How Do Online Automobile Auctions Work?
Don’t settle for the meager trade-in value when you can get what your car is actually worth! With our auctions, receive bids from verified private buyers and make personally selling your car fast, simple and hassle-free!
How Do Online Automobile Auctions Work?
Don’t settle for the meager trade-in value when you can get what your car is actually worth! With our auctions, receive bids from verified private buyers and make personally selling your car fast, simple and hassle-free!
Learn More About Online Car Auctions
Learn More About Online Car Auctions
Online car auctions are quickly becoming the most popular way of buying and selling all types of vehicles. Whether you’re trying to locate a pristine classic or are looking to buy a gently used compact, online auction platforms are the way to go.
In fact, nearly 30% of all new car sales in 2020 happened online. Also, according to a recent study conducted by Cox Automotive, buyer satisfaction reached an all-time high that same year. This likely had a lot to do with the fact that the overall car shopping experience was less intimidating and more efficient online.
This could very likely be why the number of dealerships visited and the amount of time spent at them has been steadily declining as well. It’s no secret that no shoppers look forward to the agony associated with visiting most car dealers. Many shoppers would rather have their teeth pulled out than spend a day negotiating a car deal.
With the online car market growing rapidly, the way in which we purchase cars has shifted. The online car auction world is the new market — and a broader one at that. Therefore, learning more about the online automobile auction process is a necessity for anyone getting ready for their next set of wheels.
Here we’ve collected everything you need to know about online car auctions, keep reading to find out more!
What exactly is an online car auction?
Online car auctions are platforms that bring sellers and buyers together in an environment where competing bidders set the final price (also referred to as the hammer price) of the car being offered.
Essentially, it’s the same as a public vehicle auction during which buyers go to a certain location, in person, to bid on a car they’re interested in. The highest bidder “wins” the car in question and then deals with the auction company when it’s time to pay for the vehicle.
With online car auctions, you don’t have to go anywhere. You can simply visit an online auction platform, research their policies and start looking for vehicles that might match your search. Information regarding the car will be posted on the website, and you may even have the option of asking the seller or dealer questions directly.
From there, you’ll need to register with the website to officially enter a bid. Once you’re registered and you’ve decided that the car’s information on the website checks out, you can enter your bid and monitor the auction from your mobile phone, tablet, or desktop.
If you posted the winning bid, the car is yours and you can then schedule pick-up or home delivery options. Depending on where you live and where the car is located, this could take anywhere from a few days to a few weeks.
What exactly is an online car auction?
Online car auctions are platforms that bring sellers and buyers together in an environment where competing bidders set the final price (also referred to as the hammer price) of the car being offered.
Essentially, it’s the same as a public vehicle auction during which buyers go to a certain location, in person, to bid on a car they’re interested in. The highest bidder “wins” the car in question and then deals with the auction company when it’s time to pay for the vehicle.
With online car auctions, you don’t have to go anywhere. You can simply visit an online auction platform, research their policies and start looking for vehicles that might match your search. Information regarding the car will be posted on the website, and you may even have the option of asking the seller or dealer questions directly.
From there, you’ll need to register with the website to officially enter a bid. Once you’re registered and you’ve decided that the car’s information on the website checks out, you can enter your bid and monitor the auction from your mobile phone, tablet, or desktop.
If you posted the winning bid, the car is yours and you can then schedule pick-up or home delivery options. Depending on where you live and where the car is located, this could take anywhere from a few days to a few weeks.
Are Online Car Auctions Safe?
Are Online Car Auctions Safe?
Online car auctions are perfectly safe — as long as you’re using a legitimate and reputable car auction site. Having said that, there are a few things you’ll need to do as a buyer to ensure everything works out in your favor:
Make sure the company is legitimate and the site is secured
Make sure the company is legitimate and the site is secured
Vehicle history reports will let you know important information about a car, including information about previous ownership, title history, mileage history, reported accidents and damage history and some even provide detailed information concerning the service history.
You also need to make sure that the site is secure. Check that the URL begins with “HTTPS.” This ensures that the site is secure and your payment information will be safe. Avoid any car auction sites that don’t have an “HTTP” address as these are usually scam sites that won’t protect your private information because they could be attempting to steal it themselves.
You’ll want to know the exact mechanical condition today and you’ll want a repair estimate for any repairs that the vehicle might currently need.
You’ll also need to research the current market value to make sure that your bids are in line with the current value.
Vehicle history reports will let you know important information about a car.
Are there a lot of bidders and sellers? Are you noticing if cars are steadily being auctioned off or sitting for a long time? Answering these questions is important to ensure your own safety.
You also need to make sure that the site is secure. Check that the URL begins with “HTTPS.” This ensures that the site is secure and your payment information will be safe. Avoid any car auction sites that don’t have an “HTTP” address as these are usually scam sites that won’t protect your private information because they could be attempting to steal it themselves.
Are there a lot of bidders and sellers? Are you noticing if cars are steadily being auctioned off or sitting for a long time? Answering these questions is important to ensure your own safety.
You’ll want to know the exact mechanical condition today and you’ll want a repair estimate for any repairs that the vehicle might currently need.
You’ll also need to research the current market value to make sure that your bids are in line with the current value.
Vehicle history reports will let you know important information about a car.
As a vehicle seller, you may be wondering if an online car auction might be a good option when it comes time to sell your car. Well, if you’re thinking of selling your car privately – there literally is no better way to accomplish your goal than creating a listing and selling on an online marketplace. An auction format is the only way that potential buyers will offer you more for your car than you thought it was worth. It’s the only way to get real cash offers from real buyers and let the market tell you exactly what your car is worth.
Auctions also have time limits. This is incredibly important because it takes an average used car seller about 75 days to sell their vehicle on standard classified sites or social media sites that might allow you to list your car. Who wants to wait around for two months wondering if their car might get sold or not?
Online Car Auctions Near Me
Online Car Auctions Near Me
Whether you’re looking to sell your car or buy a new or used one online, you’ll want to take a look at Motobyo’s online auction platform. We work to not only connect buyers and sellers but also provide you with all the necessary products and services needed to ensure all parties have everything they need to complete a secure transaction. Get in touch today to find out more!
