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AutoBuy doubles pipeline of fresh diverse inventory for auto dealers; appraised inventory grows to over $1.5 Billion
WEST PALM BEACH, Fla., March 20, 2018 -- AutoBuy the disruptive car-buying company focused on delivering fresh, high-quality used vehicle inventory to dealers, is seeing its unique auto remarketing model continue to gain traction. The company, which appraised over half a billion dollars in inventory in 2017, increased its available inventory to dealers by 100% and the number of consumers served by over 35%. All of this contributed to revenue growth of over 70% year over year and an over 50% increase in buy/sell capacity in the company’s eight bricks and mortar locations.
AutoBuy, which provides consumers with a hassle-free and value-driven way to sell their vehicles, helps dealers close the gap when it comes to acquiring pre-owned inventory, including the hard-to-find 2009-2012 model years. The company is a major supplier to two of the nation's largest auction houses, Manheim and Adesa, and its uniquely high-quality inventory is available to dealerships across the country via simulcast and in-lane sales.
“This past year saw our most dramatic growth ever, underscoring that we are providing a service that our industry is hungry for: easy and targeted vehicle acquisition for dealers that makes sense by region, and a positive selling experience for consumers,” said AutoBuy CEO Mark Maida. “As we broaden our business into more locations and states in the year to come, we will hold firm to the unique balance that our model offers the auto remarketing space.”
According to Maida, AutoBuy’s business model dovetails with key trends in auto remarketing: for example, because AutoBuy experts are dealer-centric and knowledgeable about the current market, they buy cars that fit customer preferences – this helps dealers stock fresh, off-lease SUVs that are optioned the way customers want – a critical advantage with around 3.9 million off-lease vehicles expected this year. Additionally, because AutoBuy has access to older vehicles with higher miles, the company offers dealers a prime source of in-demand cars for a customer base that is increasingly looking for quality affordable vehicles with higher mileage, vehicles that move quickly off dealership lots as reported in Edmunds Used Car Market Report: “Higher-mileage vehicles with reduced residuals sell more quickly than their low-mileage counterparts across all model years(1).”
On average, AutoBuy offers consumers pricing that is an estimated $1,000 higher than its largest bricks and mortar competitor. This is a win-win: consumers get a better deal while dealers across the US have easy access to customer-relevant, high-quality inventory that hasn’t been endlessly picked over online. The quality of AutoBuy’s inventory is demonstrable with a closing rate at auction that is over 2,000% higher than the average sellers.
“We are a dealer-centric company because we are, at our core, car guys and we exist to help dealers source hard-to-find, fresh inventory; but the secret sauce of our model is our focus on offering consumers a very friendly and high value selling experience – simply put: our customers love us,” continued Maida, offering some consumer feedback:
“Autobuy provided a great experience when I sold my Lexus. They were friendly and professional. They also made me a better offer than CarMax,” said Katherine Elias Delucca.
“Got an appraisal for $1,000 more than CarMax, from start to finish the entire process took under an hour and we walked out with no stress. I still can't believe how easy and fast it was,” said Lindsey Bembli
The only company in the auto remarketing industry to have achieved a near-perfect Google review score(2), AutoBuy streamlines the often onerous and stressful car-selling experience for private owners with a quick, easy ‘come-to-you’ mobile appraisal service (at home or office); and, because its pricing is not restricted to local market values, AutoBuy offers consumers a better price for their vehicles, versus other models like CarMax. All of which translates into a frontline-ready pipeline of pre-owned cars for dealers and auction houses.
Founded in 2010, and based in West Palm Beach, Florida, AutoBuy is a bricks and clicks automotive company that is upending traditional automotive remarketing with a completely unique model that offers auto retailers and auction houses a marketplace of fresh, high-quality used vehicles, without the hassle of reconditioning. With eight bricks and mortar locations across Florida and its WEPAYTHEMAX.com website, the company offers consumers a speedy, convenient, safe, and hassle-free way to sell their vehicles for the maximum market price. The company, which has over 100 years of auto remarketing expertise on its team, has appraised over $1.5 billion of used vehicle inventory and has served over 135,000 private car sellers, and is the only remarketing company to achieve a near perfect Google review score2 with consumers.
(1) Edmunds Used Car Market Report Q3 2017
(2) Based on over 1,000 reviews across AutoBuy locations