CarMax Partners With UVeye For AI-Enhanced Condition Reports On Wholesale Vehicles
CarMax Inc (NYSE: KMX) has partnered 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 vehicle inspection systems powered by artificial intelligence and proprietary hardware.
CarMax, which invested in UVeye in 2021, has been working on innovative inspection solutions for the auction space. CarMax moved its auction sales online in 2020.
CarMax has installed the technology in several wholesale locations and uses UVeye to scan the body, tires, and undercarriage of vehicles to produce a user-friendly online report with high-resolution photos.
The system also can detect issues such as frame damage, missing parts, fluid leaks, brake and exhaust-system issues.
"We've been impressed with UVeye's technology, and we believe it will help us maximize efficiencies in our wholesale auction process," said Dave Unice, VP of Merchandising Operations.
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.
Price Action: KMX shares are trading higher by 0.79% at $67.86 on the last check Tuesday.
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