With the first quarter of 2021 in the books, Manheim data is showing that the hybrid digital and physical wholesale experience is paying off for clients, according to a May 5 press release.
While most clients are still choosing to do business digitally — with 80% of Manheim’s sales in 2021 going to digital buyers — some are enjoying the opportunities to bid and buy in-lane. In fact, the Manheim Marketplace is more active and vibrant than ever, proving that Manheim’s drive toward a connected experience across physical and digital channels is what clients want — and need — in wholesale at this time.
“We’re seeing significant growth across all measures in our marketplace, showing that our current strategy of providing clients with both digital and physical options is working well for them,” said Zach Hallowell, senior vice president, Manheim Digital. “This hybrid approach gives buyers the options they need to make confident purchases while delivering strong results for our sellers.”
Highlights of these positive trends include:
- Sales of vehicles located offsite from a Manheim location grew 152% from Q1 2020 to Q1 2021, with Manheim Express being the biggest contributor to that growth.
- Manheim has sold over one million vehicles to digital buyers so far in 2021, hitting the milestone nearly two months earlier than in 2020.
- Dealer bids per vehicle are at an all-time high. Physical bids are at a 12-month high, and Simulcast bids remain strong.
- Average Simulcast attendees per lane hit close to 600 during the last week in March, significantly higher than the previous record in June 2020.
- Total unique weekly attendance hit an all-time high at over 107,000 attendees.
- Manheim’s mobile sales ended the first quarter with the highest conversion rate on record — over 80% of offered vehicles sold in the last week of March. Mobile sales are hosted offsite via dedicated units outfitted to conduct sales in-person and via Simulcast.
“Delivering a trusted wholesale vehicle marketplace that works for everyone remains Manheim’s top priority,” added Hallowell. “We will continue to listen to — and work closely with — our clients to give them everything they need to buy and sell used vehicles in a way that works best for them.”
As the year progresses, Manheim will continue to roll out more enhancements to the ways clients buy and sell wholesale vehicles, working toward a more seamless Connected Client Experience across platforms. Clients can expect to see advancements in imaging and condition information, smoother processes for pre- and post-sale activities and more.
Originally posted on Vehicle Remarketing