OKI Auto Auction Company Profile
Background
OKI Auto Auction, established in 2000, is a locally owned auto auction house headquartered in Elizabethtown, Kentucky. The company serves a significant portion of the Midwest, including Ohio, Kentucky, Indiana, and Tennessee. Its mission is to provide a reliable and efficient platform for the sale and purchase of vehicles, catering to both dealers and the public. Over the years, OKI Auto Auction has grown from a small operation into a key player in the regional auto auction industry.
Key Strategic Focus
OKI Auto Auction specializes in conducting dealer auctions and public repossession auctions. Dealer auctions are held every Friday at 10:00 a.m., preceded by a tow dealer auction at 9:50 a.m. The public repossession auctions also take place every Friday at 10:00 a.m. On average, the auction runs over 225 units weekly, consigned by more than 75 area new and pre-owned automotive dealers, lenders, and charitable organizations. The company emphasizes leveraging technology to enhance auction participation, offering online bidding options to complement in-lane activities.
Financials and Funding
As of the latest available data, OKI Auto Auction reported annual revenues of approximately $9.5 million, with a workforce of 82 employees. The company has experienced steady growth since its inception, expanding its facilities and services to meet increasing demand. Specific details regarding funding history and recent funding rounds are not publicly disclosed.
Pipeline Development
OKI Auto Auction continually seeks to enhance its service offerings and operational capabilities. While specific future developments are not publicly detailed, the company's history of facility expansions and service enhancements indicates a commitment to growth and adaptation to market needs.
Technological Platform and Innovation
The company integrates technology into its auction processes to improve efficiency and accessibility. This includes online bidding platforms that allow remote participation, thereby expanding the reach of their auctions beyond the physical location. The adoption of such technologies demonstrates OKI Auto Auction's commitment to innovation in the auto auction industry.
Leadership Team
The leadership team at OKI Auto Auction includes:
- Jim Turner, Owner: Oversees the overall operations and strategic direction of the company.
- Tony Schoenling, General Manager: Son of founder Lee Schoenling, Tony has been involved with the company since 2001, progressing through various roles to his current position.
Leadership Changes
In 2024, OKI Auto Auction was acquired by Dealers Auto Auction Group (DAAG), marking a significant change in leadership and ownership. Following the acquisition, the auction was renamed DAA Cincinnati, with Tony Schoenling continuing as General Manager under the new ownership structure.
Competitor Profile
Market Insights and Dynamics
The auto auction industry in the United States is a critical component of the automotive supply chain, facilitating the sale of used and repossessed vehicles. The market is characterized by a mix of large national players and regional independent auctions, each competing for market share through service offerings, technological integration, and customer relationships.
Competitor Analysis
Key competitors in the auto auction industry include:
- Manheim Auctions: A subsidiary of Cox Automotive, Manheim operates numerous auction sites across the U.S., offering a wide range of services including financing, transportation, and reconditioning.
- RB Global (formerly Ritchie Bros. Auctioneers): A publicly traded company specializing in industrial and automotive auctions, with a significant presence in North America.
- Mecum Auctions: Specializes in collector car auctions, hosting events nationwide and attracting a diverse clientele.
These competitors offer a range of services and have established strong market positions through extensive networks and comprehensive service offerings.
Strategic Collaborations and Partnerships
The acquisition by Dealers Auto Auction Group in 2024 represents a significant strategic partnership, expanding DAAG's footprint into the Midwest and providing OKI Auto Auction with additional resources and operational support.
Operational Insights
OKI Auto Auction's strategic location in Elizabethtown, Kentucky, positions it advantageously to serve the Ohio, Kentucky, Indiana, and Tennessee markets. The company's focus on both dealer and public auctions, combined with its integration of online bidding platforms, provides a competitive edge in accessibility and service diversity.
Strategic Opportunities and Future Directions
Under the new ownership of Dealers Auto Auction Group, OKI Auto Auction is poised for further growth and expansion. Potential opportunities include leveraging DAAG's broader network to attract additional consignors and buyers, enhancing technological capabilities, and expanding service offerings to meet evolving market demands.
Contact Information
- Website: www.okiautoauction.com
This profile provides a comprehensive overview of OKI Auto Auction, highlighting its history, strategic focus, leadership, and market position within the auto auction industry.
