Richmond’s CarMax Inc. (NYSE: KMX) has turned to an Israeli company to help create more transparency in online auction purchases.
UVeye Inc. makes high-resolution images of vehicles. The technology is generally used at dealerships when a vehicle comes in for service, but CarMax is exploring other areas to utilize the technology. During its fiscal year that ended Feb. 28, 2022, CarMax sold approximately 924,000 used vehicles and 706,000 wholesale vehicles at its auctions, according to its most recent earnings report.
Ted Cox, senior manager of merchandising at CarMax, said historically the process has taken place in person. CarMax has auction centers across the country, and dealers gather and bid on vehicles. Cox said the company was testing online auctions before the pandemic, but Covid-19 forced the company to push into the online auctions. Now, most auction sales are conducted virtually.
Cox said the company’s goal is to create a better online experience, and the high-resolution…
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