General Motors Files To Trademark DealerSource For Online Auctions0
General Motors has filed to trademark DealerSource, GM Authority has uncovered. The filing may be used for an online auction service that enables General Motors dealerships to bid on and purchase off-lease GM vehicles, as well as a management system for end-of-lease vehicles.
Filed on July 7th, 2021 with the United States Patent and Trademark Office (USPTO), the application is assigned serial number 90814854. The application lists “Business management services, namely, assisting automotive dealers in managing the end of lease turn-in-process for off-lease vehicles at the end of the normal lease term, sourcing inventory of turned-in leased vehicles to an authorized network of automotive dealers by operating an on-line auction which allows bidding and purchase of turned-in previously leased vehicles.”
As GM Authority covered previously, GM Financial, which serves as The General’s captive finance arm, has announced it is stopping end-of-lease purchases for non-GM dealers. The move, which took effect July 1st, is intended to give participating GM dealers priority with regard to access to leased General Motors vehicles reentering the market.
At the moment, the global microchip shortage has resulted in a significant decrease in inventory for new and used vehicles. As such, demand for pre-owned, off-lease GM models has increased. With that in mind, the prioritization of participating GM dealers when it comes to access to vehicles reentering the market will help to bolster dealer inventory. The new GM Financial policy is expected to remain in place through the remainder of the 2021 calendar year, after which policy may be reevaluated.
The reduced vehicle inventory follows widespread vehicle production cuts as General Motors grapples with the global microchip shortage. Used car prices reached record highs in June and are expected to climb even higher in the next several months as tight inventory and few discounts send car shoppers to the used market.
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