that are offering software solutions for imaging vehicles however these can be costly to operate and charge on a per-car basis. Having invested heavily in our own IT we feel that our solution offers a greater degree of flexibility”
G3 Remarketing do sound a work of caution however “The offsite offering works exceptionally well for certain vendors and their stock portfolio however, if clients don’t have the facilities to pool stock in de-fleet centres then utilising G3 to uplift individual vehicles from end-users and bring them back to our central remarketing hubs is another alternative. There is very rarely a ‘one size fits all’ process” Dale concluded.