LAS VEGAS -- Remarketers, auto dealers and others had hoped to hear at a remarketing conference this month about when the next stage in online multiplatform auction selling would arrive.
But when Jay Cadigan, who represents Manheim in conversations with other key players hammering out details of the initiative, was asked about its timeline, he demurred.
"I was going to have a turkey dinner last Thanksgiving to celebrate the first sale" from the next phase of multiplatform selling, he said. "It's still in the freezer."
Cadigan, vice president of industry relations at Manheim, gave no indication that he plans to eat that celebratory dinner this Thanksgiving, either.
He and other participants on a panel during a conference held by Auto Remarketing magazine here said many details about the new technology are being hashed out behind the scenes, but added that much work needs to be done to get several systems to work together.
Years ago, a seller had to choose just one online site to sell a vehicle. But listing used vehicles for sale simultaneously on multiple online remarketing platforms has been around for a few years.
A vehicle listed for sale on ADESA.com, operated by ADESA Inc.; OVE.com, operated by Manheim; and SmartAuction, operated by Ally Financial Inc. -- or any two of those three dominant players -- will remain on those platforms until bidding reaches the vehicle's reserve price, the minimum price the seller will accept, on one site. Bidding continues on that site, but the current system removes the vehicle from the other platforms to prevent the vehicle from being sold twice.
The much-anticipated next phase involves both getting competing auction platforms to send vehicles to their rivals' platforms, and allowing buyers to continue bidding against each other across competing platforms even above the reserve price.
Mike Reid, Toyota Financial Services' national remarketing manager, who was not on the panel, said the next phase is worth waiting for, but added, "I hope that next year, we'll be talking about how great it is instead of 'Should we do it?' or 'How should we do it?'"