By Joe Miller
Wholesale vehicle remarketing—a phrase that many credit union executives may not know—lies at the center of an $80 billion marketplace where lenders, auction houses, car dealers and others convene to buy and sell used vehicle inventory in the most efficient manner possible. AutoIMS, a company that provides industry standard platforms to connect lenders with auctions and manage vehicle inventory, also sits at the center of this marketplace
AutoIMS was founded over fifteen years ago by auction industry executives who recognized that the Internet offered several incredible opportunities to improve upon expensive, error-prone and paper-driven processes that then dominated the industry. An industry pioneer named Don Meadows, known for his fair-but-tough perspective as a big seller at auctions, agreed to build, from the ground up, a new software platform that would satisfy the needs of everyone in the auto auction industry. Meadows was well-known to industry insiders for many reasons, but especially for his ability to fairly judge vehicle depreciation and residual values, his knack for blending art and science in selling cars, and for his mediation skills. The auction marketplace is about bringing different parties with disparate goals together amicably and Don’s work at AutoIMS epitomized the industry’s best qualities perfectly. He was an utter success.