Autoniq, a business unit of KAR Auction Services Inc. dba KAR Global, earlier this month announced the autoniq Wholesale Index, according to a news release. The new product provides direct access to auction data on vehicles sold at auction — online and at physical locations.
The data is available by subscription on the autoniq app and showcases information on similar year, make, and model vehicles sold at auction. Users can toggle the data from as close as 50 miles to as far as 3,000 miles from their dealership. Data comprises ADESA sales data for the last 90 days.
“With extreme volatility in the used car market today, dealers need new vehicle valuation data more than ever to preserve and optimize their margins,” said Rick Griskie, president of digital marketplaces at KAR Global, in the news release. “The autoniq Wholesale Index provides real transaction data from the dealer’s local market, allowing them to make informed, data-backed bidding and buying decisions.”
The autoniq Wholesale Index was developed based off feedback from dealers seeking more comprehensive live market data. With the new digital tool, dealers can see a quick summary showcasing the average local wholesale transaction price and average mileage of a specific vehicle’s make, model, year and trim. The autoniq Wholesale Index detail view is updated frequently to ensure customers have the right data at the right time.
“Dealers want to know what’s happening in their local marketplace — they’re looking for access to actual transaction data,” said Joe Oliveri, vice president of product management and data services at KAR Global. “This powerful new tool gives our dealers a competitive edge so they can quickly and conveniently budget, bid, price and ultimately maximize returns.”
KAR Global is a global technology solutions provider and an operator of digital marketplaces for wholesale used vehicles.
Originally posted on Vehicle Remarketing