The Best Way To Auction A Car Online
Selling a car is a tedious exercise for many. Especially for first-timers who have never had to deal with all of the ups and downs of an auction! While trading in would reduce your chances of getting good money for the car, selling it to someone all by yourself would take days and sometimes months. Moreover, there is no guarantee that you'll even be able to sell it on yoru own!
That said there is one option that would help you avoid the hassles of trying to sell your car – put your car up for an online auction. Selling your car at an auction has major advantages. One of the most important advantages is that it does not lose its value. In fact, you can even get a better deal owing to its competitiveness and the winner’s curse.
Furthermore, online auction guarantees a swift process. It draws dozens of prospective buyers and you could have the money for your car in a day! Here are some useful tips before putting your car up for auction.
Find the Right Partner
All right, so you have decided to put your car up for online auction. However, you aren't familiar with the rules, fees, or various platforms. There are plenty of online auction sites that can be helpful in selling your car, but one thing is for certain, you have to know your market!
If you plan to sell an Aston Martin DB5, then you need to consign it to an auction house that accommodates the sale of such vintage and expensive cars. Therefore, it is vital that you do research and choose the right online auction partner. Don't try to sell your pricey car on the same site as a run down beater! Find the right site, to get the right buyers for your car!
Set Your Car’s Reserve Price and Run Position
Once you determine your auction site, you need to set a reserve price and run position for your car. Run lists are often pre-meditated affairs to lure bidders in with lower-priced cars selling early while the premium-priced cars steal the show during prime time.
After the more expensive cars are sold off, they then return to lower-priced cars to maintain sales momentum as the crowd dissipates. Try not to sell your car too early or too late. This can lead to undervaluation, as well as you losing out!
Take Good Photos and Write a Fitting Description
Clear, crisp images and a well-elucidated description can make the world of a difference in an online auction. You should document the condition of your car thoroughly, scan its original documents alongside it as well. Make sure you answer all of the bidders' questions thoroughly!
Make sure you mention the year of make, model, chassis number, number of kilometers run as well as the engine condition. Mention if the vehicle has undergone major repairs over the years. This will help build trust around your vehicle and help you sell it off at a good price.
Besides, online bidders are well aware of the fact that auction cars are used and will not be in pristine condition! No point trying to trick someone into buying your car, just be thorough, be honest, and answer questions well!
Remind Yourself That It Is Not Over Until It Truly Is
Often times, you see people losing patience when their car does not receive the bid they feel it is worth. Do not give up! The auction site is also interested in making money. They'll be certain that it's the right deal for you!
If your price is reasonable and your car does not sell on the block, be patient. When I was selling my Camry back in the day, I was fuming with the initial response I was getting. The bidders were shrewd, deliberately undervaluing my car. However, I did not give in. The next day, when more people joined the auction, I made over half a grand on it.
It's Time To Auction Your Car Online
So, in the end, it is all about being resilient – set a reasonable price for your car, choose the auction site wisely and stay patient. This way you can not only sell your car for a decent price, but you can also sell it quickly! Follow these tips to sell your car online and you'll sell your car in no time!