Competitive Landscape-TradeRev and ACV
TradeRev was created by people who love cars and are passionate about the vehicle industry. The company runs several promotions concurrently. ACV Auctions focuses on simplicity and transparency and continually provides new and requested features for their customers.
- Positioning: TradeRev believes that if they can advance the auto industry as a whole, then when it comes to buying a car, everyone will come out a winner. The position themselves as providing innovative solutions to connect dealers all over North America, thus improving efficiency in moving wholesale inventory more quickly and easier than ever before.
- Key Message: TradeRev is created by a group of people who love cars, are passionate about the industry, and can simplify and streamline the dealer experience.
- Current Marketing: Aside from promotional marketing on social media sites such as Facebook, Twitter, and YouTube, no marketing or advertising could be ascertained. A 2018 article was located touting TradeRev's app for auctions and vehicle inspections. We also were able to locate a case study of the advertising TradeRev did with the agency "The Garden", however, no time frame for the marketing was given.
- Promotions: TradeRev is running three promotions concurrently. The first is "Pedal to the Metal November" which offers bonuses for selling or buying five or more cars. The second promotion is "Big Reach. Big Savings." wherein the transportation prices under 500 miles has been greatly reduced. The final promotion is "It's Best in the Midwest" where buyers in Kansas, Missouri, and Minnesota have reduced flat transport prices from anywhere.
- Product Comparison: TradeRev offers three account types for seller services and each account type incrementally offers additional features as the price increases. The "general" account costs $149 per car and offers four features on their mobile app. The "VIP" account type is $199/car and includes two additional perks, including inspection and condition report services. The "all-access pass" is the most expensive account at $299/car and offers four more features in addition to all the lower accounts.
- Competition with Manheim: During a phone interview with The Motley Fool in August 2019, TradeRev was asked about their position and competition with Manheim Express and ACV. The response of James P Hallett, Chairman and CEO of KAR Auction Services said that they think Manheim Express is different from TradeRev and did not comment further on the topic.
- Positioning: ACV positions themselves as the "Full-Service Dealer Marketplace" providing 20-minute online auctions giving dealers immediate access to vehicles. The tout "unmatched transparency" and claim to be the new standard in online auto auctions.
- Key Message: ACV aims to fundamentally change the wholesale automotive industry by increasing the level of trust and transparency so that their customers succeed.
- Current Marketing: ACV is currently running three marketing campaigns on Facebook, each of these starting on March 21, 2019. Each of these advertisements focus on the idea of "the auction lane" getting faster. ACV also does content marketing on YouTube and Twitter.
- Promotions: ACV Auctions is not currently running any promotions on their website or social media accounts. Instead of promotions, the company appears to focus on providing new useful features to their customers. At the end of September 2019, it announced three new and requested features that had been added to their platform. These features include a run list with early access to inventories, new filtering options, and proxy bid options for buyers.
- Product Comparison: ACV Auctions has one simple pricing structure for access to their entire auction platform. They proudly express that there are no hidden fees, just transparent pricing. All buyers and sellers have access to the same platform and pay based on the purchase amount. Features of the platform include condition reports, audio clips of the engine running, filtering methods, and in-app checkout and payments among other features.
- Competition with Manheim: Despite recognizing the competition in the industry, it appears that ACV is unconcerned with Manheim at the moment. In an interview with AutoNews, CEO of ACV, George Chamoun, said "A used-car buyer looking to buy a vehicle at wholesale isn't something we invented. Whether it's us or ADESA or Manheim or an independent auction, they need to buy cars. We're just providing that avenue to buy it with a condition report that ACV is supporting and is giving you more details on that car." ACV's Facebook page, current, and previous advertisements do not make any competitive attack on Manheim.
While searching for marketing materials from TradeRev we looked at a variety of databases including the following: WeLoveAd, Mobile Marketing Association, Effie, iSpotTv, Moat, and Facebook Ads. Unfortunately, none of these resources provided marketing materials or advertisements from TradeRev. All of these resources and others provide not only current marketing efforts, but also those from that past that are now inactive.