Benefits of auctioning your vehicle

In the US, an average of 9 million vehicles are sold at auto auctions per year. Whether you’re looking to sell quickly, maximize your profit, or are looking for a hassle-free selling experience, the auction route can be an attractive option. Let’s explore just a few of the advantages of  auctioning a vehicle.

1. Competitive Bidding:

Selling your vehicle can be a huge financial benefit, especially when you’re trying to get the most money possible. Auctions facilitate competitive bidding among potential buyers, which can drive up the selling price of your vehicle. Your used Ford Ranger might get one offer from a dealership, but online? You could be looking at a number of offers! Multiple bidders vying for the same car means you’re more likely to get a higher final sale price than just going to a dealership. 

2. Car Auctions are Booming:

Making a good sale means  having a good strategy, and there’s no better starting point than finding the most successful marketplace. For a time, standard car sales outpaced auctioning by a hefty margin, but that gap has closed – in fact, it’s been exceeded! According to Daedal Research, in 2022, the online car auction market held the largest share beating out in-person. Sound big? Think bigger. It was valued at $3.21 billion. And the best part is that market trends show it’s growling larger. More people are turning to auctioning services to buy their next vehicles, so you can rest easy knowing it’s the place to go when you want to find the largest audience of potential buyers.

3. Transparent Process:

Buying a car is often the second largest purchase a person makes after their house. With such a large purchase, it’s important for all parties to be comfortable with the legitimacy of the transaction. For this, auctions offer a transparent selling process, where buyers place bids openly, allowing sellers to see the market value of their vehicle in real-time. This transparency can provide sellers with confidence in the fairness of the transaction and assurance that they are receiving a competitive price for their vehicle. And for buyers, they can feel comfortable with their purchase knowing they’ll receive what was advertised.

4. Access to a Wide Audience:

Auctions attract a diverse range of dealers from around the country, not just in your town. This broad audience means you’re more likely to find a buyer willing to pay a favorable price for your vehicle. Convertibles and sports cars command higher prices along the coasts and in warmer climates. Four-wheel-drive trucks and SUVs do best in the Northeast, Midwest, and other areas that get a lot of snow. By broadening your reach to a nationwide list of dealers, you’re more likely to secure a higher price for your vehicle.

5. Convenience:

Selling a vehicle can be a real hassle. From shipping to ensuring the sale is final, the whole process can be a massive headache for those looking to sell. Thankfully, auctions offer the convenience of handling many aspects of the sales process for you. Selling should be an easy task not a full time job. Having a third party to ensure the sale runs smoothly, from going through the necessary paperwork to being the point of contact between parties, makes everything easier.

6. Avoiding Negotiation:

Unlike private sales, where negotiations with potential buyers are common, auctions typically involve predetermined bidding increments and final sale prices. This means you don’t have to deal with the negotiation process and the potential stress that comes with it. No arguments, no haggling, and no ripping out your hair.

7. Immediate Payment:

Once the auction is over and the highest bid is accepted, sellers will typically receive immediate payment after their vehicle has been picked up. This eliminates the need to wait for payment or deal with delayed transactions, providing you with prompt access to the money earned through the sale.

Auctioning a vehicle offers several benefits to potential sellers, including competitive bidding, transparency, and potential for a higher return. However, it’s also important to research and choose a reputable auction platform to ensure a smooth and successful selling experience.