Cooper Solutions removed its sellers’ fees at the beginning of 2019 in a move to further support dealers selling through its trade-only online auction site, FullAuction. As the year draws to a close, the business has confirmed that fees will not be re-introduced in 2020, therefore continuing to add value to its trade remarketing solution by maximising profits for retailers, crucial in the current competitive and challenging market.
FullAuction delivers similar or better results against CAP as physical auction houses and the large online players, but allows dealers to sell their trade stock and keep 100% of the profits. Analysis has shown that many dealers sell their stock through FullAuction before a physical auction has even collected the vehicles.
Dean Pipitone, Managing Director for Cooper Solutions, commented, “Making the decision to stop charging sellers has helped increase dealer profits. Without the overheads of physical auction houses, FullAuction delivers a cost-effective remarketing solution, and without sellers’ fees, it is an even more profitable route to disposal of stock.”
Cooper Solutions has carried out detailed research into the profitability of physical vehicle auctions. After reviewing more than 44,000 car sales, it was found that physical auction fees are typically larger than the profits retailers make on each sale, putting undue pressure on dealers’ margins. Not only does FullAuction reduce the cost of selling for dealers, it also reduces the time it takes to dispose of stock, meaning dealers get the money in the bank more quickly, boosting their bottom line.
Dean Pipitone continued, “FullAuction boosts the average pounds per unit and CAP performance by optimising the mix of well described stock, a large pool of buyers and outstanding profits for sellers. We have an ongoing commitment to deliver the best in digital solutions for dealers, which includes continually reviewing and improving existing solutions. Even the most successful solutions can have the potential to serve the market even more effectively, and we are committed to investing in FullAuction to ensure it continues to provide valuable support to our dealer partners.”
PIB Group Limited (‘PIB’) has successfully completed the acquisition of Cooper Solutions Ltd who provide a portfolio of online solutions for the retail automotive industry, including a market leading daily rate insurance product provided through PIB-owned Cooke & Mason. The news follows PIB’s recent acquisitions of CMR Solutions Ltd and Sue Smith Ltd.
At the heart of the Cooper Solutions portfolio of client propositions is a web based fleet management system which tracks all vehicle movements within a dealership and incorporates the provision of daily rate insurance for customer courtesy, demonstration and rental car loans. This daily rate insurance product has been provided since 2004 by Cooke & Mason, who are experts in the provision of insurance solutions to the motor trade and haulage sectors. The daily rate insurance product insures around 12,000 retailer cars per day and is the market leader in providing cover for unaccompanied customer driven demonstrations and courtesy cars.
Cooper Solutions was formed in 2001 and their portfolio also includes performance forecasting and financial management, used car stock management, electronic appraisal, and online trade vehicle auction. There are 34 employees based in Barford and owners Barry Cooper and Peter Cooper will remain in the business following completion of the deal, with Dean Pipitone assuming the role of Managing Director.
Barry Cooper commented: “We’re delighted that PIB is investing in us, and we are looking forward to providing our clients with access to a broader range of products and services through PIB. We place high value on the relationships we have with our customers, many of whom have been with us since our inception.” Brendan McManus, CEO for PIB Group commented: “I’m very pleased to welcome the team at Cooper Solutions who have worked closely with our experts at Cooke and Mason for almost 15 years. Their proven expertise in providing digital solutions to the automotive industry will open up new conversations and opportunities for our clients at Cooke & Mason. Likewise, we look forward to providing Cooper Solutions clients with further specialist advice and support from across the Group.” PIB has now made 24 acquisitions in total since 2016, five of which have been this year including Optis Insurance Ltd in Ireland, the COBRA Group of companies, CMR Solutions Ltd, Sue Smith Ltd and Cooper Solutions Ltd. Total headcount for the Group now stands at c1400 employees.
Brendan McManus continued: “PIB is only four years old and we have been growing every year since we formed. We have acquired some fantastic businesses and 2019 has been another successful year thanks to the hard work and dedication of all our people. Looking ahead it’s going to be another exciting ride as we start our international adventure.”