With physical auctions still closed due to the pandemic, there’s an undeniable need for dealers to tap into the digital market when selling unwanted vehicles. While the physical auction experience isn’t all that different from the digital auction experience, there are some tips to keep in mind when selling your stock online.
Digital doesn’t mean retail. While the ADESA UPSTREAM platform may look and feel like Amazon or eBay, on the other end is a dealer just like you. And just like at a physical auction, it’s another dealer bidding on the car, and they aren’t going to pay the same price as someone who walks onto your forecourt.
Before you send your vehicle to auction, research the trade guides so that you know its wholesale and retail market values. Be realistic and expect wholesale profit margins rather than retail.
Having a reserve price is one of the most underestimated considerations for moving inventory quickly and attracting more bids to your vehicle. Although ADESA UPSTREAM never discloses the exact reserve price, both buyers and sellers receive a notification after the reserve price is met.
Once those buyers know the reserve price is achieved, they’ll bid with more confidence, knowing you’re 100% willing to sell. And with more confidence comes more bids.
Your reputation to consumers is key to your dealership’s success, so why should it be any different when it comes to your peers?
Just like at the physical auction, buyers can see who the digital seller is. If they’ve had a bad experience with you, not only will they not want to do business with you, but just like in retail, word will spread quickly.
On the other hand, if you create a good reputation, not only will buyers be attracted to your vehicle when they see you’re the seller, but they’ll also bid with more confidence.
So, make sure you are transparent in your notes, responsive to questions and work to build a reputation that other dealers will trust.
If you’re trying out a digital auction for the first time, you’re not going to know everything from day one. But with a little work, you’ll soon realise just how easy digital auctions are to navigate.
Think about when you first tried Facebook; it was a learning curve just to figure out how to add a friend. But the more you used it, the easier it became, and suddenly it was second nature. Now you use it as a tool to build your brand, attract customers, and even to sell cars
Just like social platforms, we’ve put a lot of effort into creating an easy user experience. Have an open mind, ask questions, and keep learning, and our team are on hand to help you every step of the way
Soon enough, digital auctions will become second nature, too.
If you haven’t tried selling vehicles digitally, then now is a good time to give it a go.
Talk to ADESA UK about how our 24/7 UPSTREAM platform can help you with your vehicle remarketing needs. Call us today on 0344 22 55 477 or email firstname.lastname@example.org.