Caroffer’s new group business platform helps dealers optimize profitability and automate inventory management across multiple stores
PLANO, Texas, January 7, 2021 / PRNewswire / – CarOffer, the first automated retail vehicle instant wholesale platform, has deployed a new vehicle sourcing and trading solution to meet the inventory needs of dealer groups. Now the group’s dealers can leverage the full power of the CarOffer Matrix platform, but at a multi-store level, allowing them to buy, sell and trade with each other and match inventory needs at specific stores. Centralized control, real-time reviews and a single bill of sale give dealer groups a new edge to increase profitability and efficiency.
Asbury Automotive is among the first to register its stores on CarOffer’s Group Trade platform.
Asbury Automotive Group (NYSE: ABG), one of the largest automotive retail and service companies in the United States with 91 dealers, is among the first to list its stores on CarOffer’s Group Trade platform. Asbury first contacted CarOffer seven months ago with the idea of ââdeveloping this tool and teams from both companies worked together to create this innovative group business platform.
âAt Asbury, we are committed to evolving the automotive retail experience by using the most innovative and best performing solutions available,â said David hult, President and CEO of Asbury Automotive Group. âThe CarOffer Group Trade platform streamlines vehicle sourcing and brings much-needed simplicity and optimization to the inventory process. It allows our dealers to keep inventory flowing without raising a hand to bid on a vehicle or without focusing on serving our customers. “
CarOffer’s group trading platform provides automated offers within the group in real time at the point of evaluation across all group inventory. Offers can be managed and controlled centrally or at the store level, and CarOffer streamlines all logistics and inter-group transfer of sales invoices. The group trading platform can also be tailor-made for unaffiliated stores, creating private trading platforms for entities like 20 groups.
âWe believe our new group commerce platform is a breakthrough for the industry,â says Bruce thompson, CEO and founder of CarOffer. âWe have taken the power of the purchasing matrix and integrated it at the group level so that groups can maximize their purchasing power and optimize demand for vehicles between stores. This creates opportunities for profitability and scalability that have never been seen before, and we are delighted that Asbury is taking advantage of this tool in its stores. “
CarOffer provides its wholesale and sourcing solution to over 2,000 roofs nationwide. The company’s instant liquidity capability is unique to the auto industry as other dealer-to-dealership wholesale platforms require manual launch and review of bidders before an offer can be made.
Last month, global online automotive market leader CarGurus (Nasdaq: CARG) announced plans to acquire a 51% stake in CarOffer at a corporate valuation of $ 275 million, with the option to purchase the remaining stake in the company over the next three years. The deal is expected to be finalized in January 2021 pending the required regulatory approvals and the satisfaction of other closing conditions. [For more information, see the press release issued by CarGurus in connection with the signing of the transaction here.]
Caution regarding forward-looking statements about CarGurus
All statements contained in this press release about CarGurus other than statements of historical fact, including, without limitation, statements regarding the expectations for the closing of the transaction and the acquisition of additional interests, are forward-looking statements. These statements are subject to a number of risks and uncertainties, which could cause them to differ materially from actual results. Information regarding these risks is available in the âRisk Factorsâ section of CarGurus, Inc. Quarterly Report on Form 10-Q, filed on November 5, 2020 with the United States Securities and Exchange Commission. CarGurus assumes no obligation to update forward-looking statements, except as required by law.
CarOffer is the premier automotive retail instant trade platform for modern retail that helps dealers trade more, buy more, and earn more. The CarOffer platform leverages the power of nationwide, data and technology to help dealers acquire and trade used inventory more profitably. The power behind CarOffer is a market with a nationwide stake competing for used vehicle inventory by offering ‘on the money’ deals at appraisal as well as a guaranteed future buyout of $ 45. days. Developed by one of the recognized pioneers of inventory management software, Bruce thompson, the CarOffer platform is a single, transparent solution that can replace many of the service providers commonly used by dealerships, providing significant instant savings and efficiency. www.caroffer.com
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