Perhaps there is a close correlation to what we've seen with brick-and-mortar operations this last year that might give us a bit of perspective on what to expect in the future. My great friend, Willis Johnston, is the founder of Copart, which is the largest automotive salvage auction platform in the world today. Willis made a decision 18 years ago to completely move his salvage auction houses to 100 percent digital. In 2003, it was beyond a bold move; it was unheard of, and his skeptics were many. Today, Copart is a multinational $26 billion company selling a vehicle every few seconds on average, every day of the week, all over the world.
I believe we all share a little bit of Willis' bullishness and are prioritizing innovation, as the pandemic has forced us to push the envelope. That is certainly the case at CarOffer and our focus on modernizing the wholesale vehicle market. The innovation and change that have already occurred in the wholesale space are mind-blowing, and I feel we're just getting started, as paradigm shifts seem to be taking place daily. If Willis knew then what he knows now, where else might he have revolutionized the industry and doubled down on innovation?
Here's what we know now: Dealers need vehicles for their customers, and they need them now. And dealers need instant values and instant inventory replenishment. If we can figure out a method to automatically match the near unlimited online supply to the unlimited online demand, and do it in near real time, the game changes significantly, and the pioneers become the huge winners.
Here's to 2021 and the promise it brings!