Buy Wholesale Cars Online
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Over the last few years there has been increasing disruption in the auction sector. More and more competitors are moving into the space in the form of online marketplaces hoping to take a share of the lucrative wholesale vehicle industry. Some dealers have been slow to embrace these new online marketplaces though, preferring to stick to the physical auctions they know and trust. Currently, as a result of the coronavirus, physical auctions are closed meaning dealers have no choice other than to buy online if they want to source inventory from an auction. Even the most reluctant dealers might actually find that they benefit tremendously from greater supply options beyond the traditional auctions. For those that are unfamiliar we have compiled a list of options below.
Dealers are likely most familiar with this method of sourcing online; even if they have never used simulcast themselves they have probably bid against someone using it while they were bidding in person, in-lane. ADESA, Manheim and Pipeline all offer simulcast bidding for their sales. Currently, in repsonse to the coronavirus, most auctions have switched to online only sales but some have halted all sales entirely. So, make sure that your preferred auction is still holding sales that you can participate in online and then spend a little time getting familiar with how the simulcast works. If you are new to it, it's advisable to watch a sale or two to learn the ropes before actually trying to successfully bid on vehicles that you do want. Manheim simulcast sales are accessible from the listings in the Carbly VIN scanner and you can also find more tips for buying online here.
In addition to their simulcast sales that allow live online participation for in-lane sales, each of the traditional auctions also offers an online option that hosts vehicles that are available 24/7 with buy it now pricing. By providing constant access to available wholesale inventory, these are fantastic options for dealers whose schedules don't align with the live sales or simply as a means of supplementing other sourcing channels. Buy it now pricing for these units can sometimes be a little steep but that isn't a reason not to make an offer on something that could work well for you on your lot. OVE, DealerBlock and Pipeline's Buy Now have vast numbers of vehicles available for purchase immediately. OVE listings are also included free for all Carbly VIN scanner customers.
There is an ever-growing list of these two-sided online only marketplaces that make it possible for dealers to list vehicles right from their lot and receive offers from other dealers in miuntes. Utlizing modern technology they make it very quick and easy for dealers to buy and sell wholesale vehicles without the cumbersome logistics of the traditional auctions. With varying price structures they can offer significant savings on both buy and sell fees.
ACV Auctions is another modern solution to the vehicle wholesale marketplace. Dealers use their platfrom to list vehicles from their own facilities while other dealers bid on them in 20 minute online sales. ACV also inspects the vehicles so that buyers benefit from detailed condition reports, including audio recordings of the engine running and detailed photos from the underside of the vehicle. Participating dealers can also take advantage of shipping, extended arbitration, financing and title managment.
Every dealer has that area at the back of the lot where they park up trades that have just come in while they decide whether to keep them for retail or sell them at auction. Leveraging technology, BacklotCars targets these vehicles so that dealers can quickly and effortlessly list them for sale to receive offers from wholesale buyers across the country. BacklotCars inspects each of the vehicles for sale on their platform and provides a free 5 day guarantee on major vehicle items to buyers. Dealers can also choose to use their 0% interest 45 day float financing, as well as shipping and title transfer services.
Manheim Express is Manheim's own version of an online only marketplace that allows dealers to buy and sell without the need to attend a traditional physical auction. Dealers can launch vehicles into the marketplace immediately and reach buyers all over the country. Sellers on Manheim Express get the added benefit of the Gauranteed First BidSM which guarantees that a vehicle will sell within 48 hours or Manheim Express will buy it at the guaranteed bid rate. Buyers can inspect vehicles using detailed 360 vehicle inspections, coupled with financing, shipping and title fees. Manheim Express listings are also included free for all Carbly VIN scanner customers.
EBlock captures the urgency and excitment of a traditional in-lane auction and moves it onto their online platform. Dealers can sell vehicles immediately or schedule sales with start prices and reserves. Buyers across the country can easily source inventory while also taking advantage of arbitration, EFT payment, floorplan financing, transport and title processing. EBlock is also now available through Auctionedge Pipeline.
To dealers that are unfamiliar with buying online or distrust the process, all these options for vehicle sourcing can be off-putting and overwhelming. Coronavirus restrictions or not though, dealers should embrace buying online; increased competition for the established auctions will only serve to benefit car dealers. As platforms compete on features and prices, dealers can improve their margins.
Participate online in live ADESA wholesale car auctions with ADESA Simulcast. Search inventory, get pop-up notifications for auctions that catch your interest and bid real-time alongside in-lane dealers.
Every dealer wants to have the best source to add stock to their inventory. Wholesale auctions allow them to find vehicles that are not available at conventional auto sales events where prices are different, and the competition is really big. The potential profit from a trade-in is bigger with wholesale auto sales.
The processes and trends related to wholesale auctions are not exactly on track since the beginning of 2020. The reason is obvious: the COVID-19 pandemic caused substantial damage to a lot of business sectors, including car sales.
Nobody wants to have cars in stock that are hard to sell. The price levels might go down as we speak, or they could remain at the same level. Since dealers are used to monitoring the situation day by day, the unreliable information they have on their disposal today is no good to them. Buyers would be happy to notice better deals are waiting for them.
The other key ingredient is the network of dealer contacts the biggest wholesalers have at their disposal. Sometimes, the auctioned vehicles are directly transferred from one dealer to another via the wholesale lot platform.
The wholesale auto auction world is changing because of the ease of access to all kinds of information we take for granted today. One could easily use the information found online to make a good offer or to finish a negotiation successfully.
When online auctions were introduced, everyone involved greatly benefitted from technology. The time-consuming and costly process of physically bringing your car to auction and hoping that you could sell it to someone from the limited group of buyers present is something from the past.
While the traditional process of wholesaling vehicles relies on the above-mentioned relationships between a wholesaler and the dealers in their network, the new app-based solution offers that same network, if not bigger, with the touch of a button.
The app allows dealers to access an almost endless variety of wholesalers and dealers. This means that the traditional negotiation process is changed as well. Calling a number of details to find the one who needs your car and is willing to pay the asking price is also obsolete when using an app.
There are other ways in which technology has impacted wholesale car auctions as well. The online platforms supporting huge car databases, for example, are of great service to both dealers and independent buyers.
Regardless of whether you are a dealer, intending to buy or sell a vehicle at a wholesale car auction, or you want to use the broker services of a dealer, there are things you should consider doing before even thinking about bidding.
If an online wholesale auto auction allows, you should register as a buyer. Most of the big wholesale auctions, however, are accessible only by dealers and require having the relevant license. As we already mentioned, you could use them as your broker. Having a license is a great way to access the lowest offers and other advantages.
You should always be aware of your actual desire to buy a certain car. Bidding is a good idea only when you assess its condition and take all the other small details into account, instead of focusing on a certain aspect you like about it. If you feel like you cannot determine the wholesale value of a vehicle, you can always use the Kelly Blue Book (KBB) for reference.
Next, make sure you stick to your budget. Never bid when emotional as it could result in an unpleasant loss. If you decide to use a specialized online wholesale auto auction, you could avoid placing a high bid by setting the maximum and seeing what happens next. Here is a reminder: the final price of the car includes fees and taxes, meaning that the cost of ownership must be evaluated.
The rise of online auctions has also changed wholesaling. Once traditional wholesalers were considered more cost effective than auto auctions. Wholesaling at a physical auction involved transporting the vehicle and going to the car auction where dealers would compete with a number of similar bargain buyers to get the attention of a limited number of buyers.
This is when the wholesale dealer buys used vehicles at auctions and resells them at a profit to used car dealerships. Similar to auction to auction, swings in demand and value and fixing up auction finds is a solid business model. 59ce067264
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