Toyota Financial Services and Lexus Financial Services Launch Simulcast Sales
Toyota Financial Services (TFS) and Lexus Financial Services (LFS) continue to maintain their leadership positions in leveraging technology with the announcement of their latest venture. TFS and LFS have recently begun selling vehicles via Simulcast, the online technology made possible by Manheim, at 11 Manheim locations.
“We’re excited to offer dealers this new option in the buying and selling process,” said Carl Scandura, auction operations manager of TFS. “Simulcast allows us to make our vehicles more accessible to dealers. Now, we can reach a larger audience and allow dealers to make transactions from the comfort of their homes or offices.”
The 11 Manheim auctions involved in the Simulcast launch are: Bay Cities Auto Auction, Denver Auto Auction, Florida Auto Auction of Orlando, Georgia Dealers’ Auto Auction, Greater Nevada Auto Auction, Kansas City Auto Auction, Manheim Auto Auction, Metro Milwaukee Auto Auction, San Diego Auto Auction, South Seattle Auto Auction and Statesville Auto Auction.
The month of July attracted 2,180 online dealers who offered more than 2,800 bids on TFS and LFS vehicles. Nearly 300 vehicles were sold via Simulcast in July, and there were 184 instances when an online bid was the second highest.
“With Simulcast, true market prices are actually being achieved in the auction lanes,” said Joe Luppino, vice president and chief operating officer for Manheim Interactive. “Online bidding increases the value of the marketplace by protecting its integrity.”