Technology advances provide auction personnel and customers quick, accurate and more convenient ways to conduct business. In addition, aggregated information from some of these systems provides critical decision making tools for auction participants. Technologies can include applications at the auctions, Internet sites and other technology services. Technology at the Auctions • Mainframes – Each auction has mainframe computers that track the millions of transactions that take place within an auction, which include all the information related to the vehicle, titles, prices, vehicle history, and much more. Auction chains typically network their various auction operations to improve customer service and expand marketing opportunities for consignors and buyers. • Auction Access – Auction Access is a national dealer database which allows dealers to register once at participating NAAA auction facilities, enabling them to receive a card which gives them access to all other participating Auction Access auctions in the U.S. (see Identification Cards, page 36) • Kiosks – Kiosks are used by registered dealers with auction-supplied identification cards, called Auction Access, which allow them to receive bidder badges, run lists, block summaries and other valuable information about the sale, including vehicle searches. • Auction Monitors – At many auctions, auction monitors are available to allow customers to track the status of vehicles running through the lanes, as well as information about titles, arbitration and post sales inspections without leaving the lanes. Messages for auction participants can also be • Portable Terminals – Portable terminals (PTs) are handheld computers that allow auction personnel to record information about vehicles from any place on the auction lot. The information from the Portable Terminals is transmitted wirelessly • Electronic Blocks – Electronic Blocks, also referred to as “Paperless Blocks,” are used by block clerks and other auction personnel to enter buyer information and print the invoices for vehicles that have sold. This system allows the seller, who may be on the block, to modify announcements about the vehicle while the car is in the lane. Block Clerks can also enter “if” sales at the block, enabling them to be available instantaneously to auction Front Office personnel to assist in streamlining a potential “if” sale. In addition, by entering the buyer information in the computer directly, the buyer and seller can both expect faster service in checking out at the front office. The importance of the Internet continues to assure there are opportunities for simplifying the process of gaining meaningful information and transacting business. There are a wide range of Internet sites that benefit auction buyers, sellers, and other remarketing industry professionals. More specifically, the • CyberLots®/CyberAuctions – CyberLots® allow consignors to post listings of vehicles, including photographs and other detailed information on the vehicle, on dedicated Web pages for sale at a designated price to potential buyers. Similarly, CyberAuctions allow for these listings to be bid on by potential buyers with some time sensitivity. • Simulcast – Simulcasts offer buyers and sellers an opportunity to remotely participate in live auctions (taking place at select auction facilities). Potential buyers can purchase vehicles over the Internet while watching and listening to the physical auction. Sellers have the opportunity to represent their vehicles online, when they may not be able to attend the auction in person. • Auction Web Sites – Local auction Web sites can provide timely information about the auction, including their sale days, vehicle consignment types and volumes, personnel, and directions to the location. Most auction Web sites provide a calendar of events, as well as market reports on pricing from previous sales. (see Related Materials, Chapter 10) • Auction Industry Web Sites – There are a number of Web sites available to people interested in the remarketing industry which can provide critical marketing, regulatory and industry information. • Retail Advertising Sites – Dealers that want to advertise their vehicles to large numbers of consumers can utilize sites such as AutoTrader.com. These sites cater to consumers and dealers to primarily advertise new and used vehicles to the retail public. Auctions often facilitate the process of uploading data to these sites. There are other technologies that are provided to the remarketing business which enhance the experience of customers who will be using the auction process, including dealer management systems and inventory management. • Dealer Management Systems – Dealer management systems provide dealers a system to manage the accounting, inventory, marketing, pricing and other facets of their business. Franchised dealers typically use a dealer management system supported by their respective manufacturers. Independent dealers have some alternatives for dealer management systems, such as Tracker. • Inventory Management Systems – An inventory management system is designed to primarily assist commercial consignors with the management of their inventory, and allow for electronic transfer of data about vehicles that will be consigned to auctions. Q. Besides the ability to buy and sell vehicles, what other services do auctions offer online? • Auction Monitors – At many auctions, auction monitors are available to allow customers to track the status of vehicles running through the lanes, as well as information about titles, arbitration and post-sale inspections without leaving the lanes. Messages for auction participants can also be • Portable Terminals – Portable Terminals are handheld computers that allow auction personnel to record information about vehicles from any place on the auction lot. The information from the Portable Terminals is transmitted wirelessly • Electronic Blocks – Electronic Blocks, also referred to as “Paperless Blocks,” are used by block clerks and other auction personnel to enter buyer information and print the invoices for vehicles that have sold. This system allows the seller, who may be on the block, to modify announcements about the vehicle while the car is in the lane. Block Clerks can also enter “if” sales at the block, enabling them to be available instantaneously to auction Front Office personnel to assist in streamlining a potential “if” sale. In addition, by entering the buyer information directly in the computer, the buyer and seller can both expect faster service in checking out at the front office. The Internet • CyberLots®/CyberAuctions – CyberLots® allow consignors to post listings of vehicles, including photographs and other detailed information on the vehicle, on dedicated Web pages for sale at a designated price to potential buyers. Similarly, CyberAuctions allow for these listings to be bid on by potential buyers with some time sensitivity. • Simulcast – Simulcasts offer buyers and sellers an opportunity to remotely participate in live auctions (taking place at select auction facilities). Potential buyers can purchase vehicles over the Internet while watching and listening to the physical auction. Sellers have the opportunity to represent their vehicles online, when they may not be able to attend the auction in person. • Auction Web Sites – Local auction Web sites can provide timely information about the auction, including their sale days, vehicle consignment types and volumes, personnel, and directions to the location. Most auction Web sites provide a calendar of events, as well as market reports on pricing from previous sales. (see Related Materials, Chapter 10) • Auction Industry Web Sites – There are a number of Web sites available to people interested in the remarketing industry which can provide critical marketing, regulatory and industry information. • Retail Advertising Sites – Dealers who want to advertise their vehicles to large numbers of consumers can utilize sites such as AutoTrader.com. These sites cater to consumers and dealers to primarily advertise new and used vehicles to the retail public. Auctions often facilitate the process of uploading data to these sites. Other Technology Services • Dealer Management Systems – Dealer management systems provide dealers a system to manage the accounting, inventory, marketing, pricing and other facets of their business. Franchised dealers typically use a dealer management system supported by their respective manufacturers. Independent dealers have some alternatives for dealer management systems, such as Tracker. • Inventory Management Systems – An inventory management system is designed to primarily assist commercial consignors with the management of their inventory, and allow for electronic transfer of data about vehicles that will be consigned to auctions. Frequently Asked Questions |