The result of market inefficiencies…..
The practice of taking advantage of a price difference between 2 or more markets…..
Striking a combination of matching deals that capitalize on that imbalance…..
The profit being the difference between the market prices…..
That’s what we do at Rechtschaffen Motors…..
And you can do it too…..
You just need to develop an ” information advantage” over other investors by having access to information earlier…..
All the pricing information is public…..
Through weekly sales figures that you generate, YOU create the reports…..
YOU know what is selling and what is not…..
YOU know the quirks in the market…..
All successful wholesalers know…..
You just need to pay attention…..
Thanks to Joe Neiman and his team at ACV online auctions for his continued effort to improve the buying experience…..
They have upgraded the pictures within each listing, making them more interactive…..
Their selling dealer list is growing…..
New participants every week…..
The inventory offered is fresh, meaning things are getting sold…..
The search filters and 20 minute buying window adds to consistency…..
The randomness with which vehicles pop up forsale is some what maddening……
There is nothing more frustrating than inspecting their “ended sales” and find one that you would have bought, if only you were available…..
Available for THAT 20 minute window !
Busy dealers at all levels, new car, used car, and wholesale might be better served with some sort of pre-sale listing…..
Some sort of “HEADS UP”…..
If you’re working a deal…..
Or on the auction block…..
Or just in the shower…..
All the “chirping” in the world is not going to make you look at your phone and bid on a car…..
If it’s 8 P.M. on Thursday night at your kid’s school play, you’re not going to look at your phone and bid on a car…..
I’d be willing to bet that statistics show which hours of the day buyers are most attentive…..
Sellers looking to be the most successful with their auctions, will strive to TAKE ACTION when the most customers are paying attention…..
And I won’t have to get out of the shower to buy a car !
This month marks our first year anniversary listing and selling cars on OVE.com…..
A successful year…..
A great learning period…..
With continued improvement ahead…..
We’ve discussed the importance of listing cars accurately to improve sales and build a repeat customer base…..
The benefits of the inventory manager in listing your cars at live auctions…..
The lower sale fees…..
The 24 hour a day availability of your inventory to the world…..
All good benefits to help you increase your sales and profits…..
Like any process…..
There is a DARK side…..
About 6 weeks ago we had just completed an OVE sale on an 06 Subaru Outback wagon…..
The car was delivered to the listing Manheim auction…..
The title was turned in…..
The check was in the bank…..
4 weeks after the sale, we received a call from arbitration……
“Your customer has arbitrated your Subaru for various issues and we agree”
SALE CANCELED !!
You have to buy it back…..
Disappointing, but not the end of the world…..
The buyer arbitrated the car at HIS local Manheim auction…..
8 hours away…..
Harrisonburg VA. to be exact….
YOU owe his $730.00 for transportation !
YOU have to go get it…..
8 hours away…..
A word of caution when selling “GREEN LIGHT” cars on a platform that could land them anywhere in the world…..
Understand your liabilities and auction policies…..
ADD your own caveats to your listings to prevent this from happening…..
Make sure you note in the comment section that YOUR green light offer is SALE DAY ONLY !!
This allows the buyer to get a post sale inspection on SALE DAY…..
NOT 3 weeks later…..
NOT $730.00 later….
ANY disputes will be settled on SALE DAY…..
Before the car leaves the selling auction…..
Now I have to take a little trip to retrieve my lost child, my Outback wagon…..
AS soon as Hurricane Matthew is finished wreaking havoc……
I’ll keep you posted…..
Out for now…..
Barry J. Neuman
Member of Manheim’s “super seller” club