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CarMax Partners With UVeye For AI-Enhanced Condition Reports On Wholesale Vehicles

Shivani Kumaresan
·1 min read

  • 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.

  • Photo Via Company

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This article originally appeared on Benzinga.com

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