Tips for Navigating an Online Car Dealer Auction

By Mike Richards Posted: 09/20/2017

If you sell vehicles and have a lot that needs to have fresh inventory for your customers, you need a good way of getting vehicles that you know will sell. One of the tried and true methods of getting the vehicles you need is to go through a car dealer auction. You may have already been to local auctions and bought vehicles. If you have, you know how much time they can take, how competitive and confusing it can get, and what a hassle it can be. Instead, you might want to start thinking about working with an online car dealer auction.

Know the Right Cars to Buy

This is one of the most important elements to having a successful experience with an online car dealer auction. When you are buying online, you will not be able to inspect the vehicles personally. However, you can get a good deal of information from the site and the page for that vehicle. Look at the condition of the vehicle, whether it is new or used, whether it has any damage, and how many miles it has. This information, along with the photos, can give you a better idea of whether it will be something you want to add to your inventory.

Know the Right Prices

Along the same lines, you need to know the prices for these vehicles. How much do you feel you could reasonably sell them for in your area? What are similar vehicles selling for on your lot and through your competitors? Knowing how much the car is worth and what you can get for it is essential if you want to have a successful auction.

Know Your Budget and Bid Wisely

Once you know how much the car is worth to you, it will be much easier to know how much you should bid. You always want to start low and then let the others drive up the price. If the vehicle becomes too expensive based on your research, you know to stop bidding and spend that money on another vehicle instead. Never get into the trap of overbidding because you really want a vehicle. This is true even for those who are not dealers and who are buying at public auctions. Have a budget and make sure you stick to it.

Know How the Shipping Works

When you buy from an online car auction, you also need to know just how you will be getting the vehicle to you. Many of the online auctions can help with the process of shipping, so you will want to look through the information on their site to see how they handle this process and what you will need to do.

Buying through an online car auction can be a real benefit for dealers who are trying to increase their stock and who still want to keep a tight budget. Just take your time and look for deals that are right for you and your company.