Auction industry to launch cross-company stock website
30 September 2018
The auction industry is to launch a website to let retailers view available stock from a variety of different remarketing companies. Due in Q1 2019, it will be open to members of the National Association of Motor Auctions (NAMA), several which have already signed up. Remarketers can upload images and vehicle information and dealers will not be charged for access.
Speaking exclusively to Auto Retail Agenda, a senior source at an auction company said: “It’s up and running and we’re testing it at the moment. Once we’ve got it up to standard, all NAMA members will be invited to join. It will be a group search engine to make sure all the buyers get in front of all the products going up for auction, all the time.”
He said members would be required to collectively cover costs associated with development and operation of the website but nothing more and claimed their images and grading would need to meet NAMA standards.
“We’ve got to make sure those members only come on board if their NAMA grading is up to spot – if they’re presenting their pictures properly etc – so we have a high standard.”