Company achieves important growth milestone and announces
accelerating traction with dealers.
TORONTO, Aug. 18, 2015 /CNW/ -- TradeRev, a Toronto-based provider of a vehicle appraisal
and auctioning system for automotive dealers, announced today the
company has posted its 100,000th vehicle to the TradeRev
system. TradeRev President and Co-Founder Mark Endras made the announcement.
Founded in Toronto in 2009,
TradeRev leverages mobile technology to enable automotive dealers
to do real-time auctions on vehicles as part of the vehicle
trade-in appraisal process, as well as auction vehicles to other
dealers directly from their dealership. The company has grown
rapidly in Canada and has been
expanding strategically in the United
States since ADESA acquired a 50 percent stake of TradeRev
in August 2014. ADESA is a business
unit of KAR Auction Services (NYSE: KAR). Using TradeRev makes the
remarketing process more productive and profitable for dealers, and
allows them to close more retail deals, minimize risk during the
trade-in process and sell vehicles quickly and at reduced
expense.
"Having experience as a car dealer, I saw a need for a mobile
application that would revolutionize the vehicle appraisal and
auction process in a convenient, user-friendly platform that can be
used anytime, anywhere," said Endras. "We created the TradeRev
solution with dealers in mind. Our mission is to help dealers
increase their profitability by improving their trade-in process,
close more retail deals and significantly reduce remarketing costs.
We are proud of the success that TradeRev has achieved and are
excited to share our innovative technology with our dealer partners
across North America as we
expand."
"Using the TradeRev appraisal system properly can greatly
streamline your trade-in process and assist your dealership in
making deals happen," said Todd
Fils, pre-owned director at Daytona Kia Mitsubishi. "Since
bringing the TradeRev system into our dealership, we have increased
wholesale profit, cut transportation cost and reduced conventional
auction fees. Customer service and assistance is second to
none—this is a must for any dealership and will open your store up
to a new audience of buyers."
"This is a great closing tool. It allows us to tell the customer
the true value of their vehicle based on bids from hundreds of
buyers in the local market, and it ultimately helps us sell more
cars," said Dean Howell, general
sales manager at Taylor Ford in Waynesville, North Carolina. "It also brings
added convenience to the wholesale process—instead of spending time
cleaning and transporting cars to auctions, my team can quickly
sell inventory and arrange for the details to be taken care of
through the TradeRev platform."
TradeRev is expanding its footprint in the dealer-to-dealer
market across the United States.
Currently doing business with more than 3,000 car dealers
throughout North America, TradeRev
continues to revolutionize automotive wholesale as it pursues
aggressive outreach throughout the United
States.
TradeRev is a revolutionary vehicle appraisal and
auctioning system that gives dealers and buyers the power to launch
live, one-hour, dealer-to-dealer auctions from the palm of their
hand, whenever and wherever they are. Available on iOS, Android and
desktops, TradeRev brings unmatched convenience, accessibility and
advantage to the retail and wholesale remarketing processes,
including the ability to sell vehicles on-demand, and generate
real-time, real-data pricing information. Through SMS, mobile and
email alerts, buyers never miss an auction, and have access to
fresh trades before they even reach traditional inventory channels.
Backed by ADESA's suite of back office services, as well as an
innovative rating system, buyers and sellers alike can participate
in real-time auctions with confidence and transparency. ADESA is a
business unit of KAR Auction Services (NYSE: KAR). For more
information, visit
traderev.com.
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SOURCE TradeRev