December 07, 2017 12:00 AM

KAR's TradeRev adds features

KAR Auction Services Inc. has launched a new version of its TradeRev mobile app for digital used-vehicle purchasing that adds new support features such as scheduling individual dealer auctions and paying on mobile devices, the company said Thursday.

The new version incorporates a series of KAR services into the dealer-to-dealer app that lets those dealers buy used vehicles before they reach any of the 75 physical auction sites owned by KAR's ADESA unit.

The new version was introduced two months after KAR acquired the half of TradeRev it didn't previously own. During the Used Car Week and National Auto Auction Association meetings in November, KAR executives made it clear that enhancing and promoting TradeRev was a high priority for the auction giant in the coming months.

There are no additional fees or charges for using any of the new services, TradeRev said.

"TradeRev 4.0 supercharges our app with analytics and machine learning and continues to leverage the power of the KAR platform," TradeRev President Becca Polak said in a statement. "We've simplified the entire in-app auction experience from scheduling, searching and bidding all the way through post-sale services."

What's new

Here are some of the app's new features.

Sellers can schedule events for future sales of five or more vehicles up to seven days in advance, which are then promoted on the app's event calendar.

Learning software, which analyzes buying and selling patterns and industry trends, will generate personalized vehicle recommendations for individual buyers.

Bid-assist software makes buyer recommendations based on data analysis and machine learning to detect and eliminate unrealistic bids.

Real-time ability to finance vehicles through KAR's AFC floorplan financing unit, previously limited to desktop devices, is expanded to include mobile devices.

A mobile checkout function that lets dealers complete auction transactions on mobile devices, including payment and financing as well as optional transportation and inspection services. It is linked to TradeRev's post-sale services, including title management, an arbitration process and live dealer support six days a week.

'We listen'

The changes address customer requests, said Keith Crerar, executive vice president of TradeRev, U.S.

"When dealers talk, we listen," he said in the statement. "The in-app experience of TradeRev 4.0 directly reflects the feedback and suggestions of our thousands of customers across North America."