Manheim Auctions has introduced Seller Advance, an online valuation and up-front payment service to help dealers quickly convert part-exchanges into cash.

The system involves an up-front payment via BACS from Manheim, based on a valuation created from condition information and real-time market data.

Once the valuation is agreed and the deal secure the part-exchange can be sent directly to auction at the click of a button, and the full valuation is advanced.

Once sold at auction, any difference between the advance payment and the price achieved is subsequently reconciled.

Manheim said that during a six-month trial the valuation engine has consistently returned values with less than a 3% margin of error and has proved invaluable to dealers.

“This accuracy provides an essential support in converting enquiries into sales and maximising the profitability from each retail opportunity,” said a spokesman.

Manheim said ease of data entry and recording of vehicle condition information improves dealership disciplines and the level of visibility on activity. Vehicles can be tracked through each stage, significantly improving the level of management information and control available.

Mike Pilkington, managing director, Manheim Auctions & Remarketing said: “Seller Advance takes the hassle out of the part-exchange process and guarantees cash flow at a crucial time for dealers.”