Auctioning is selling goods, in this case, cars, by allowing bids from potential buyers and selling the car to the highest bidder. Auctions used to be traditional physical events where people would gather in a venue and bid on one car after another.
Although that still exists, auctions have also taken on digital transformation. Auctions no longer need to be physical events; they can be virtual. Or, better yet, they do not have to be events.
With the advancement of technology, websites such as SonicBidder.com allow you to sell your car through an ongoing online auction.
But how do you sell your car online? Read on to learn more.
Learn the Process of an Online Car Auction
Selling a car online has to start from the point of knowledge. Selling a classic car online can be intriguing, but you must research it first to go smoothly.
The process of an online car auction is quite different from a physical car auction. In the physical car auction, you had to take the car to the bidding event physically, and if your vehicle did not get bought in that event, you either had to travel back home with it or pay a storage fee to the auctioning company until the next auction.
In an online auction, you present pictures of your car and the details. Online bidding can go on for days or weeks, all from the comfort of your home.
Check Out Market Trends
Understanding market trends will significantly benefit you, whether you want to sell classic cars online or just a regular car.
Market trends dictate demand; the higher the demand, the more your car will likely sell. Two factors influence demand in the auctioning market: utility and exclusivity.
Vehicles that people consider utility vehicles are in demand all year. These cars offer value for money; the build quality is good, and the fuel consumption and the resale value are good.
On the other hand, there are classic cars. These are cars that have amassed a cult following. The people who buy these cars want to use them to make a statement about themselves. Some others buy these cars as collectors because the resale value of such cars keeps going up.
It’s, therefore, essential to understand market trends to comprehend where the car you want to sell lies.
Determine the best online auction
Just like there are different physical auctions, there are various online auctions. These online auctions vary in the fees they charge, their terms and conditions, and the types of vehicles they auction. It is, therefore, essential to understand each and pick the best one for you. Here are different types of auctions.
Cars sold at public auctions are usually wholesale lots, repossessed vehicles, high ends sports cars, and SUVs. The quality of these vehicles varies.
Private auctions are auctions that one needs special access to be a part of. It can be through invitation, and others require a dealer’s license.
These auctions sell police vehicles, impounded vehicles, and government trucks. These auctions are usually very competitive, and the main customers are auto resellers and taxi owners.
Online auctions are auctions that take place on websites such as SonicBidder.com. One must verify their identity to participate in the auctions on the website.
Online auctions are great because they allow people, even from out of state or even the country, to participate at their convenience, ensuring the car will sell for its value.
Determine Your Car Resale Value
Now that you understand the online auction space let’s now focus on you selling your car. The first step is determining your car’s resale value.
By researching market trends and diving deeper into the demand for the type of car you want to sell, you get a rough idea of what your vehicle might go for.
But you must also get a mechanic to come and appraise your vehicle. A good mechanic will inspect your vehicle thoroughly and give you a reasonable estimate of what the car can fetch.
Consider Doing Worthy Repairs
Once the mechanic has appraised the vehicle, you can decide whether to do repairs or not if there are repairs to be made. It is advisable to do repairs that will significantly improve the price of your vehicle. However, it is also crucial that you are honest when selling the car. Be honest about the repairs done and those not done.
Set a Reserve Price
After settling on your car’s resale value, you should set a reserve price. A “reserve price” is the lowest price you will accept for the car. This protects you against selling the vehicle at a winning bid below its value.
However, if the winning bid is below the value of the car and you need to sell it, you can negotiate with the person who won the bid and come to an agreement.
Work on the Car Presentation
With a physical auction, bidders get to see, touch, and inspect the car. However, online, that is not possible. Online presentations are done through pictures and videos. Ensure that you take professional photographs and videos of the vehicle, showing the exterior, the interior, the engine, the trunk, and anything else you see relevant. The more pictures and videos, the better.
But before you take all the pictures, ensure the car is clean and polished. The better you present your car, the more bids it will attract and the higher the price you get.
Sell Your Car With Sonicbidder.com
Sonicbidder.com employs audiovisual capabilities to ensure that both the seller and the buyer get the best experience during the auction. The audiovisual capabilities increase engagement on the site, resulting in more potential conversions.
Furthermore, it is easy to navigate, enter your car in an auction, and place a bid on other vehicles. It is also global, meaning your car gets the exposure it deserves. Sell your classic car online at SonicBidder.com today and get the best value for your car.