BMW Group Financial Services Partners With Cox Automotive To Drive Remarketing Excellence
Manufacturer Expands Auction Services with RMS Automotive Digital Platform
ATLANTA, June 13, 2016 /PRNewswire/ -- As the auto industry prepares for the increase in off-lease vehicle inventory, BMW Financial Services (BMWFS) is making it easy for all dealers to source high-quality BMW and MINI vehicles before they cross the auction block. Powered by RMS Automotive's web-based vehicle portfolio management solution, BMWGroupDirect.com is now accessible to independent and non-BMW franchise dealers. Previously open to BMW franchise dealers only, the site now gives any buyer with a valid AuctionACCESS account 24/7 online access to BMW Group's national inventory of off-lease vehicles.
"BMWGroupDirect.com was created out of the necessity for our franchise partners to gain exclusive access to our inventory before it was offered to the wholesale buying community," said Nina Englert, vice president of sales and marketing for BMW Financial Services. "But, given the changing dynamics facing the grounding dealer and with more off-lease inventory entering the market, we needed to take our upstream remarketing program to the next level."
With its national reach and new inventory postings each day, BMWGroupDirect allows any registered dealer to find and purchase vehicles anytime, anywhere. It's the only remarketing site with factory VIN decoding, meaning dealers can search packages and options based on original build information from the plant. With its responsive design and easy-to-use search functions, dealers can also set up saved searches and alerts to advise them when specific inventory becomes available. Additionally, the open platform means dealers no longer have to reserve time to attend simulcast online auctions at set times or attend on-site live auctions, saving them both time and money.
"Dealers can see our off-lease inventory across multiple auction locations, making it an efficient way to source our vehicles," added Englert. "And as the shift from traditional auction to online sales channels continues to grow, this will become an increasingly important value-add to dealers."
More than 450 BMW and MINI franchise dealers as well as 50 VIP independent dealers and wholesale buyers have sourced, bid on and purchased vehicles through the site since it launched in June 2015. The program will continue to offer only franchise dealers exclusive access to BMW Group company vehicles via closed sales.
"BMW Group Financial Services and Cox Automotive enjoy a strong partnership and are committed to finding innovative solutions that drive more informed decision-making and further growth," said Nick Peluso, RMS president. "With anticipated growth over the next several years in off-lease volumes, this solution will help BMW Group Financial Services generate greater business efficiencies that will fuel better remarketing decisions."
About BMW Group Financial Services
BMW Group Financial Services was established in the U.S. in 1992 to support the sales and marketing of BMW products. Since then, the Group has expanded to provide service to markets in multiple countries and continues to evolve beyond its role as a captive finance unit. BMW Group Financial Services offers a wide range of leasing, retail and commercial financing and banking products tailored to meet the needs of the BMW customer. The Group also provides financing to BMW dealers for expanding dealership capabilities and enhancing overall operations. With more than $47 billion in serviced assets and 1,300,000 automotive lending customers across the U.S., Canada and Mexico, BMW Group Financial Services finances almost three-quarters of the BMWs sold or leased in North America. BMW Group Financial Services employs more than 800 people, including consultants and temporary workers, most of whom are located in the Hilliard, Ohio, Regional Service Center, which serves the U.S., Canada and Mexico.
In 2001, the MINI Financial Services division was established to provide support for the brand's dealers and its customers by offering financing and leasing options and branded financial services products. Alphera Financial Services was established in 2006 to provide financial services to multi-brand dealers.
BMW Group Financial Services also offers credit card products through its subsidiary, the BMW Bank of North America. up2drive.com is a division of BMW Bank of North America, a wholly owned subsidiary of BMW Financial Services NA, LLC. BMW Insurance Agency, Inc., a property and casualty producer is also part of BMW Group Financial Services. Information about BMW
Group products is available to consumers via the Internet at:
About RMS Automotive
RMS Automotive was first established in the U.K. and is being marketed to clients such as BMW who want more enhanced visibility into their vehicle portfolio for faster decision-making. The company creates digital platforms that enable users to proactively manage vehicle assets and investments through real-time visibility, predictive models and powerful analytics, combined with third-party data integration. For more information about RMS Automotive, visit www.rmsautomotive.com.
About Cox Automotive
Cox Automotive, Inc. is transforming the way the world buys, sells and owns cars with industry-leading digital marketing, software, financial, wholesale and e-commerce solutions for consumers, dealers, manufacturers and the overall automotive ecosystem worldwide. Committed to open choice and dedicated to strong partnerships, the Cox Automotive family includes Manheim®, Autotrader®, Kelley Blue Book®, Dealertrack®, vAuto®, Xtime®, NextGear Capital® and a host of other brands. The global company has nearly 30,000 team members in more than 200 locations and is partner to more than 40,000 auto dealers, as well as most major automobile manufacturers, while engaging U.S. consumer car buyers with the most recognized media brands in the industry. Cox Automotive is a subsidiary of Cox Enterprises, Inc., an Atlanta-based company with revenues of more than $17 billion and approximately 55,000 employees. Cox Enterprises' other major operating subsidiaries include Cox Communications and Cox Media Group. For more information about Cox Automotive, visit www.coxautoinc.com.
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SOURCE Cox Automotive
For further information: BMW Financial Services NA, LLC Media Contact: Steve Bottieri, BMW Financial Services, Email: email@example.com, Phone: 201-307-4247; Cox Automotive Media Contact: Yancey Casey, Email: firstname.lastname@example.org, Phone: (678) 645-8574
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