ST. LOUIS, MO – May 13, 2020 – LaneX.bid, a startup virtual auto auction platform offering 360-degree Condition Reports, announced today their marketplace and auction platforms are open for business. Their unique business model allows them to offer unprecedented buy and sell fees of $200 and $100, respectively.
“Opening a new business in the age of COVID-19 has been a unique challenge,” said Ben Schwarz, the LaneX.bid Founder and CEO. “Thankfully, our entire business model is built around a virtual auction platform. Unlike most players in the auto auction industry, we don’t host in-person auctions. Instead, ours are live events with actual auctioneers, conducted entirely online. We planned it that way because we believe it is more efficient and allows for a much better experience, but more importantly, our structure provides maximum health and safety protections for customers.”
Schwarz said he developed key technology partnerships that allow LaneX.bid to function smoothly as a virtual auto auction. The online auction platform is patented technology developed and hosted by Auction Streaming, while the unique and immersive 360-degree images and condition reports are powered by Fyusion. Logistics partner ACERTUS seamlessly connects LaneX.bid with pre-approved, carefully vetted carriers to transport purchased vehicles.
“We architect software systems that are ahead of its time and rely on forward thinking partnerships like LaneX.bid with the same vision to make it materialize into a streamlined profit-making machine,” said Mr. David Vahman, Founder & CEO of Auction Streaming. Mr. Joe Kramer, SVP, Auction Streaming & Autoxloo, added: “Overnight LaneX.bid has become the new standard of Automotive Wholesale Remarketing. LaneX.bid changes the paradigm of how vehicles are sold, traded and delivered bringing instant value to participating dealerships and auctions alike.”
Fyusion CEO and co-founder Radu B. Rusu said his company is excited to provide LaneX.bid customers with lifelike, immersive 360-degree view of vehicles up for auction. “We are pleased to partner with LaneX.bid to create an innovative solution that will improve the auction experience for many auto dealers,” said Rusu. “Like Fyusion, LaneX.bid is looking to the future of automotive wholesaling, and responding to changing customer needs. We look forward to building a great customer experience together.”
ACERTUS Co-Founder and Chief Executive Officer William Billiter said the timing is right to re-think how cars are bought and sold at the wholesale level. “It’s always exciting to partner with fellow industry innovators to create powerful technology solutions to streamline automotive logistics,” said Billiter. “Amidst these unprecedented times, the auto remarketing industry is ready to embrace a new wave of digital transformation to buy and sell cars. Through this strategic partnership, ACERTUS will serve as a fast, reliable transport solutions provider to help increase speed to market and maximize vehicle value during a time when buyers and sellers need it the most.”
Prospective buyers and sellers are encouraged to visit https://www.lanex.auctionstreaming.com/dealer-registration to register, or call CEO Ben Schwarz directly at 405-441-3122.