The Car and Truck Fleet and Leasing Management Magazine

Onyx Acceptance Corporation Implements Auction of the Year Award Program

October 07, 2004

At the National Auto Auction Association (NAAA) Conference, held Sept. 28-Oct. 3 in Nashville, Onyx Acceptance Corporation announced its new Auction of the Year Award Program. The program, rolled out first to an audience of Auction Broadcasting Company (ABC) executives and general managers, encompasses performance appraisals at each auction, based on operations, marketing, sale day preparation and results, and retention (vehicle sale price compared to book value) percentages. Auction performance is rated on a scale of 1 to 4, with total results furnishing the overall auction score for that sale. Pedro Diaz, national-asset liquidation manager for Onyx Acceptance, explained the purpose of the program, "The intent behind the creation of the Auction of the Year Program is to communicate our expectations to the auctions and to improve our processes with the auction partners. It's also an effective way to show our appreciation for exemplary service. The first auction to win the Auction of the Year Award will be announced in January." Trent Knox, president of ABC, commented, "This award program will be implemented throughout the auction industry – at every auction where Onyx Acceptance conducts business. Onyx Acceptance has been a phenomenal partner with ABC, and we look at this as one more way we can make sure we are offering top-of-the-line service solutions at each auction. The performance evaluation will be an ongoing tool that will supply real-time feedback, allowing auctions to see, at a glance, any areas where enhanced service might be required and also enabling auctions to view those areas in which they excel."
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