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Car Dealership Guy Podcast
#43 Building a $1.5B+ digital car auction, Peter’s car market predictions, OPENLANE's acquisition of Manheim Canada | Peter Kelly, CEO at OPENLANE
Dec 14, 2023
Peter Kelly, CEO at OPENLANE, discusses the digital car auction market, the acquisition of Manheim Canada, and predicts a future of all-digital car buying. He emphasizes the importance of quick sales, market prices, broad inventory, easy transactions, and trustworthy condition reports for successful auctions. The podcast also explores supply disruptions, price increases, and the changing landscape of the automotive industry.
27:14
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Quick takeaways
- The future of the car market will be increasingly digital, with a shift away from purely physical auctions.
- Openlane aims to make the wholesale process easy for dealers, focusing on efficiency, trust, and providing a broad selection of inventory.
Deep dives
The future of the car market
The speaker predicts that the car market of the future will resemble a normal market, with franchise dealers having ample vehicles on their lots and manufacturers offering incentives. There will be a more robust wholesale market, with franchise dealers choosing to wholesale a good percentage of their trade-ins rather than holding onto them. Consumers at the end of their leases will likely find little equity in their leases and will return their vehicles to the wholesale market.
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