CarMax Partners with AI Technology Company UVeye on Vehicle Assessment Technology for Wholesale Vehicles
News provided byCarMax
Jan 24, 2023, 9:00 AM ET
RICHMOND, VA, Jan. 24, 2023 (GLOBE NEWSWIRE) -- CarMax, the nation’s largest retailer of used cars and one of the largest wholesalers of used cars, announces it is partnering with UVeye on automated vehicle assessment technology through AI-enhanced condition reports for wholesale buyers of vehicles sold at auction. UVeye is a computer vision tech company that develops automated inspection systems for vehicles, powered by artificial intelligence and proprietary hardware.
Since CarMax strategically invested in UVeye in 2021, both companies have been working together on innovative inspection solutions for the auction space. CarMax moved its auction sales online in 2020, and in a remote first world, capturing quality imagery is critical to providing buyers with maximum information regarding each vehicle. CarMax has installed the technology in several wholesale locations and uses UVeye to scan the body, tires, and the undercarriage of vehicles to quickly produce an online user-friendly report with high resolution photos. The system also has the capability to detect issues such as frame damage, missing parts, fluid leaks, brake and exhaust-system issues. CarMax operates the system through a license from UVeye.
“CarMax’s purpose is to drive integrity by being honest and transparent in every interaction. Our partnership with UVeye allows us to further this mission by providing dealers with highly detailed imagery on auction vehicles online,” said Dave Unice, VP of Merchandising Operations. “We’ve been impressed with UVeye’s technology, and we believe it will help us maximize efficiencies in our wholesale auction process. We look forward to further implementing this best-in-class solution across our network and exploring new opportunities and potential uses with UVeye,” added Unice.
UVeye CEO Amir Hever echoed this, saying, “UVeye is on a mission to standardize automatic inspections in the automotive industry, and this marks a significant step for us. It is 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.”
CarMax intends to continue to roll out the system across its wholesale business, which sold more than 706,000 vehicles in the last fiscal year.
CarMax will be appearing alongside UVeye at their exhibition at this year’s NADA conference to be held January 26-29 in Dallas, where they will showcase the partnership and how the technology functions.
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.
UVeye systems utilize a unique combination of proprietary algorithms, cloud architecture, artificial intelligence, machine learning and sensor-fusion technologies. The drive-through systems can detect within seconds external or mechanical flaw 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. Its 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. The company's investor group includes CarMax, Meitav Dash Investments, Menora Mivtachim Holdings, Y.D. More Investments, General Motors, Toyota Tsusho, Volvo Cars, W.R. Berkley. FIT Ventures and Hyundai Motors. A DropBox selection of photos and video is available at https://bit.ly/3Oqffic. Additional information is available at www.UVeye.com.
Public Relations CarMax (855) 887-2915 PR@carmax.com