Manheim Continues International Expansion
ATLANTA– Manheim has announced its third joint venture in China and the grand opening of Manheim's first-ever operating location in Turkey. In China, Manheim has entered into a joint venture with Beijing Automotive Industry Holding Co., Ltd (BAIC), a state-owned automobile group established more than 50 years ago. The one-lane facility, currently under construction and set to open in mid-June in the southern part of Beijing, will be known as Beijing Manheim BAI Motor Vehicle Auction Company, Ltd. (Manheim BAI). The venture is jointly owned by BAIC and Manheim China Holdings.
"The used vehicle industry is growing rapidly in China, and Beijing is undoubtedly a most essential market," said Zhu Suiyu, vice GM of Beijing Penglong Automobile Service & Trade Co. Ltd., a BAIC subsidiary. "BAIC hopes to become a leader in the industry by adopting Manheim's knowledge, technology, and market standards while contributing to the education and development of the used vehicle market."
Manheim BAI will play a key role in further strengthening the used-vehicle auction industry in Beijing by combining Manheim's global expertise, operational knowledge and management experience with BAIC's influential market position and local knowledge. This partnership will support China's economic growth and development by generating employment, market opportunities, and promoting used-vehicle remarketing activities.
The Beijing operation is Manheim's third location in China; Shanghai and Shenzhen locations have been operational since 2006.
Manheim officially commemorated its expansion into Turkey by hosting a VIP pre-sale event and grand opening celebration at its new Istanbul operating location on May 28. The festivities included Turkish dancers, entertainers, live music, and a sale that featured 350 vehicles and attracted 178 buyers.
In January of this year, Manheim announced that it had entered into a joint venture with Borusan, Turkey's leading used-car remarketing company. Borusan previously operated auctions, as well as online and print automotive classified listings, under the Otomax brand throughout Turkey.
Otomax has operated the location since 2001. The new Manheim sales will allow dealers to bid on vehicles as they run through traditional auction lanes; previous sales at the Istanbul location required dealers to bid from theatre seats as they viewed photos of vehicles that were parked outside the facility.