McLEAN, VA - The National Automobile Dealers Association (NADA) Used Car Guide and the National Auto Auction Association (NAAA) announced a new agreement that will extend their AuctionNet partnership through 2016.
"We are pleased to be able to continue on the course set by industry pioneers back in 1990," said Mike Stanton, vice president of the NADA Used Car Guide. "Since 1991, AuctionNet has provided the industry with the most comprehensive and timely set of wholesale transaction data representing more than 80 percent of auction sales."
"Nine out of the 10 top lenders in the country, dealers, auto manufacturers and remarketers rely on AuctionNet data to run their businesses more effectively," Stanton added. "Industry demand for AuctionNet is still strong with its sales up 55 percent in 2011 compared to the previous year."
Through the NAAA partnership, NADA Used Car Guide analyzes and distributes AuctionNet, which collects 140,000 to 200,000 raw auction transactions each week from more than 150 auctions nationwide. AuctionNet is the largest electronic wholesale network available in the United States and includes all reported auction sales from Manheim and ADESA.
"We're proud to provide data from so many auctions, including Manheim and ADESA, in making this partnership a success," said Ray Nichols, chairman of the NAAA/NADA joint marketing committee. "We value the long-term relationship between NAAA and NADA and would like to see it continue for another 20 years."
Frank Hackett, chief executive officer of the NAAA, says the partnership with the NADA Used Car Guide provides the industry with a lot of value, and "all of the auction data is available to clients in one place."
"The wholesale data provides a clear picture of what goes on in the auto auction industry from the past so that our customers can make smart business decisions," Hackett said. "Our third-party clients rely on the auction data to make their businesses stronger."
Originally posted on Vehicle Remarketing