Record month for platform

Auction Online has celebrated setting a new milestone after more than 500 vehicle transactions on the dealer-only trading platform last month.

Rui Santos, director and founder, says the record performance for the company comes on the back of significant expansion and some changes to its offering.

“The last 12 months has seen incredible growth with hundreds of dealers now signed up and buying and/or selling on a weekly basis,” he adds.

“More and more dealers are using and trusting the platform and we are seeing month by month incremental growth and very positive feedback for the simplicity and workability of the system.”

Santos, pictured, and Ben Carrancho formed Auction Online in 2018 and the wholesale platform has more than 1,200 registered users.

It runs standard auctions three times a week – on Mondays, Wednesdays and Fridays – after recently adding the Monday sale “because of the growing demand on the other two days”.

Santos notes it also introduced original equipment manufacturer auctions this year for distributors, which are only open to franchise dealer networks. 

He says these have recorded clearance rates of more than 90 per cent as distributors change drive, demonstrator and media vehicles. 

The other growth area is rental car companies using Auction Online to sell end-of-season vehicles.

“We are delighted to get the support of the wider industry and we continue to improve the system to enhance the customer experience,” says Santos. 

“We also have a number of additional development ideas and products we will roll out during the year. 

“One of those will be providing buyers a seamless floorplan facility when they purchase a vehicle – that is going through final trials now.”