Integrated Auction Solutions said Sunday it has acquired an ownership stake in AuctionVcommerce, a company that provides online infrastructure support services that launched at Used Car Week 2015.
The company declined to disclose the exact percentage of ownership it acquired.
In a news release, IAS said that AuctionVcommerce will be brought into the IAS family but will maintain its “agnostic” approach to providing services to auctions.
“Our goal to improve the credibility of online auto auctions is industry-wide, not technology-specific,” AVC president and co-founder Kelly Bianchi said in a news release. “Our concern is for the sustainability of the traditional auto auction in the virtual space.”
Since its launch, AVC has added an Online Clerk Simulation and Certification Training System that aim to make online bidding more stable, reduce block errors and help clerks foster online participation.
Integrated Auction Services plans to offer AVC to its customers to help them drive their online business. IAS also plans to utilize AVC for product testing and back.
“AuctionVcommerce provides the solution that Independent Auto Auctions need to address their lack of resources at an affordable cost. AVC brings the dealer experience into focus, and it’s a perspective that we all need to be acquainted with on a daily basis. We feel that this service will increase the ROI for any online operation,” Peter Levy, vice president of sales and business development of Integrated Auction Solutions, said in a news release.
He added: “AuctionVCommerce augments the AWG product suite by enhancing the user experience through best practices and subject matter training. The AVC training creates confidence in the technology and promotes a culture of reliability.”
Bob Hollenshead, co-founder of AuctionVcommerce, added: “Our in-lane business has evolved to the point that over 90 percent of our 30,000 annual sales are touched by an Internet bidder, which includes units from $200 to $300,000. Simulcast auctions are less sensitive to weather, time of day, the lane number but more sensitive to trust, critical mass volume, logical lane arrangement, consistent pictures/CRs, and lanes/sellers that convert. A skin-in-the-game consignor understands that trained, competent block personnel are as important as the arbitrage simulcast enables. They can make you or break you.”