Digital auction platform TradeRev has integrated two new in-app features, including “Buy Now,” which company president Becca Polak says opens a second-chance marketplace for buyers and sellers. Polak says the second feature, Third Party Inspected, provides an additional layer of trust for dealers, “so they can buy with confidence.”
TradeRev, a business unit of global remarketing and technology solutions provider KAR Auction Services Inc., has also launched what it describes as “key performance and usability enhancements.” The company said it activated the enhancements to provide greater access to trades, make buyers more confident and create a better end-to-end dealer experience.
With the Buy Now feature, dealers get a second, 24-hour opportunity to buy or sell a vehicle that was not sold in an active auction. Using that feature, dealers can purchase the vehicle with a floor price instantly. Or, they can make an offer on the vehicle. With Buy Now, dealers can sell their inventory without having to launch a new auction. Buyers also receive an opportunity to purchase a vehicle they missed the first time.
The Third Party Inspected badge is a visual indicator appearing next to a trade listing. The indicator shows that a qualified TradeRev inspector inspected the vehicle. With this differentiator, TradeRev says buyers can quickly spot inspected trades, and they can be assured of a consistent, thorough condition report.
TradeRev says that with the Third Party Inspected badge, dealers can also have greater confidence in the listing’s accuracy.
Regarding the enhancement of custom filters and notifications, TradeRev says that creates an improved user experience. Users can now more easily pinpoint their target vehicles, and they never miss a trade because of access to more notification options, according to the company.
For all users, the new features follow the full integration of TradeRev’s H-Vision. That feature, which is an AI-driven image capture, fully automates condition report visualization, according to the company.
“With a customer-first mindset, we’re constantly innovating and updating TradeRev’s features to ensure we’re giving dealers the best possible tool to reach their business goals,” Polak said.