Cision PR Newswire
CarMax Partners with UVeye to Automate Inspections at Wholesale Auctions
News provided byUVeye
Jan 24, 2023, 9:00 AM ET
- CarMax's wholesale business sold more than 700,000 vehicles during fiscal year 2022
DALLAS, Jan. 24, 2023 /PRNewswire/ -- CarMax, the nation's largest retailer of used cars and one of the largest used-car wholesalers, is partnering with UVeye to provide AI-enhanced condition reports for buyers of vehicles sold at auction.
CarMax has been a strategic investor in UVeye since 2021. The companies have been working together on innovative solutions to improve used-car auction processes. CarMax's wholesale business sold more than 700,000 vehicles during the past fiscal year.
CarMax is implementing UVeye's industry-first inspection technology for its wholesale business operations under a licensing agreement with UVeye.
UVeye systems use artificial intelligence, machine-learning, sensor-fusion and high-speed-camera systems and can spot issues ranging from worn tires and sheet metal-problems to underbody damage.
CarMax moved its auction sales online in 2020. In a remote-first world, capturing quality imagery is critical to providing buyers with a maximum amount of information about each vehicle. The company already has installed UVeye systems at several wholesale locations and plans to roll out the UVeye technology throughout parts of its wholesale business.
CarMax will be using UVeye vehicle scans to check vehicle exteriors, undercarriage components and tires to quickly produce online user-friendly reports that include high-resolution photos. Systems in use at CarMax also will have the ability to detect issues such as frame damage, missing parts and fluid leaks, as well as brake and exhaust-system problems.
"CarMax's purpose is to drive integrity by being honest and transparent in every interaction," said Dave Unice, CarMax vice president of Merchandising Operations. "Our partnership with UVeye allows us to further this mission by providing dealers with highly detailed imagery on auction vehicles online.
"We've been impressed with UVeye's technology and we believe it will help us maximize efficiencies in our wholesale auction business. We look forward to further implementing this best-in-class solution across our network and exploring new opportunities and potential uses with UVeye."
UVeye CEO and Co-founder Amir Hever added that "UVeye is on a mission to standardize automated inspection processes throughout the automotive industry. Our program with CarMax represents a significant step towards meeting that goal.
"It's a true privilege to have CarMax on this journey with us both as an investor and as a strategic customer. We will continue to work together on providing the best customer experience possible."
Hever noted that CarMax will have a presence in UVeye's exhibit (Booth #6239) at the annual NADA (National Automotive Dealers Associations) conference on January 26-29 in Dallas, Texas.
CarMax, the nation's largest retailer of used autos, revolutionized the automotive retail industry by driving integrity, honesty and transparency in every interaction. The company offers a truly personalized experience with the option for customers to do as much, or as little, online and in-store as they want.
CarMax also provides a variety of vehicle delivery methods, including home delivery, express pickup and appointments in its stores. During the fiscal year ended February 28, 2022, CarMax sold approximately 924,000 used vehicles and 706,000 wholesale vehicles at its auctions. In addition, CarMax Auto Finance originated more than $9 billion in receivables during fiscal 2022, adding to its nearly $16 billion portfolio.
CarMax has more than 230 stores, more than 30,000 associates, and is proud to have been recognized for 18 consecutive years as one of the Fortune 100 Best Companies to Work For®. CarMax is committed to making a positive impact on people, communities and the environment. Learn more in the 2022 Responsibility Report. For more information, visit www.carmax.com.
Co-founded by Amir and Ohad Hever in 2016, UVeye has created the world's first comprehensive and fully automated suite of vehicle-inspection systems. The company's drive-through systems utilize a unique combination of proprietary algorithms, cloud architecture, artificial intelligence, machine learning and sensor-fusion technologies. Its systems can detect within seconds external or mechanical flaws and identify anomalies, modifications or foreign objects from under and from any side of a vehicle.
UVeye's scanning processes complete within seconds and can be used throughout a vehicle's lifecycle. The company's technology originally was developed for the security industry to detect weapons and contraband. It now is used in the auto industry to detect a wide variety of quality issues, including oil leaks, paint scratches, tire problems, brake-line damage and exhaust-system issues.
In addition to CarMax, the company's investor group includes General Motors, Hyundai Motors, Toyota Tsusho, Volvo Cars, W.R.Berkley, FIT Ventures, Meitav Dash Investments, Menora Mivtachim Holdings and Y.D. More Investments.
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