As part of Union Leasing's full-service fleet management offering, it's key to track the developments of all aspects of this unique industry. With that said, recently some of our remarketing team attended the 2019 Summer Roundtable by the IARA and we have some takeaways to share with you.
Who are the IARA?
The International Automotive Remarketing Alliance, or IARA, are a group of industry leaders who aim to assist, educate, and share knowledge with fleet management companies such as Union Leasing, so that we have the knowledge and capabilities to achieve the fullest efficiency and most continued improvement attainable in the commerce of selling vehicles through the marketplace.
This collaboration, along with Union Leasing's 50+ years of combined experience in the fleet remarketing industry, allows us to achieve our goal of improving your overall vehicle management fleet costs as your vehicles come to the end of their term.
Union Leasing’s remarketing team has multiple channels they leverage for optimized timing and price of vehicle sales. While the marketplace is shifting, auction sales are still the primary channel. We’ve built strategic partnerships nationwide and leverage them to determine the optimal location based on market conditions for a specific asset sale to ensure the best return. This may mean moving a vehicle to a better marketplace, or alternative channels like online auctions.
Paul Marsala, Vehicle Remarketing Manager at Union Leasing, summarized the conference last week with these key points:
- The use of technology as a seller and buyers tool continues to expand in the vehicle remarketing industry, and Union Leasing will aim to be at the forefront of whatever technology allows for the smoothest transition of your vehicles.
- Consigners produced the industries first standardized auction “scorecard” measuring key performance stats such as:
- Days to sell
- Retention of the Mannheim Market Report - a reflection of actual auction sales transactions
- Floor prices relative to gross sale amounts.
- Alternative sale channels such as upstream selling are growing in numbers and represent a disruption to traditional buying and selling modalities, so that will be something Union Leasing explores.
- AutoIMS has historically excluded non-auction sellers from participation in their “inventory management system” platform. However, sellers are increasingly becoming advocates for inclusion of these “auction disruptors” as the face of the industry shifts towards increased use of alternative channels. I will be working with a group of other remarketing managers to lobby for these changes within the industry.
If you have questions or requests regarding these developments to the marketplace, or if you would like more information on how Union Leasing can help your fleet management needs, feel free to contact us in any way that suits you!
For more information about the IARA, click here!
For more information about our Remarketing Department, click the button below!