Not Every Wholesaler Will Bid Exclusively Online, Some Feel the Need to Touch and Drive the Car, Before They Bid.
We are positive that an inspection period for wholesale buyers to review and even drive the cars is a critical component to a successful bid sale auction.
Not every buyer can afford to make a mistake when bidding on cars, they need the reassurance of being able to pre-inspect before they bid. This is one of the advantages that a bid sale has over the big box auctions is that you can be transparent in your wholesale strategy. In other words, run an as is auction with full disclosure. Nothing hidden.
Not so surprising is that the buyers love being able to drive the cars before they bid and it’s an opportunity to create a fun environment for your wholesale partners.
Hold your inspection day at a time that is convenient to the buyers in your area, for example, don’t have it at the same time as other auctions in your market. This way more buyers will be available to view your cars and you should have a mature lot attendant there with keys and to offer help and allow them to drive the cars if they like (on their dealer plate of course). This builds value and improves wholesaler relationships over time.
You will find that the wholesalers will pay more when they can trust the dealer and will sometimes buy from start to finish online.