Instant Online Auctions Boost Car Sales 50 Percent

Sep 29, 2015

Instant online auctions have revolutionized the auto industry. Previously, car lots would have to spend money on paper ads and commercials in order to sell their cars. But thanks to technology, these salesmen are experiencing fantastic profits. Instant online auctions now save time and costs for salesmen. If you are in the auto industry, then your business can benefit from this valuable tool.

Dean Howell of Waynesville, N.C., Ford dealership, utilizes hour long instant online auctions. Howell uses the TradeRev mobile app. He writes a description of the car, uploads the photos, uses walk-around videos and monitors communications on his smartphone. Within an hour, Waynesville has between 3 and 25 bids for a particular car.

The managers of Taylor Motor Co. use online auction apps to match buyers with paying customers within 60 minutes. They can also make transactions without the cost and time of bringing the car to a traditional auction. Often, dealers can’t anticipate whether a car brought in will sell. But if they upload the car to the TradeRev, dealers from other states can see their inventory. If the car doesn’t sell in the original owner’s state, it could sell in another state. The vehicle is available on the app to be bid on so owners know the true value of their cars.

Currently approximately 200 dealers in America and 2,800 dealers in Canada use TradeRev. The company has increased dealer profitability by cutting remarketing costs. Their conversion rates are now over 50 percent. This is extremely high for the auction remarketing space.

Executives of TradeRev believe that the reason why online auction programs are so successful is because they allow for consumers to cut out all the excess noise and focus on finding a particular type of car. They can use various filters to decide the make and models they desire, the mileage necessary, and so on. Sellers that are dealers pay no registration fee and are charged by the number of bids their cars attract. So far, online auction technologies have found a home in the once struggling car business. Chances are that they will quickly become a part of the normal way that car salesmen do business in the future.

Now is the time for a real look into instant online auctions and penny auctioning in general. If you are an entrepreneur looking for a unique investment, consider online auctions and penny auctions. Even though these industries are legitimate, most traditional payment processors still won’t offer fair payment processing for your customers. The proficient agents that work for will manage your instant online auction or penny auction merchant account today with no unreasonable penalties and no hassle.

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Having a merchant account allows an account holder to take advantage of merchant cash advances. When a merchant is approved for an advance, the business agrees to receive a lump sum of cash in exchange for an agreed-upon percentage of future credit card sales.

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Several factors influence a merchant’s risk level. Though only one factor likely will not get a merchant classified as high risk, a combination of these may: business size, location, and industry, credit score, credit card processing history, a industry’s reputation for excessive chargebacks, a prior history of high chargeback ratios, and whether a merchant exclusively sells online.

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A merchant account is a business account with an acquiring bank. Without this business account, which actually works more like a line of credit, a merchant cannot accept and process credit and debit card transactions. Businesses need a merchant account to accept major credit cards via a static point-of-sale terminal, mobile card reader, or through a virtual payment gateway.

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