Remarketing innovations cut costs and stimulate UK automotive retail sector

28 June 2011 #SMMT News

Delegates at the SMMT International Automotive Summit have discussed the most innovative vehicle remarketing strategies and looked at how technology complements expertise to deliver a much reduced remarketing timescale and create an effective, transparent marketplace.

A panel consisting of Mike Pilkington, Managing Director of Manheim Remarketing, James Lease, Manheim Sales Director and D’Vidis Jacobs, Online Director at BCA, chaired by Auto Trader’s Online Editor, Adrian Higgins, led a debate on how the latest techniques increase the speed and efficiency of the remarketing process.

Representatives of vehicle manufacturers, finance providers and a number of vehicle marketing and logistics operators were given insight into the latest valuation and logistics software, used to speed up the part-exchange valuation process and discussion centred on achieving valuation accuracy, understanding stock information and reducing the overall cost of remarketing.

Pointing to the importance of accurate, accessible data at the retail point, Mike Pilkington explained how Manheim’s latest software supports customers, “Access to real-time data helps retailers make accurate valuations early on in the remarketing chain and steers them toward the right sales channels.  We should be able to help retailers sell more vehicles by bringing innovation at the point of contact with the retail customer and removing inconsistencies.”

Echoing the point that use of technology improves process, D’Vidis Jacobs ran through the myths of online auctions, pointing out that they complement physical auctions and expand the buyer audience, “Online auctions help buyers, simply because the let you buy when, where and how you want. Through adding choice of stock, convenience and confidence, online auctions have made the physical auction a more efficient channel.”

Remarketing was one of a number of subjects discussed at the SMMT International Automotive Summit, analysing the performance of the UK automotive sector. Click through for more information, news and photos from the 2011 International Automotive Summit.

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