Manheim Adopts Industry-Leading Changes To Improve Remarketing Experience

FOR IMMEDIATE RELEASE                      CONTACT:    Lois Rossi

February 23, 2009
Manheim Public Relations

 
(678) 645-2028

 
Lois.rossi@manheim.com

 

MANHEIM ADOPTS INDUSTRY-LEADING CHANGES TO IMPROVE REMARKETING
EXPERIENCE

Changes Offer Customers Consistency for Electronic Condition Reports,
Arbitration

     

       ATLANTA - In an effort to bring a new level of consistency,
accuracy and peace of mind to its customers, Senior Vice President -
Customer Management Nick Peluso announced today that Manheim will begin
a phased rollout of companywide standards for electronic condition
reports (ECRs) on March 9, and adopt a single arbitration policy for all
vehicle inventory purchased both in-lane and online on March 6.   

 

            Historically, the formatting and information contained in
condition reports varied by consignor, as did arbitration policies; with
the implementation of these new standards, Manheim will use its InSight
ECR as the standard condition report for all consignors and will apply a
consistent, national arbitration platform to all customers for both
online and in-lane sales. InSight ECR uses AutoGrade, the grading scale
of Manheim and the National Auto Auction Association, to eliminate
subjectivity and errors. 

 

            "Manheim's partnerships with our customers are the driving
force of our success," said Peluso. "With more vehicles being bought and
sold online, it's essential that we provide our customers with
consistent, streamlined standards and policies when they do business
with us. As the remarketing leader, Manheim believes it is important to
drive these changes that ultimately will make buying and selling
vehicles an easier, more efficient process for all of our customers.
That has been our philosophy for years, and it is why we are continually
looking for ways to implement best practices."

 

BENEFITS OF INSIGHT ECR

 

            Peluso said Manheim's InSight ECR, which is now used
exclusively by nine consignors including Chase, Volkswagen Credit, and
BMW to name a few, and provides more accurate and consistent electronic
condition reports, while offering buyers the consistent, high-quality
information they need to make informed buying decisions, especially
online. 

 

            Benefits of applying InSight ECR to all vehicles sold
through Manheim include:

 

*                  Providing the same format/platform for every car and
customer

*                  Providing full disclosure of conditions or damage
that impacts the value of a vehicle and/or may require reconditioning
for retail sale

*                  Including a list of equipment, options, accessories
and aftermarket items

*                  Requiring seven mandatory photos in addition to
photos of any vehicle damage

*                  Creating a more efficient vehicle check-in process

*                  Including a more buyer-centric online vehicle display

 

A SINGLE ARBITRATION POLICY

 

Additionally, in an effort to provide a consistent platform and
streamline efforts for all customers, all cars at Manheim will be sold
under Manheim's National Arbitration Policy. In the past, there has been
a separate arbitration policy for online and in-lane, but creating one
policy will ensure clarity for buyers both online and in-lane. The
policy will include three changes specifically for online purchases:   

 

*                  Sellers are required to accurately disclose vehicle
condition and equipment to include any cosmetic defects

*                  Timeframe for buyers to arbitrate is two days from
the day of receipt; not to exceed 10 days from day of purchase

*                  Buyers may arbitrate for any undisclosed cosmetic
defects more than $500

"Manheim has always been - and always will be - committed to improving
the vehicle remarketing industry," said Peluso. "Over the years, we've
worked hard to put ourselves in our customers' shoes and deliver the
type of consistent auction experience they've asked for.  These
condition report and arbitration standards are just the latest example
of that commitment." 

 

About Manheim

 

Manheim (www.manheim.com) is the world's leading provider of vehicle
remarketing services. Through its wholesale operating locations and
array of technology products, Manheim impacts every stage of a used
vehicle's life cycle, helping commercial sellers and automobile dealers
realize the full value of their vehicles. 

 

The company's operating location services include reconditioning,
certification, inspections, dealer financing, transport, title
management and marshaling, among others. Manheim is also the leader in
vehicle remarketing technology, using its online tools to connect buyers
and sellers around the globe to the world's largest, most comprehensive
wholesale marketplace. In 2008, Manheim handled nearly 10 million used
vehicles, facilitating transactions representing more than $50 billion
in value. 

 

Manheim's subsidiary companies provide value-added remarketing products
and services, including paintless dent removal (Dent Wizard), Auto Body
Repair and salvage vehicle remarketing (Total Resources Auctions). 

 

Manheim is a subsidiary of Atlanta-based Cox Enterprises, Inc., one of
the nation's leading media companies and providers of automotive
services.

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Andrew Maraniss

McNeely Pigott & Fox Public Relations
611 Commerce St.
Suite 2800
Nashville, TN 37203

615-259-4000

615-259-4040 (fax)