vAuto-owned Stockwave, a wholesale auto purchasing platform for dealers, will facilitate indirect financing of wholesale auto products, a company spokesman told AFN. This comes after Stockwave reached 1,000 dealer clients, 30 days post-activation.
Using deep integration with auctions like vAuto’s Manheim, and Ally’s SmartAuction, and others, Stockwave uses dealer-entered preferences based on potential profit, mileage, location, etc. to minimize unwanted options left on a dealer’s table.
Now, it seems, vAuto is setting its sights on indirect loans, too. “The future plan is to facilitate the floorplanning of those vehicles,” a company spokesman told AFN.
“If I’m a dealer with a floorplan deal with a bank, and I’ve a finite number of dollars available, Stockwave could be tied into that account directly,” he said. “To be clear, this is not for the customer; financing wholesale purchasing of cars is to bring it on home to the dealer.”
vAuto, based in Oakbrook Terrace, Ill., specializes in management software. Its parent company, Cox Automotive, is a digital marketing company headquartered in Atlanta. Cox’s list of recent acquisitions includes a $4 billion dollar purchase of Dealertrack, in hard cash.
