The ability to take your phone out of your pocket and instantly have access to buy roughly 60,000 vehicles daily is an absolute game changer for dealers. Not only does it incredibly diversify your inventory selection, but with multiple run lists and enhanced condition reports a click away, you can cover more ground in a fraction of the time to find the best vehicles for your lot.
But if you’re new to buying digitally, here are four tips to keep in mind before you place your first bid at the digital auction.
Set automatic bids
When it comes to digital auctions, nothing saves you time like Proxy Bids on TradeRev and AutoBids on ADESA Simulcast® and Simulcast+SM. Instead of sitting in front of your screen and upping your bid every few seconds, these handy tools allow you to set it, forget it and focus on other key aspects of your business.
Proxy Bids and AutoBids give you the ability to stop chasing vehicles by allowing you to set the maximum amount you’re willing to pay. That bid limit is only visible to you and will automatically out-bid other Buyers up to the final sale price or your bid limit. And if you’re really set on that vehicle, you’ll receive a notification once your limit has been out-bid, so you can hop back into the auction and finish the bidding manually. No more chasing, just wins.
Use filters and notifications
We’ve created a lot of easy-to-use features designed to make your life simple, but it’s up to you to try them out. On all our digital auctions we have customizable filters that allow you to see only the vehicles you’re interested in. There are also settings that will email, text or send you a notification alerting you when a certain vehicle you’ve been searching for becomes available.
Instead of continually searching every five minutes, take a little time to customize your auction experience so you can work more efficiently and still never miss a vehicle. And if you need help setting things up, your KAR Global Sales Executive is always there to assist.
Make post-sale fast and easy for yourself
Just like in-lane auctions, after you win a vehicle, you have to complete the post-sale process. Since it’s all online, you may be tempted to bookmark things for later. But the more quickly you checkout, the more quickly the car is on your lot and ready for you to turn a profit.
To speed up that process, we’ve created a fast and easy checkout process on all our platforms. By taking a few minutes to assign your default transport address, transport cost limit and payment option (like AFC), the post-sale experience will be automated, and you won’t have to lift a finger while getting your inventory even faster.
Know the rules
This last one isn’t the most glamorous tip, but it’s an important one, nonetheless. How many times have you scrolled right through a list of terms and conditions, agreed to them and never thought twice about it? I’ll be the first to admit that I’ve done it, too. Regardless of if it’s with KAR Global or another digital auction platform, each has specific rules that you need to be familiar with.
Nobody likes surprises, and in most cases, they come down to simple issues clearly outlined in the terms and conditions. By taking just a few minutes to read them over, you’ll have a better understanding of things like how many days you have to submit a claim after the vehicle’s delivery. To avoid any headaches, take the time to read things over before that first bid, and you’ll have nothing to worry about. For even more peace of mind, you can purchase ADESA AssuranceSM, our 21-day guarantee to return a vehicle for any reason.
The opinions expressed in the Go Digital series are the opinions of the authors only and not those of KAR Global.