The key to success with digital auctions is knowing all the tools available to you and using each of them to your best advantage. But the experience and inventory available for buyers on each of KAR Global’s platforms are a little different, giving you options to find the inventory you need the way you want to work.
Here’s how to ensure you’re optimizing your digital auction experience.
Use TradeRev First for Fresh Inventory, Fast
TradeRev provides 45-minute live, short-term auctions all day, every day. That means you can not only find great deals, but also be done buying a day’s worth of vehicles in less time than it would take to drive to and from the auction.
Plus, if you set up Proxy Bids on your target vehicles, you won’t even need to keep your eyes on your screen. Proxy Bids will automatically out-bid other Buyers up to the final sale price or your bid limit—when you’ll be notified, so you can hop back into the auction if you want to.
Save Your Searches and Use Watch Lists
If you’re always looking for, say, 2017 Honda Accords, take a minute to fine-tune the filters on your search on ADESA.com and then save it so that you can run it as often as you like with a single click. Give the search a descriptive name—or even a fun one, like Money Maker—to remind yourself that this search yields those bread-and-butter vehicles that you can usually turn quickly for a nice profit.
Also, add the vehicles you want to evaluate more closely—and eventually bid on and buy—to your Watch List so you can keep every vehicle you’re tracking in one, easy-to-find place.
Buy Now on ADESA DealerBlock® or TradeRev
Don’t want to wait until sale day? Look to ADESA DealerBlock and ADESA DealerBlock Prime℠ and even TradeRev’s Buy Now section to buy cars right now, whenever “now” is. Both options take the waiting out of the equation and allow you to acquire inventory on the spot. If you prefer a live bidding experience, look to ADESA Simulcast® or Simulcast+℠.
Utilize Retail View
The Retail View on ADESA.com is like having a used car factory at your fingertips. If your customer wants a specific vehicle that you don’t have, you can search for exactly what they want. When you find it, switch to Retail View and show them your screen. They’ll see the equipment list, tire condition, all the photos—just not the wholesale price. This works best with ADESA DealerBlock—use the Buy Now feature to lock it in and know exactly how to price it for the customer. Alternatively, you know when it will run across the block, and since you have it pre-sold, you know the profit margin on your bid.
Use TradeRev for Live Appraisals
Launching a customer’s trade-in to auction on TradeRev is a simple, fast tool for appraising a vehicle in real time. By exposing the trade to thousands of online buyers coast-to-coast, you get the true market value of the vehicle. It can run while you work the deal, and in 45 minutes, you get a final offer on their trade. The resulting transparency around the value of the vehicle facilitates a great customer experience.
Buy from Multiple Locations
You may find that the vehicles you seek are cheaper outside your local market, even after shipping costs. For example, 4-wheel-drive pickup trucks may sell for lower wholesale prices in Texas than they do in my local market, Kansas City. You wouldn’t want to drive from Kansas City to Texas to attend an auction in person, but you can buy inventory from another state or region easily through digital auctions and reap all the benefits.
The opinions expressed in the Go Digital series are the opinions of the authors only and not those of KAR Global.