Tuesday, October 1, 2002
Honda Used Car Sales
Co. Expanding Auction Business
TOKYO (Nikkei)--Honda Used Car Sales
Co. is expanding its used-automobile
auction business.
The firm recently linked its four
auction houses nationwide using high-speed
circuits, enabling interactive
communications that make it possible for
bidders at any of the locations to
place bids on vehicles being auctioned
at the other sites.
It has also enabled transactions from
remote locations by introducing
dedicated terminals for participation
in auctions at dealerships, primarily
those operated by Honda-affiliated
used-car vendor Auto Terrace. It
expects to introduce the terminals at
300 used-car dealerships outside
the Honda group next fiscal year.
The auction settlement method will
also be changed in October. Instead of
allowing buyers up to four days after
the auction to pay for purchases,
settlement will now be required the
day after the auction so that sellers
can receive payment promptly. The aim
is to create an environment that
facilitates people putting vehicles
up for auction.
By making these changes, the company
hopes to boost the number of autos it
auctions by 50% this fiscal year.
Thursday, June 22,
2000
Honda To Open
Internet-Ready Used-Car Auction Hall
TOKYO
(Nikkei)--Honda Motor Co. from June 2001 will open a used-car
auction site here that will enable bidders to take part remotely via
the Internet.
The site will be operated by Tokyo-based wholly
owned subsidiary. The 300 million yen facility will have 17,000 sq.
meters of space and three screens for displaying vehicle images. All
400 of its seats will be equipped with POS (point-of-sale) equipment
for use in bidding.
The company will first make it possible for
Honda-affiliated dealers to participate online. If remote bidding
proves successful, it will then open up the process to independent
dealers and those affiliated with other manufacturers.
Honda already has directly run auction sites in
Nagoya and Fukuoka, and also plans to make the Nagoya site
Internet-compatible. It now has 3,000 member companies in its
auction system.
Sluggish new-car sales in Japan have resulted in a
shortage of high-quality trade-ins. Honda aims to help its dealers
obtain good used vehicles at reasonable prices by developing its own
auction system.
(The Nikkei Industrial Daily Thursday
edition) | 
