TradeRev and AFC Partner to Offer 0% Interest and No Floorplan Fees for 45 Days
Landmark promotion encourages dealers to go digital to sell and source inventory
Carmel, IN — September 19, 2017 — Automotive Finance Corporation (“AFC”) and TradeRev, a dealer-to-dealer digital mobile auction app, today announced an unprecedented promotion aimed at encouraging dealers to “go digital.”
The promotion allows dealers to pay no AFC floorplan financing fees and 0% interest for 45 days on any vehicles bought and sold on TradeRev. TradeRev’s live, one-hour digital auctions help dealers sell and source inventory from their desktop, tablet or mobile phone faster and cheaper than a physical auction.
“AFC is committed to helping our customers finance the best inventory possible as quickly and as easily as possible,” said Jim Money, president of AFC. “Partnering with TradeRev will give dealers access to more vehicles across the growing digital marketplace. And this promotion will allow them to experience the speed, convenience and power of TradeRev with the same confidence and value of AFC’s physical auction financing.”
AFC is a business unit of KAR Auction Services, Inc. (NYSE: KAR), and KAR holds a 50% stake in TradeRev. When dealers use TradeRev, they have access to real-time bidding auctions that run the freshest franchise trades. AFC financing is fully integrated into the TradeRev app, so dealers can immediately begin the financing process as soon as auctions are won. With thousands of North American dealers utilizing TradeRev, more than 500,000 dealer auctions have been launched through the mobile app generating over 8 million dealer bids.
“AFC is one of the largest providers of independent dealer inventory financing in North America—so this partnership marks a significant milestone in the digitization of automotive sales,” said Keith Crerar, executive vice president of TradeRev U.S. “Digital dealers can source cars better, faster and cheaper on TradeRev’s digital platform and seamlessly finance vehicles won at rates unmatched anywhere else in the industry.”
TradeRev is a mobile app that facilitates a transparent automotive exchange between used car dealers. Available on iOS, Android, and desktops, TradeRev’s real-time car auction technology introduces transparency and efficiency into the car selling transaction by facilitating one-hour, app-based auto auctions. TradeRev helps dealers and dealer networks obtain true market value and close deals faster via a broad network of TradeRev participating dealers. Backed by KAR Auction Services (NYSE: KAR), TradeRev operates in select markets across the United States, Canada, and the United Kingdom. When it comes to buying a car, everyone should come out a winner. Visit traderev.com today to learn more.
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About KAR Auction Services
KAR Auction Services (NYSE: KAR) provides sellers and buyers across the global wholesale used-vehicle industry with innovative, technology-driven remarketing solutions. KAR’s unique end-to-end platform supports whole car, salvage, financing, logistics and other ancillary and related services, including the sale of 5.1 million units valued at over $40 billion through our auctions. Our integrated physical, online and mobile marketplaces reduce risk, improve transparency and streamline transactions for customers in 110 countries. Headquartered in Carmel, Indiana, KAR has approximately 17,400 employees across the United States, Canada, Mexico and the United Kingdom. www.karauctionservices.com.
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