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.
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