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Category: Industry Insights

August was a Record Month for Carmigo

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August was a Record Month for Carmigo
August was one for the record books - here’s what made it special
A snapshot of our record month- here's to many more

Table of Contents

We kicked it into Overdrive

Join our quest in making Carmigo fun

In August, we also rolled out OVERDRIVE – an interactive feature that rewarded buyers for bidding on the one day auction. It was a chance to give buyers up to $25 off their buy fees for that day, but more importantly we hoped it would add some fun to the bidding experience on Carmigo.

Check it out

Seller Spotlight

Shoutout to these awesome sellers who sold with us this past month
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Carmigo Partners with CarBucks to Offer Flexible Floor Plan Pricing

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Carmigo Partners with CarBucks to Offer Flexible Floor Plan Pricing
CarBucks offers flexible, long-term floor plans for the purchase and holding of your dealership’s inventory.
This exciting new integration means you can secure the inventory you need as it becomes available.

Carmigo now accepts floor plan pricing through CarBucks. No more waiting to reserve the necessary stock you need for your dealership due to pricing limitations.

CarBucks is a viable solution if you are a dealership looking for quick cash flow, and offers great terms that you won’t find with other floor plan financing. They have a simple application process, transparent pricing, and competitive terms. In fact, their plans have no curtailments for maximum cash flow–up to 180 days.

Carmigo is excited to partner with CarBucks to offer these flexible finance options to our dealers. We believe their transparency and “customer-first” approach aligns well with our own company values, and will further aid us in making wholesale as easy as possible for dealerships.

 

ALSO ACCEPTING
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Carmigo Partners with Westlake Flooring Services to Offer Inventory Financing

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Carmigo Partners with Westlake Flooring Services to Offer Inventory Financing
Westlake's mission is to provide competitive floor plan financing options to help auto dealers finance any type of remarketed unit with flexible finance terms and account management.

Carmigo now accepts floor plan pricing through Westlake Flooring Services, a company that has financed over 190,000 vehicles for more than 2,500 dealerships in over 46 states. 

Westlake Flooring is a viable solution if you are a dealership looking to purchase customer trade-ins, dealer to dealer transitions, auction inventory, and vehicles from other sources– allowing you to stock your lot with inventory your customers are searching for. Their cutting edge technology and personalized service offers an exceptional floor pricing experience for dealers.

Carmigo is excited to partner with Westlake Flooring to offer these flexible finance options to our dealers. Talk with your Carmigo Dealer Sales Representative to start using Westlake Flooring Services on Carmigo today.

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What your dealership can learn from the CDK outage

by hannahmoorein Easy, Industry InsightsLeave a Comment on What your dealership can learn from the CDK outage
What your dealership can learn from the CDK outage
Buckle up, it’s time for a cybersecurity lesson
As cybersecurity professionals commonly point out, the only time most companies care about cybersecurity is after an attack. Lucky for us, the CDK outage can be a wake up call for us all.
In the case of CDK it’s unclear what type of attack led to their outage. However, according to IBM’s Cyber Security Intelligence Index Report, human error was a major contributing cause in 95% of breaches in 2021.   This means no matter how unlikely it may feel, your dealership is vulnerable to cyberattacks that can limit your ability to conduct business and affect your bottom line.  
Here are the most basic steps you can take today to make sure your dealership remains secure:
Implement a mandatory password manager for all employees

A password manager not only relieves the burden of memorizing passwords for hundreds of accounts, but they also grant the option to generate strong passwords that cyber attackers can’t brute force.

Educate employees about common exploits cyber attackers use to bypass security measures

There will never be a comprehensive training for ALL ways cyber attackers exploit businesses, but training on the most popular exploits can help employees avoid the most common pitfalls. This article from UpGuard does a great job outlining these most common threats and how to avoid them.

Create a culture of healthy skepticism

If somebody gets a strange email from a co-worker, or if an employee made a questionable download on their work laptop, the best thing that can happen is they report it and not feel like they need to hide it. Emphasize to all employees that it’s never wrong to ask if something feels off, and reward those who take extra precautions.

Updates from Carmigo
We Listed 100+ Wholesale Units Last Friday

Here’s what went down:

Cars Sold
0 +
Buyers Active on the Auction
0 +
Awarded in Giveaways
$ K

Want to get in on a slice of the action? Talk with your Carmigo Dealer Sales Representative today about giving Carmigo a shot at your wholesale inventory.

How to Make Our Notifications Work for You
Our new notification system puts you in control. Here’s how.

You may have noticed a difference in the types of notifications you’ve been receiving from us.

Our product team launched a new and improved notification system earlier this month, so you can keep tabs on what’s important to you and nothing else.

Here’s how to set it up to best serve you:

Login to Carmigo and select the bell icon in the top right hand corner.

You can view and/or clear current notifications from this panel.

To change your notification settings, select the gear icon in upper right corner

Choose which notifications you want to receive and how you want to receive them

See for Yourself
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Carmigo and VINCUE Forge Partnership to Give Dealers Better Tools for Wholesale

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Carmigo and VINCUE Forge Partnership to Give Dealers Better Tools for Wholesale
Users will now utilize live market data for precise decision-making in online wholesale acquisitions across both systems.
Users will now utilize live market data for precise decision-making in online wholesale acquisitions across both systems.

TUPELO, Miss. — Carmigo and VINCUE announce a new partnership set to transform the way dealers buy and sell used cars. This collaboration empowers users on both platforms with unprecedented access to vital live data and a wider array of wholesaling options.

With this innovative integration, Carmigo users can now effortlessly view recent retail transactions and the average retail price for cars listed on Carmigo, all powered by VINCUE live market data. Carmigo has also partnered with VINCUE to power their RetailScore, which shows dealers which cars in their inventory are likely to sell at retail and which are good candidates for wholesale.


Meanwhile, VINCUE has incorporated Carmigo into its Trade Network and Buying Plan, granting VINCUE dealers access to the thousands of used car listings available on Carmigo’s one-day auction and marketplace.

“We’re excited to be partnering with Carmigo to give users on both platforms access to better data and more options for buying and selling used inventory,” said Chris Hoke, Founder, CEO, and CTO of VINCUE. “By working together, our dealers can make wholesale easier and more efficient.”

VINCUE’s comprehensive inventory management system is designed to streamline the buying, appraising, and selling process, enabling dealers to adopt a more scientific approach to inventory management.

“VINCUE is bringing a lot to the table for our dealers,” said Andrew Warmath, CEO and Co-Founder of Carmigo. “We want to make it easy for dealers to make informed buying decisions. Adding VINCUE live market data is a powerful tool to help our users buy smart.”

Carmigo users can buy and sell on a one-day auction or untimed marketplace. They also offer Carmigo Turn which helps dealers increase used inventory turn and protect their profits.

Visit Carmigo or VINCUE to learn more.

About Carmigo

Carmigo is an online marketplace and wholesale platform for dealerships. They provide tools to help dealerships increase used inventory turn and source consumer cars for their dealership. The startup works with dealerships across the nation, but is based in Tupelo, MS, and is rapidly expanding its team.

About VINCUE

VINCUE is transforming the retail automotive software industry by providing dealers with new, innovative end-to-end inventory lifecycle management and market pricing solutions. This gives dealers access to real-time data and tools in a single system to stock smarter, increase turn, compete effectively, and above all else — maximize profits.

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Penske Net Income Down 28%, despite sales increase

by hannahmoorein Easy, Industry InsightsLeave a Comment on Penske Net Income Down 28%, despite sales increase
Penske Net Income Down 28%, despite sales increase
Feels like deja vu, right?
Last month we covered how CarMax reported a 25% decrease in net income, despite an increase in sales. Penske Automotive reported near identical results in their latest earnings - 28% decrease in net income despite a 1% increase in sales.
As customers opt for new cars, used inventory is aging longer than ever – all while racking up holding costs and depreciating like a rock.

Penske and CarMax have shown us that sales growth is not enough to outpace depreciation and holding costs, increasing your used car turn is a must. Start working with your Carmigo DSR today so your dealership doesn’t fall prey to these new market conditions.
Don't make the same mistake
Updates from Carmigo
Extravapalooza is a wrap– and was a major success
Our dealers really did the name justice this year
Cars Sold
0 +
in Total Prizes Awarded
$ 0 K
Participating Dealers
0 +
> MMR
Average Sale Price
Product Team Quickfire

A quick look at how our product team has been improving Carmigo

Real-time market data in partnership with VINCUE
Average retail sale price now available when browsing
View past retail transactions in your market
In-app notifications are here
– View current and past notifications in the brand new notification center

– Get real time updates on listings relevant to you while logged in

– Overhauled email and SMS notifications based on your feedback
These are just a few of the many improvements the team has made this month. If you have feedback on how to improve the Carmigo experience, share it with your Carmigo Dealers Sales Rep and they can share it with the product team. We love hearing feedback from our users.
Check it out
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CarMax sales are up, but net income down 25%… how?

by hannahmoorein Industry InsightsLeave a Comment on CarMax sales are up, but net income down 25%… how?
CarMax sales are up, but net income down 25%… how?
The data shows dealerships across the country will face similar struggles
carmax buy my car
CarMax’s most recent earnings reported an increase in unit sales, but net income was down more than 25 percent due to a 9 percent increase in inventory level - proving that inventory is more costly than ever.
According to the Manheim Index, used car prices are down a staggering 13.7 percent from April 2023. As reported by the Car Dealership Guy, this is primarily driven by increased supply of cheap new inventory, which consumers are opting for more and more.

Perhaps this sounds all too familiar, and if not, it’s a reality your dealership needs to face head on. No amount of sales can outpace the depreciation you are facing, your best bet is to move used units quickly. Carmigo can help. Talk to your Carmigo Dealer Sales Rep today about how we can help you identify your slow turning inventory and easily turn it into cash.
Updates from Carmigo
Last Week's Promotion by the Numbers
We gave away $500 for every 5 cars sold last week. Here’s the results:
Cars Sold
0 +
in Total Prizes Awarded
$ 0 K
Participating Dealers
0 +
Product Team Quickfire

A quick look at how our product team has been improving Carmigo

Many dealers requested to add a filter for Carmigo Inspected cars on our buying interface – so we added it.
Searching by VIN in Turn used to require the full VIN. Now you can find cars with just a partial VIN.
Our buying interface for the one-day auction and marketplace is now sorted by pages, making it easier to navigate.
These are just a few of the many improvements the team has made this month. If you have feedback on how to improve the Carmigo experience, share it with your Carmigo Dealers Sales Rep and they can share it with the product team. We love hearing feedback from our users.
Check it out
Go to our auction
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2024 is Carmigo’s Year of Growth

by hannahmoorein Easy, Green Light, Industry InsightsLeave a Comment on 2024 is Carmigo’s Year of Growth
2024 is Carmigo’s Year of Growth
Our users have stepped up, so we're bringing on more dealers faster than ever.
In the last three months, our average bids per car has doubled, and more than 100 new dealers are actively bidding on our auction.

Table of Contents

Introducing our recently onboarded Carmigos

This trust you placed in us proved it was time to go out and scale our network, here’s the team responsible for that:

John Tharp | Vice President of Sales
More than 35 years of automotive experience, former National Program Manager at Insurance Auto Auctions
Angelia Madderra | Montgomery, AL
More than 13 years of automotive experience, previously ACV and Auto Auction of Montgomery
Shannon Short | Pensacola, FL
Previous Market Expansion Manager at E Block, responsible for opening nine markets
Brandon Crouch | Memphis, TN
Former General Sales Manager, Collierville Chrysler Dodge Jeep Ram
Mike Benke | Roanoke, VA
More than 29 years of automotive experience, former roles for in-lane and online auctions

As we add more dealers, offers become more competitive, and our available inventory will grow. Thanks to your support, we are able to invest in the expansion of our network and bring more value for you – our users.

Get Those Pencils Sharpened

A lot of changes have come to the platform lately, here is one easy place to learn about them all

Just two months ago we launched Carmigo Turn alongside an updated buying interface. Things look different, and to be honest, we’re still getting used to it ourselves. If you have any questions about some of changes we recently rolled out, be sure to check out Carmigo EDU.

• Seven videos outlying key changes and new features to the platform

• Each video is less than 90 seconds

• Highlights how to use the new features and how they can help you more effectively wholesale
Check it out

Carmigo’s Tip of the Month

Did you know… the listings on our auction tab automatically sorts by how close the listing’s reserve price is to MMR.

• If you list a car, the closer your price is to MMR the higher up it will be on the auction and the more eyeballs it will get

• If you’re buying, the cars listed at the top are more likely to sell at a price close to MMR
Try It Out
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How to Use Carmigo’s Automated Rules to Increase Turn

by hannahmoorein Easy, Green Light, Industry InsightsLeave a Comment on How to Use Carmigo’s Automated Rules to Increase Turn

How to Use Carmigo’s Automated Rules to Increase Turn

The used car market is hard to navigate, and 2024 brings even more challenges for dealerships. But we're here to help.
Carmigo is dedicated to bringing you solutions designed to increase inventory turn and protect profits.
Carmigo Turn’s Automated Rules helps you move your cars for more BEFORE they start to slow turn.

You can set your automated rules right now. Follow the video for step-by-step instructions or contact your Dealer Sales Rep.

View YouTube

Table of Contents

Deep Dive: Carmigo’s Automated Rules

‘Set it and forget it’ only works if you, well, set it.

Last month we announced the biggest product update in our company history. Carmigo Turn is our new wholesale platform designed to help you increase used inventory turn.
At the center of Turn is our Automated Rules:
Average days to turn on used inventory is at a five-year high.
Change pricing based on age guidelines that you set
Flexibility to use internet price, wholesale price and cost as your basis

Is the “Affordability Crisis” Here?

This newsletter from the Car Dealership Guy caught our attention.

You can read the full newsletter here, but here is a quick summary:

• Average negative equity for consumers is highest since 2020

• Manufacturers pursuit of higher margins and supply chain issues are to blame – among other factors

• This is creating a very competitive used car market

So what does this mean for your dealership?
Your used inventory strategy in 2024 should be very intentional – and it won’t be easy.
1. Focus on acquiring cars that data shows won’t slow your turn

Turning every stone to find affordable models that fit the needs of your customer base is key, even if it means looking outside of your traditional acquisition channels

2. Move the cars you know aren't a good fit

In a highly competitive market, you can’t run with ankle weights. Make an honest assessment of your used inventory and get rid of the cars slowing your turn before you’re in too deep.

Surprise, surprise – we can help with both. Talk with your Dealer Sales Rep today about how we can help.

Your FAQ’s Answered

Last month brought a lot of big changes for us. And in tow came a lot of great questions from all of you. Check out some of our most frequently asked questions below to help guide you through some of the biggest changes we rolled out to the Carmigo experience.
Read the FAQ
I'll learn by doing
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Carmigo Turn Launches February 1st

by hannahmoorein Easy, Green Light, Industry InsightsLeave a Comment on Carmigo Turn Launches February 1st

Carmigo Turn Launches February 1st

The used car market is hard to navigate, and 2024 brings even more challenges for dealerships. But we're here to help.
Carmigo is dedicated to bringing you solutions designed to increase inventory turn and protect profits.

Table of Contents

Last week, we announced Carmigo Turn

It’s kind of a big deal–one of our biggest announcement ever.

Here's what you need to know:
Average days to turn on used inventory is at a five-year high.
Used car values have plummeted since the pandemic.
In light of these market trends, we created Carmigo Turn to help you increase used inventory turn.

All new buying interface

We listened to your feedback.

Alongside Carmigo Turn, we’ll be releasing our updated browsing interface for our one-day auction and marketplace.

These are just some of the biggest changes we’ve made. We’ve also introduced a watchlist, new filters and flags for listings you’re high bid on and where you’ve been outbid.

Have you set up your inventory integration?

Your DSR can help. If your inventory feed isn’t integrated with Carmigo you won’t be able to use Carmigo Turn, our marketplace or have the ability to push your listings to other nationwide marketplaces. Talk to your DSR today about getting integrated so you can start increasing your turn.
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