Make Your Online Acquisitions More Efficient

By Dale Pollak

Deal­ers know they need to give online shop­pers as much infor­ma­tion about their used vehi­cles as pos­si­ble to cap­ture their con­fi­dence and inter­est in a unit. Yet, when it comes to whole­sal­ing their vehi­cles at online auc­tions, deal­ers neglect to pro­vide pho­tos, con­di­tion reports and oth­er infor­ma­tion a buy­er might use to size up an acqui­si­tion.

Vehi­cles des­tined for a phys­i­cal auc­tion today like­ly have as many, if not more, poten­tial buy­ers using online simul­cast and proxy bid­ding to acquire vehi­cles rather than stand­ing in the lanes. This pool of poten­tial online buy­ers should be incen­tive for deal­ers to pro­vide as much infor­ma­tion as they can on a vehicle’s con­di­tion and his­to­ry to raise its prospects and, poten­tial­ly, its whole­sale price point.

A few areas where deal­ers could become more effec­tive and effi­cient par­tic­i­pants in online auc­tions and bet­ter stew­ards of a “pro­vi­sion­ing” strat­e­gy for their used vehi­cle inven­to­ries are:

  • Use simul­cast and proxy bids in tan­dem. Most used vehi­cle man­agers have mul­ti­ple respon­si­bil­i­ties and use proxy bid­dings to ensure they’re still in the game when they’re called away from their desk.
  • Mind your “proxy bid dis­count­ing.” Some deal­ers are gun-shy about their proxy bid max­i­mums. Today’s tech­nol­o­gy and tools can elim­i­nate any guess­work about the “what to pay?” leg of the pro­vi­sion­ing strat­e­gy and give deal­ers con­fi­dence in max­i­mum bid amounts to off­set the ten­den­cy toward dis­count­ing proxy bids.
  • Pick your spots to pay up. There are times when going beyond a tar­get acqui­si­tion price by $100 to $300 makes sense to meet broad­er inven­to­ry needs and goals. It some­times pays not to leave an auc­tion emp­ty-hand­ed if your deal­er­ship knows how to account for less-than-ide­al prof­itabil­i­ty on a spe­cif­ic vehi­cle.
  • “Go where they ain’t.” A South Car­oli­na deal­ers says, “If I need a Nis­san, I’m going to look at non-Nis­san lanes to see if I can catch a Chevy deal­er who’s try­ing to get rid of one.”

Dale Pol­lak, founder of vAu­to, Inc, can be reached ta [email protected] or vis­it him on his blog at . Read the full arti­cle here.

 

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