CarFoxes INC uses a new way to work with car auctions using the method – arbitrage.
The history of auto auctions as a distinct market segment numbers more than 75 years, and these auctions have always been in demand. Today, the auto auction industry is an integral part of the larger automotive industry. In the last 10-15 years, buying damaged cars from the United States using auction sites has become a worldwide trend. In addition, the economic situation in the world has led to a shortage of semiconductors, which has reduced the number of offers for new cars. This has increased demand in the secondary market. According to the results of recent analytical studies, even more influx is expected in the future.
CarFoxes is the first company in the world to broker car auctions for accident vehicles. The company uses its own arbitrage strategies developed by experts, which allow it to successfully develop in a growing market.
The history of CarFoxes
The founder of CarFoxes, Mr. Maxim Lobanov, previously worked at the largest auto auction in the state of Florida. In his position as an executive, he learned all the ins and outs of how a car auction works and how to export used cars from the inside.
After understanding all the procedures and intricacies of how such sites work, he decided to go further and start his own business that could leverage the capabilities of multiple auction sites to sell used cars simultaneously.
After assembling a team of like-minded people who combined their practical experience, he created a unique product for arbitrage in used car auctions and was able to achieve tremendous success in a short period of time.
CarFoxes‘s business is focused on two territorial segments: the U.S. and abroad. The extensive experience in the field of car auctions and the professional qualifications of the CarFoxes team allowed us to successfully establish ourselves in our segment and take a leading position in the market. Now, in addition to arbitrage at auctions, the company has started developing its own products.
Prospects for the car auction market
The car auction market with large domestic consumer demand has not lost its importance over the years, but is expanding its territorial boundaries. In recent years, more and more citizens of other states have become customers of auctions in the U.S. and Canada.
And there are reasons for this. For example, a potential car owner who buys a car through an auction has a wide choice in terms of model, technical condition and desired price of the vehicle.
The demand for American used cars is increasing all over the world, thanks in part to the advantages of buying through auction sites. Used cars from the USA are more affordable than cars from other countries. In addition, car owners in the U.S. have high maintenance culture.
According to recent statistics, the annual turnover of the car auction market is over $9 billion. Hundreds of thousands of cars are sold there every year. The specifics of the industry in which the company operates are favorable, and you can count on an influx of consumers for many years.
The dynamics of the auction market in today’s global economy require companies to keep pace with changing market conditions. And CarFoxes is a prime example of the digitization of a predominantly offline industry. Over the past year, the company has greatly expanded its digital platforms, which has allowed it to gain exposure on the international stage.
A great start for a young company is a great incentive to develop further. Currently, CarFoxes is in a new phase of its development and plans to create other startups in the automotive sector under its brand.
The first products are already being tested and their official launch is planned for this year.
Competitive advantages of CarFoxes
The company uses unique technologies and focuses on innovation by conducting multidirectional transactions with insurance cars. In the course of its work, it constantly improves its methods and introduces new tools aimed at reducing administrative costs, shortening the cycle of transactions completed by specialists and improving returns.
Analysts highlight the following competitive advantages of CarFoxes:
- A unique business strategy implemented in the longstanding car auction market.
- Extensive experience of qualified specialists of the company in a very specific industry.
- Wide international differentiation of activities. In addition to the US domestic market, the company is active in the international arena.
- Constant improvement of methods and strategies of work, allowing to adapt to changing market conditions.
- Low capital intensity of the business, providing a significant financial flow.
- Creating innovative products under own brand and bringing them to the market.
Founded three years ago and headquartered in the US, Florida, CarFoxes is the world’s only auto auction arbitrage company using proprietary technology, innovative analytics tools, software and hardware solutions.
During the company’s existence, its team has clearly demonstrated its presence in the market due to the number of successful transactions made by the CarFoxes team of professionals. The company employs highly qualified specialists who understand the work of this sector of the industry from the inside, and have gained their experience in practice.
For more information about the company, visit the official CarFoxes website. The company also maintains a blog that covers a range of topics, including the latest global automotive news and its development plans.