Manheim Online Reaches Half-Billion Dollar Mark in CyberLot Sales
6 December 1999
Manheim Online Reaches Half-Billion Dollar Mark in CyberLot Sales
Largest Automobile Auction Company Continues to Succeed in
Business-to-Business E-Commerce, Complementing its Physical Auctions
ATLANTA, Dec. 6 -- Manheim Online(TM)
(http://www.manheim.com ), the leader in auto-related electronic commerce and
an extended service of Manheim Auctions, today announced more than a half-
billion dollars in value of vehicles sold via the company's Internet-based
CyberLots. Manheim Online's $524 million year-to-date sales is more than
double its 1998 numbers of $216 million worth of vehicles sold over the
Internet.
Manheim Online's CyberLots are Internet venues where dealers purchase off-
lease and other late-model vehicles offered by leasing sources such as Ford
Motor Credit, GMAC, Toyota Motor Credit and Arcadia Finance. The dramatic
jump in sales this year reflects Manheim Online's proactive technology
education and support efforts and Manheim's CyberAuction test program, where
dealers can bid on manufacturer and fleet/lease vehicles in live, online
bidding sessions.
Editor's Summary
* Manheim Online (MOL) announces 1999 CyberLot sales have more than
doubled total sales from 1998. This year, dealers have purchased
33,968 vehicles valued at $524 million, up from 1998 total sales of
12,440 vehicles valued at $216 million.
* Manheim Online continues to increase CyberLot partnerships through
signing companies including General Motors Corp., DaimlerChrysler-
Canada and Bank of America.
* Manheim Online is diversifying CyberLots by offering "open" lots that
are accessible to any dealer, not just specified franchised dealers.
* The CyberAuctions test program adds to the 24/7 capability of Manheim
Online.
"Surpassing the half-billion dollar mark is an important achievement for
Manheim Online. This milepost demonstrates the fact that more and more
dealers are embracing technology and recognizing the benefits to the entire
automotive industry," said Dennis Berry, President and Chief Executive Officer
of Manheim Auctions. "Our CyberLots are a prime example of an effective
technology service where Manheim is helping dealers succeed. The ability to
purchase inventory online gives dealers tremendous flexibility and
convenience, and enables them to meet customer needs quickly."
Partners in CyberLots
CyberLots are increasingly becoming more popular because they meet dealer
needs for an easy-to-use, 24-hour channel to augment traditional auctions. In
1999, Manheim added 13 CyberLots to its MOL Web site, bringing the to-date
total to 32. The new additions are: Bank of America; Bank One;
DaimlerChrysler-Canada; First Union; GE Capital Auto Lease-Canada; General
Motors/GMAC; GM-Canada; McNeill Automotive; Nissan Canada Finance, Inc.;
Subaru Leasing Corp.; Suzuki Credit; Toyota Credit-Canada; and World Omni.
Open to Independent Dealers
Manheim Online's new Open CyberLots allow dealers who are not franchised
by one of the 32 corporate partners to log on and purchase vehicles. For the
first time, any dealer, franchised or independent, can participate in the open
CyberLot, just like at an open sale at the physical auction.
"I'm on the CyberLots every day," said Don Stayne, Used Vehicle Manager at
Toyota of Temecula Valley, CA. "Manheim Online is a good source to find
vehicles that I can't necessarily find through Toyota Motor Credit or through
the closed sales."
Increase Buying Opportunities with CyberAuctions
Manheim's new CyberAuctions are now fully integrated into Manheim Online's
offerings after a successful test program with GMAC-Canada. The CyberAuctions
are similar to other online auction formats. Manufacturers and fleet/lease
companies post their online inventories and dealers can place bids any time
they want during the bidding period. Current bids are displayed and the
highest bidding dealer purchases the vehicle once the period comes to a close.
About Manheim Online
Manheim Online, an extended service of Manheim Auctions, is the world
leader in auto related electronic commerce. Manheim Online has been named one
of the top 10 electronic commerce sites on the World Wide Web by PC Week
magazine. Additional information regarding Manheim Online and Manheim
Auctions is available on the Internet at http://www.manheim.com .
About Manheim Auctions
Founded in 1945, Manheim Auctions, Inc. (http://www.manheim.com ) is the
world's largest operator of wholesale automobile auctions with 87 locations in
North America, the United Kingdom and France. In 1998, Manheim offered for
sale more than 6.5 million vehicles. The actual value of vehicles sold was in
excess of $36 billion. Manheim is a leader in automotive Internet commerce as
a supplier of Web sites and transaction services to auto remarketers. In
1998, the value of vehicles sold via Manheim's wholesale CyberLots totaled
more than $216 million. Manheim also provides vehicle reconditioning and
certification, an Internet-based vehicle value guide, dealer floor plan
financing, dealer business software and government auction services.
Manheim is a partner with the Dealer Services Division of Automatic Data
Processing (ADP), Kleiner Perkins Caufield Byers and Landmark Publishing,
offering free Internet used-car listings to dealers and consumers via
AutoTrader.com, the world's largest source of used-car classified advertising
(http://www.autotrader.com ).
Manheim is a subsidiary of Cox Enterprises, Inc. In addition to Manheim,
Cox includes Cox Newspapers, Inc., Cox Broadcasting, Inc., and publicly traded
Cox Communications, Inc. and Cox Radio, Inc. Cox Enterprises also provides
online news, information and entertainment services via the Internet through
Cox Interactive Media.