Why are there no auctions for private sellers?
Discussion
There seems to be a bit of a gap in the market and I wonder if the solution is an auction specifically for private sellers to sell their cars via auction.
Let say for example you have a car and Webuyanycar initially offers you £2000 but on inspection they find some minor faults and knock it down to £1500. They will then auction the car for £3000 plus and charge the buyers fees on top of that. Seems like a huge profit relative to the value of the car.
If you sell the car on eBay etc you should really disclose all minor faults with the vehicle which will then bring the price right down. Seems a bit unfair when traders are paying £3k plus for same car sight unseen at auction which could have a knackered engine or gearbox when you're getting hundreds knocked off for mentioning the cd player doesn't work or the alloys could do with a refurb and there's a few scratches etc.
Likewise selling the car privately through classified ads could be more hassle than it's worth. Especially when buyers try to claim retrospectively for any minor faults they've found after they purchase the vehicle if they have not noticed them on expectation.
Why has the auction model not taken off? Surely in the above scenario the best outcome for the buyer would be to enter the car into an auction which then charges a commission to both the buyer and the seller. The reserves could be set relatively low to guarantee a sale but would still be above what you would get from the car buying websites.
Let say for example you have a car and Webuyanycar initially offers you £2000 but on inspection they find some minor faults and knock it down to £1500. They will then auction the car for £3000 plus and charge the buyers fees on top of that. Seems like a huge profit relative to the value of the car.
If you sell the car on eBay etc you should really disclose all minor faults with the vehicle which will then bring the price right down. Seems a bit unfair when traders are paying £3k plus for same car sight unseen at auction which could have a knackered engine or gearbox when you're getting hundreds knocked off for mentioning the cd player doesn't work or the alloys could do with a refurb and there's a few scratches etc.
Likewise selling the car privately through classified ads could be more hassle than it's worth. Especially when buyers try to claim retrospectively for any minor faults they've found after they purchase the vehicle if they have not noticed them on expectation.
Why has the auction model not taken off? Surely in the above scenario the best outcome for the buyer would be to enter the car into an auction which then charges a commission to both the buyer and the seller. The reserves could be set relatively low to guarantee a sale but would still be above what you would get from the car buying websites.
DickyC said:
WBAC will sell your car through BCA. There's nothing stopping you from selling it through BCA. Or Bonhams. Or most other car auctions.
Or am I on the wrong page?
Ok looks like you may be correct. I thought BCA etc was trade only. I've heard of people selling their classic cars at auction but never know anyone to sell their standard mainstream models via this route. I know many people who have sold their cars via Webuyanycar. I wonder why they don't go directly to BCA for a better price. Or am I on the wrong page?
Because it's handy, I've even sold a car and a truck through CoPart. Known for damaged vehicles, they also do regular auctions with Cat U cars etc.
BCA is favourite though, I'd say. They do favour trade, so look at their terms carefully. You as a private individual will pay higher fees for one sale or purchase than a trader with an account will. You will probably still do better than selling to WBAC.
BCA is favourite though, I'd say. They do favour trade, so look at their terms carefully. You as a private individual will pay higher fees for one sale or purchase than a trader with an account will. You will probably still do better than selling to WBAC.
Agreed, I wouldn’t fancy it but there’s nothing preventing putting your own car through an auction. I enjoy car auctions but have rarely put my hand up.
I haven’t PCP’ed in years but one of the attractive to me bits was not having to get rid of the previous motor. I’ll go out of my way for options that don’t involve dealing with tyre kickers.
I haven’t PCP’ed in years but one of the attractive to me bits was not having to get rid of the previous motor. I’ll go out of my way for options that don’t involve dealing with tyre kickers.
Private auction outside of eBay is really only to get rid of lemons.
I'd fully expect any car going through the likes of BCA or Copart via a private individual to be hiding something terminal.
In the same way people offload stuff to WBAC because they don't feel as guilty or they're not as scared of the repercussions compared to selling a dud privately.
Ebay will generally find the true value of a car, the problem is it's expensive now, which is why most stuff at the lower end ends up on marketplace these days.
I'd fully expect any car going through the likes of BCA or Copart via a private individual to be hiding something terminal.
In the same way people offload stuff to WBAC because they don't feel as guilty or they're not as scared of the repercussions compared to selling a dud privately.
Ebay will generally find the true value of a car, the problem is it's expensive now, which is why most stuff at the lower end ends up on marketplace these days.
That's a bit hard, Chocolate Frog. Cheesejunkie's idea of selling at auction to avoid the agro of people coming to your house is very attractive to some. My brother hates selling cars privately and hates haggling so much he prefers to pay full price for anything when buying.
He sold the 1969 Cooper S he'd owned for 35 years at auction. Someone bought an absolute gem.
He sold the 1969 Cooper S he'd owned for 35 years at auction. Someone bought an absolute gem.
CSLM3CSL said:
There seems to be a bit of a gap in the market and I wonder if the solution is an auction specifically for private sellers to sell their cars via auction.
That’s pretty much what motorway is.https://motorway.co.uk/
You advertise your car and then the dealers bid their best price to buy it.
smokey mow said:
That’s pretty much what motorway is.
https://motorway.co.uk/
You advertise your car and then the dealers bid their best price to buy it.
Likewise Carwow do the same. The used market place is now at the level that most £10k plus cars advertised privately at on the V-Car or have a story.https://motorway.co.uk/
You advertise your car and then the dealers bid their best price to buy it.
smokey mow said:
That’s pretty much what motorway is.
https://motorway.co.uk/
You advertise your car and then the dealers bid their best price to buy it.
Sold a car through motorway last week, its not perfect but it did work well for me, sold the car for the agreed reserve price and the dealer came within 4 days collected the car and drove it away for the price with minimal fuss. https://motorway.co.uk/
You advertise your car and then the dealers bid their best price to buy it.
I'd use it again
motorway.co.uk asked me if i'm happy with their guide price before they'd even list it. Do I have to agree to that price upfront before I see what dealers will bid me on it? I thought they would auction it and see what the highest price is, even if it's higher than the guide price they have set.
s1962a said:
motorway.co.uk asked me if i'm happy with their guide price before they'd even list it. Do I have to agree to that price upfront before I see what dealers will bid me on it? I thought they would auction it and see what the highest price is, even if it's higher than the guide price they have set.
You agree to the guide / reserve price, then it goes up for auction and you're presented with the highest bid when it finishes. At that point you have the option to accept it or reject it.Gassing Station | Car Buying | Top of Page | What's New | My Stuff