Shopping online is the new norm. Anything you can think of can be bought at the click of a button through sites like Amazon or eBay. So it’s not surprising in this mobile-first world that you can now buy and sell any motor vehicle via an online car auction. But this is only a recent phenomenon; for decades, physical auctions have remained the same, until now. Over the last few of years, the internet has changed how dealers interact with auctions and companies like ourselves are poised to disrupt the market on a larger scale.
For years auto dealers have relied on physical auctions to manage their inventory, but this method is time-consuming and costly. Thankfully, we are more connected than ever and with the Winfooz marketplace, you are only ever a click away from that must have bargain.
As we launch our new online marketplace, which will be hosting 2, 60min auctions per week, we want to show you the benefits of using online auctions vs traditional auctions.
Traditional Auctions
Let’s start with traditional auctions. Yes, they still have their charm and there is something nostalgic about them, but there are some downsides to going the old-school route. The main issues they face being time, money and convenience.
Having a physical auction limits bidders and sellers substantially. They have to take time away from their dealership (probably most of the day), they have to transport their vehicles and possibly travel with large pieces of industrial equipment to and from the venue. All of this costs money. For buyers, there is a risk that they could make the trip to the and not actually buy any of their desired vehicles. From a sellers point of view, a physical auction limits the market of potential buyers, and it also requires moving the cars to the auction site, with no sale guaranteed.
It’s not all bad for traditional auctions, as we said they still have their charm. Sometimes people can feel more comfortable in this environment, as buyers get to work with auctioneers in person and sellers get to see the equipment with their own eyes.
Winfooz is focused on revolutionising how auto trading is conducted, choosing the best bits from the traditional auctions and merging them with new online methods we have created the most customer-centric dealer to dealer marketplace.
The Winfooz Marketplace
Unlike traditional auctions, we have the benefit of the internet as our location. With no physical location, buyers and sellers can participate as long as they have an internet connection, regardless of their location. It means convenience, a broader market, lower costs and a smaller time commitment from auction participants.
Buyers
The Winfooz marketplace gives a greater variety of vehicles from a broader audience in comparison to traditional auctions. A buyer can bid on a car with no travel time or cost. Instead of settling for what’s on offer at the auction, a dealer can make a better-informed decision without the pressure of when they might make it out to an event again.
As a buyer, sometimes you might have a question for the seller. We have taken this on board to create a simple, instant messaging service within the marketplace. Message the dealer who is selling the vehicle, and they will receive a notification to let them know, that someone is reaching out. This way buyers can contact sellers with any questions on a vehicle.
We want to help buyers get the best deal possible, that means always giving them all the information at their fingertips. We do this by creating the most comprehensive CR reports on the market, combining our team of expert vehicle inspectors and innovative 360-degree imaging to give you more detail than at a physical auction.
Sellers
When it comes to sellers, the Winfooz marketplace takes out the need to physically bring a car to auction in order to make a sale.
It’s easy for a seller to get started with the Winfooz platform. After a dealer is registered and verified, they can upload a vehicle on the platform in minutes. Fill in the forms and take pictures for prospective buyers to browse and that’s it. No more heavy lifting before a sale is complete.
Sellers also get the benefit of a more extensive network of buyers to ensure completed sales more often than traditional auctions. To put the vehicle’s best foot (or should we say tire) forward, they can avail of our team of vehicle inspectors to come out to complete an inspection to give potential buyers all the information they need to purchase their car.
Our 360-degree feature also means the sellers can show off their vehicle as if the buyer was actually with them. Park the car, leaving enough space to walk around the car (let’s say 10ft), using the Winfooz app, walk around the car after selecting the 360-degree feature to create a full-bodied interior and exterior view. This not only helps the seller, but it also gives a buyer confidence in their bidding.
As with many technological advances, the main perceived pitfall is the lack of face-to-face interactions. We combat that using our Instant Chat service, our team of sales agents, detailed reports and simple set up. With such transparency, buyers and sellers can always feel at ease when buying online. We even help arrange everything from the electronically signed bill of sale to the delivery.
See for yourself
When it comes to ease and simplicity, the Winfooz marketplace is streets ahead of physical auctions. As of May 2nd, 2019 we began hosting two, 1-hour long auctions per week, so no matter where you are you can always easily manage your inventory. It’s risk-free to join and getting set up is easy. To register, you can:
- Register online
- Through our Android or iOS apps
- By calling our Canadian consultants on +1-905-909-0906.
Whether you’re a new dealer or a seasoned pro that has stuck with traditional auctions, give our auction a try and make the comparison for yourself. Register through one of the links above, and we will be sure to let you know when our next auction is kicking off.
The post Traditional Car Auctions Vs The Winfooz Marketplace appeared first on The Winfooz Blog.
