{"id":2977,"date":"2017-09-13T09:00:29","date_gmt":"2017-09-13T13:00:29","guid":{"rendered":"https:\/\/www.autoraptor.com\/?p=2977"},"modified":"2024-10-14T12:33:31","modified_gmt":"2024-10-14T16:33:31","slug":"online-vehicle-auctions-make-smart-purchases","status":"publish","type":"post","link":"https:\/\/www.autoraptor.com\/blog\/online-vehicle-auctions-make-smart-purchases\/","title":{"rendered":"Online Vehicle Auctions: How to Make Smart Purchases"},"content":{"rendered":"

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You\u2019ve mastered the art of traditional auto auctions, but what about online vehicle auctions? Here\u2019s how to navigate these digital car-buying opportunities.<\/h2>\n

There\u2019s nothing quite like an auto auction, don\u2019t you think? Once you\u2019ve learned the in\u2019s and out\u2019s and get more confident in placing winning bids, navigating around the events can be fun. You know the red flags to look for, how to get in good with the auctioneers, and you\u2019ve perfected your poker face over the years.<\/p>\n

But have you tried online vehicle auctions yet? And if not, what are you waiting for?<\/p>\n

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The pros and cons of online vehicle auctions<\/h3>\n

Online auctions don\u2019t have to replace traditional vehicle auctions\u2014you can use them to complement your buying strategy<\/a>. Here are a four ways online vehicle auctions can be helpful:<\/p>\n

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  1. You\u2019re looking for a few very specific makes and models that you haven\u2019t been able to find during in-person auto auctions.<\/li>\n
  2. You get access to a larger inventory of available used vehicles.<\/li>\n
  3. No traveling, involved\u2014you can bid on vehicles right from your office.<\/li>\n
  4. The game-playing is minimal. You don\u2019t need a poker face because no one can see it.<\/li>\n<\/ol>\n

    Of course, along with the convenience of online auctions come a few cons as well:<\/p>\n

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    1. You can\u2019t see the vehicles in person to get up close and personal and look for potential defects.<\/li>\n
    2. Online vehicle auctions are open to dealers across the country as opposed to those located in one particular area. This can result in more competition for certain vehicles.<\/li>\n
    3. If you aren\u2019t buying cars at a local auction, you have to figure out the logistics of transporting your purchases to your dealership.<\/li>\n<\/ol>\n

      Online vehicle auctions may not be practical for all of your dealership purchasing needs, but it\u2019s important to keep them in your back pocket when you’re looking for something very specific or don\u2019t have a lot of time to devote to a live event.<\/p>\n

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      Tips for online vehicle auctions<\/h3>\n

      Just like with traditional auctions, online auto auctions come in different shapes and sizes. However, as you\u2019re starting out and getting a feel for how these auctions run, sign in to one of the bigger online auction websites like Adesa.com<\/a> or SmartAuction<\/a>. These are large, reputable auction sites that you can trust. Once you get a feel for online auctions, you can start looking into other websites that may require a little more strategy or savvy.<\/p>\n

      Before you sign on to check out pre-auction inventory, it\u2019s smart to have a list of the requirements you\u2019re looking for in a vehicle. For example, a BHPH dealer<\/a>\u00a0may add search criteria like \u201cvehicle is six to 10 years old\u201d or \u201cmileage is between 120,000 and 140,000,\u201d while a traditional used car dealership may be looking for vehicles three years old or under, and an odometer under 60,000 miles. Consult your CRM<\/a> and look for the makes and models that seem to move the quickest on your lot\u2014then buy more of those.<\/p>\n

      Another major reason for writing a wish list ahead of time? It can be easier to make impulse purchases during online auto auctions\u2014very similar to online shopping. The auction site has your credit card, so there\u2019s no exchanging of physical money; sometimes it feels a little too easy to bid on multiple vehicles and worry about the financial repercussions later. Stay focused on finding the vehicles you logged in to buy and fight the urge to ignore your budget<\/a>.<\/p>\n

      Once you\u2019ve made your winning bids, you\u2019ll move on to the next phase: figuring out how to get those vehicles onto your lot. Some auction sites may help you organize transportation, but there\u2019s also a good chance you\u2019re going to have to plan that out yourself. There are some services\u2014like Central Dispatch<\/a>, for example\u2014that will give you access to car transporters and allow you to search average prices and negotiate with drivers. Just make sure to have a plan for transportation before you start bidding so you can get those cars to your dealership and start selling them as quickly as possible.<\/p>\n

      Who’s in charge of purchasing your inventory? Whether it\u2019s you or someone else, be sure that individual is properly trained and knows how to navigate both traditional and online vehicle auctions. With an auction-savvy employee in charge of buying, you\u2019re much more likely to see a stronger profit margin and meet the needs of every customer that walks into your showroom.<\/p>\n

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      Interested in an Affordable, Full-Featured Auto Dealer CRM?<\/h2>\n

      Schedule an AutoRaptor Demo Now!<\/h3>\n<\/div>\n