Hyundai Motor UK has become the latest OEM to sign up to Dealer Auction’s closed network functionality.
Dealer Auction’s unique closed network functionality enables OEMs to trade more efficiently and profitably with their retail networks. The solution offers three trading routes. One is retailer-to-retailer, which facilitates the sale of unwanted, overage or duplicate stock to other retailers within the same franchise network. Another helps fleet and leasing companies sell stock directly to the franchise network, aggregating more stock into one place for franchise dealers. The third is a wholesale element, which Hyundai will utilise to offer nearly new stock to its retail network through both digital auctions and immediate, buy-it-now functionalities.
Tony Dean, Used Car Manager, Hyundai Motor UK, commented: “Closed network trading via Dealer Auction presents us with a great opportunity to improve dealer engagement. Traditionally we offered stock to dealers over the phone, however by switching this process to Dealer Auction’s digital platform, we will be able to offer a greater number of vehicles to even more dealers with 24/7 availability. This will provide a better solution for the dealer network, which will increase dealer engagement and maximise residual values.
By utilising digital auctions, Hyundai will enjoy a more convenient sales process that adds flexibility, gives retailers access to a wider range, and makes the process more profitable for everyone when compared to traditional routes such as telesales or physical auctions.
Hyundai joins a growing collection of OEMs such as Volkswagen, Renault and Nissan, who are already benefiting from Dealer Auction’s closed network. Sellers are typically reporting higher engagement, retained residual values and that it is outperforming other traditional remarketing routes previously used by the manufacturers.
John Biggs, Operations Director for Dealer Auction, commented: “We are delighted to be providing Hyundai with a closed network to trade nearly new stock within its retailer base. Uptake of the closed network function is growing as forward-thinking OEMs recognise the effectiveness it brings in supporting retailers in obtaining quality used vehicles. Our closed network functionality streamlines the sales process for Hyundai and its retailers, in addition to keeping residual values and profits strong within the group.”
About Dealer Auction
Dealer Auction is the UK’s smartest automotive digital wholesale marketplace. We give buyers and sellers more choice, better insight, and greater margin. Dealer Auction is an independent company, created through a joint venture between Cox Automotive and Auto Trader.
