Online Platform That Allows Dealers to Purchase Off-term Rental Vehicles at Fixed Prices
Franchise Dealers in Florida, Arizona, Nevada and California Are First to Participate
WESTLAKE VILLAGE, Calif., Aug. 24 -- J.D. Power and Associates' Power Information Network (PIN) and Driveitaway have formed a strategic alliance that will give franchise dealers online access to six- to nine-month-old rental vehicles still under factory warranty at fixed wholesale prices, eliminating the need for bidding or traveling to a physical auction location.
"The jointly-developed program provides dealers with direct access to the industry's first intelligent Internet remarketing platform for end-of-term vehicles, allowing dealers to quickly identify and purchase vehicles to stock their lots," said Mike Biwer, vice president of development and operations for PIN. "The concept is similar to the just-in-time department store model in which retailers order precisely what customers are buying now. In this way, supply and demand are quickly matched with a new level of efficiency."
"Pairing PIN with the Driveitaway platform means more consumers in search of well-maintained, low-mileage used vehicles will be able to find them more quickly, while automotive retailers can match inventory levels with their demand," said John Possumato, founder, president and vice chairman of Driveitaway. "We don't expect to replace used-vehicle auctions, but the bottom-line impact of this remarketing tool is that more vehicles will sell earlier in the cycle to dealers that have identified customer interest."
Franchise automobile dealers in Florida, Arizona, Nevada and California will be the first in the country to participate in the program. In the southwest, vehicle supply will come from Steward Ventures, Inc., one of the largest National Car Rental and Alamo Car Rental licensees located in Phoenix, Ariz.; Fox Rent A Car, the largest independent car rental company, headquartered in Los Angeles; and American Loan Masters, a Dollar Rent A Car licensee based in Ridgecrest, Calif.
About Power Information Network (PIN)
PIN's automotive solutions are based on the collection and analysis of daily new- and used-vehicle retail transaction information from more than 10,000 automotive dealership franchises in North America. PIN's industry-leading automotive solutions incorporate consumer demand and sales information to improve business for automotive dealers, manufacturers, lenders, and other companies in the industry. Additional information is available at www.powerinfonet.com
About J.D. Power and Associates
Headquartered in Westlake Village, Calif., J.D. Power and Associates is an ISO 9001-registered global marketing information services firm operating in key business sectors including market research, forecasting, consulting, training and customer satisfaction. The firm's quality and satisfaction measurements are based on responses from millions of consumers annually. J.D. Power and Associates is a business unit of The McGraw-Hill Companies.
About The McGraw-Hill Companies
Founded in 1888, The McGraw-Hill Companies is a leading global information services provider meeting worldwide needs in the financial services, education and business information markets through leading brands such as Standard & Poor's, McGraw-Hill Education, BusinessWeek and J.D. Power and Associates. The Corporation has more than 290 offices in 38 countries. Sales in 2005 were $6.0 billion. Additional information is available at http://www.mcgraw-hill.com/.
About Driveitaway Inc.
Headquartered in Chicago, Ill., Driveitaway has been the pioneer and global leader of Web-based upstream remarketing programs for commercial, rental and government fleets since 2000. Driveitaway-powered programs are used by leading fleet management companies, small independent leasing companies, and by individual fleets to sell vehicles before they come off lease, maximizing savings to customers and lessors alike. Driveitaway's platforms offer complete digital profiles of each vehicle, creating an atmosphere of confidence in the marketplace. For more information, please visit www.driveitaway.com. For ongoing industry commentary, visit www.fleet-ingthoughts.blogspot.com.