MCLEAN, Va. — The National Automobile Dealers Association and the National Auto Auction Association have agreed to continue their AuctionNet joint venture through 2016.
AuctionNet contains 80 percent of all weekly wholesale auction transactions in the United States, including those conducted at Manheim and ADESA Auctions Inc., the nation's two largest auction companies.
Through AuctionNet, 140,000 to 200,000 raw transactions are collected from more than 150 NAAA member auctions a week. The sales and price data are analyzed and distributed by NADA Used Car Guide electronically to industry professionals who subscribe to AuctionNet. The joint venture started in 1991.
"Nine out of the 10 top lenders in the country, dealers, auto manufacturers and remarketers rely on AuctionNet data to run their businesses more effectively," says Mike Stanton, vice president of the NADA Used Car Guide.
"Industry demand for AuctionNet is still strong with its sales up 55 percent in 2011 compared to the previous year."
NADA Used Car Guide is a unit of NADA Services Corp., a for-profit subsidiary of NADA.