Should I list a car for auction?
An auction is a great way to sell your car quickly and competitively.
An auction is a great way to sell your car quickly and competitively. A healthy bit of competition may ensure you get a better price than expected for your car.
It’s simple – you set the reserve (the minimum price you’ll accept) and buyers compete to buy your car by bidding on it. As long as the reserve is met, the highest offer becomes the winning bid. This way, there’s no risk of selling your car for less than what you’re happy with.
Some benefits of selling by online auction are:
- You don’t need to deal with buyers directly – they just bid what they’re happy to spend.
- Auctions can run as long or as short as you wish, so selling your car could happen very quickly.
- Setting a reserve price gives you more control.
- Competitive bidding means there’s no set end price as long as your reserve is met.
- Pay no withdrawing or success fees on car auctions.
Car auction hints
Make sure your listing is the best it can be before starting. Auction listings don’t let you edit once the first bid is placed – so make sure you’re happy with it!
If your auction receives bids but the reserve price has not been met, you can lower the reserve price to be within $0.01 of the latest bid. For example, if it’s set at $10,000 but your latest bid was for $9,000, you could lower your reserve to $9,100 in hopes that more buyers bid and meet the reserve.
If you’re keen to start your car auction but need a bit more inspiration on what to include, check out this ideal vehicle listing to help kick start your own!
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