Moncton Startup Launches New Product
MONCTON–A New Brunswick startup is rolling out a new platform to independent auctions across North America.
On Monday Moncton-based Selectbidder launched its new application that allows auto auctions to manage real-time bids between dealers for auto trade-ins. It aims to speed up the trade-in process, allowing auto auctions, dealers and their customers more efficiency.
“Everyone wins with the Selectbidder platform. Auctions continue to do what they do best – connect buyers and sellers, while dealers know the true value of a trade-in and consumers feel treated fairly,” said Selectbidder CEO Sean Liptay.
“With Selectbidder auto auctions are able to use their strong, trusted network to offer what the industry now demands: Efficiency, effectiveness and transparency.”
Selectbidder essentially moves the auction’s network online. A selling dealer scans a VIN and takes photos of the vehicle they are considering as a trade-in. They post the pictures along with a brief condition report to the Selectbidder platform via the app or on the web. A notification is sent out to select dealers in the auto auction’s network. The dealers then make bids on the vehicle in real-time. This gives the dealers the true market value of the vehicle. Dealers are also able to show the real-time bids to their customers during negotiations, so they know they are getting a fair deal.
“Many auto wholesaling applications on the market now cut out auctions completely. This is a mistake, as auto auctions remain the cornerstone of the wholesale process,” said Selectbidder COO Kevin Berry.
The Selectbidder technology is built to work within the established automotive remarketing system. Moncton’s Great Northern Auction was the company’s first customer.
“Since implementing the Selectbidder At-Trade app, we’ve moved more units, had more touchpoints and brought more dealerships into the auction,” said David Wilson, general manager at Great Northern Auction.