BMW has teamed up with Manheim Auctions to roll out a series of online auctions to its 150-strong franchise network, enabling dealers to purchase used cars online.
Manheim Auctions has adapted its Cyber system to run interactive auctions for BMW on a monthly basis, to complement the closed auction programme.
The first two Cyber auctions attracted an audience of 61 franchised BMW dealers who logged on to bid on a total of 100 cars – 97% of cars were sold and the prices achieved were consistent with closed auction results at an average of 105% of CAP.
The Cyber system lets the buyer know the highest bid received on each car and confirms when a dealer has purchased a vehicle. After the sale a report informs the retailer of exactly what they have bought and for how much. The cars are then delivered to the BMW site within four working days.
BMW's decision to introduce an electronic online solution was taken to help those retailers unable to attend the physical BMW auction programme through constraints of time or distance.