What is vehicle remarketing? Learn from Brent Huisman Exeter
Vehicle remarketing is a type of business that includes selling and buying used vehicles. In other words, it is known as the controlled disposal or circulation of the fleet of rental or company vehicles that have passed their end terms. A lot of people get confused about vehicle remarketing with vehicle reselling and think they are the same thing. But it is not because vehicle remarketing is a business that usually deals with a large fleet of vehicles which requires large fleet operators. Moreover, vehicle remarketing involves refurbishing the fleet of vehicles and selling the used vehicles again in the market.
Now, you might wonder why vehicle remarketing is so important. Well, here you will get the answer to that question.
Why is vehicle remarketing so important in 2022? Brent Huisman Exeter can tell you
- If you own a vehicle and want to sell it, then it is obvious that you want the highest possible price you can get from it. And vehicle remarketing is one of the best way to get the highest possible return.
- The value of the vehicle is more if the vehicle’s portfolio is great. And vehicle remarketing helps in moving your inventory quickly and more cost-effectively, which as a result, elevates the value of the vehicle’s portfolio.
- Sometimes it is possible that after putting the vehicle up for sale, it might not be picked up for years. But, vehicle remarketing speed up the procedures and shortens the turnaround time.
- The management of multiple providers is very important. And development and implementation of an effective marketing strategy is a part of the vehicle remarketing solution, which makes it easy to manage multiple providers.
Now you might wonder how vehicle remarketing works. Well, here is how
How does vehicle remarketing work?
The first step in vehicle remarketing is choosing a channel. Choosing a good channel that will give the highest possible return is very important. In recent days, there have been a lot of sales channels because of the internet. Moreover, the channels have become very easy to reach out to because of the internet.
Here, one of the possible ways to choose a channel is to search for a local channel to sell it. But if you can get a wider number of possible buyers and a wider range of bidding prices on the internet, then why not go for it? Another awesome way to sell is to participate in national auctions; they can give you a higher bid for the vehicle. National auctions have a lot of advantages, such as-
- National auctions are conducted at various g
- graphical sites across the country. Having auctions at various locations can help you to get a higher bidding price. This can be done by identifying the location where the vehicle can get a high price by using the data.
- National auctions provide support by handling the logistics of the vehicle’s inspection, valuation, and transportation of the vehicle to the auction site.
The next step after choosing a channel and putting up the vehicle on sale is to wait. But you can track the status of progress of your vehicle till the date it gets sold. Therefore, there are a lot of technologies provided by the channels to track the activities.
Vehicle remarketing strategies play a crucial role in the whole process. A lot of data is generated throughout the remarketing processes, which helps in developing an insight into the whole remarketing strategy. A lot of new technologies, such as vehicle remarketing software, are there to monitor the costs, trends, and performance. These data can be used collectively to maximize the return and improve the efficiency of the process. Let’s have a look at what trends, performance, and costs mean in vehicle remarketing.
Performance data shows which auction or channel is providing high prices for the vehicles consistently.
It means knowing which vehicle model is currently in demand and comparing various kinds of models. This helps to find the model which commands the highest price and also the price of other models as well.
Different models have different demands according to geographical locations. This data can be used to determine which vehicle will gain a higher price according to the location. This data can be useful for developing a pricing strategy by identifying the models and making where the vehicle model demand is declining or elevating.
It is the cost of the vehicle, either on the offline or online channel or auction. Cost data can be helpful in determining the best channel by checking which channel is providing the best or worst cost-benefit ratios.
What is the significance of remarketing experts?
You might wonder what the need for a vehicle remarketing expert is. Well, you might assume that you can manage the vehicle remarketing on your own, but when the volume of the vehicles is huge, you might lose your investment in the process. This is where the vehicle remarketing experts comes in handy; they have great significance in the remarketing field. A good remarketing expert can improve the efficiency of your whole vehicle remarketing process. This is how they can bring efficiency-
- They have experience in coordinating with various established and reliable resources that can easily handle vehicle transportation, inspections, and refurbishing.
- They are very cost-effective. They adopt various ways of incorporating economies of scale that are helpful in reducing costs at every stage of the vehicle remarketing process.
- They are great at managing a great volume of vehicles efficiently. They do so by providing systems, experiences, and national networks.
- It can also be said that a remarketing expert can introduce you to the seamless process where they can arrange everything from pick up to the sale. Likely, it can be an easy process with the help of an expert.
Brent Huisman Exeter has been in the auto finance industry for over 22 years beginning with GE Capital Auto Financial Services. From there Brent went to run part of the Remarketing and Loss Mitigation departments at Bank One which was later purchased by Chase Auto. Brent has also worked for KAR Auction Services as VP of North America Dealer Sales. Since 2007, he has worked on several retail and lease portfolios such as HSBC before running Repossession and Remarketing for Exeter Finance. Brent holds a BBA of Marketing from the University of Iowa as well as a MBA from Benedictine University from Chicago, Il.