How do/should you prepare your car for an auction
If you want to sale your car on an auction, you should be aware of some steps you need to take (and are highly recommended), that can be of a big help in the selling process, in getting a maximum value, whether it is a local auction or a high profile elite car auction. Compared with the simple “For Sale” sign in the back window way of selling of by taking your car to a used car dealer for consignment, there are more benefits in selling your car at auction. Main thing is that on the auctions owners can turn cars into cash very fast and perhaps even more important thing is that a large quantity of vehicles moved through an auction does not depress the price of your car.
At an auction you have a big number of both cars and buyers that ultimately establish market values for vehicles. In this way the car industry is also gaining an objective point of view of how much does a certain car worth in the current market.
However, there is a whole bunch of things one must do, so that he can appear on an auction fully prepared and in a state of getting most of the benefits from it.
This is what you must do to make your vehicle ready for an auction
Tony Klein is giving a complete explanation of all the things one has to do if he decides to put his vehicle on a car auction. There is a great number of details that may seem trivial at first, but as we all heard the expression “Devil is in the details”, it is clear that small things make a big difference in the process of selling.
It is a common sense that if you present your car in right fashion, you will get much bigger attention. Therefore, the ride must be washed, polished, waxed and vacuumed. Everything must be perfect.
If you want to get the maximum of your vehicle, besides physically detailing the car, a thorough research is needed in which the seller must pay attention on every detail that may seem even not that important. And one should always check a different number of sources and points of view in order to determine the current market value of the second hand cars.
Within The National Automotive Dealer`s Association (NADA) there is a section for classic cars and that is a good thing for the seller. Also as a point of view one can use guide books from the insurance companies like the one Hagerty insurance has. And if that is not enough, a seller can hire an experienced appraiser.
Another important thing is to check the title and VIN, to make sure that is clear of liens and errors. As Tony Klein says, the seller must make sure that VIN is affixed to the vehicle and that it matches the title, because there are a lot of cars that are set aside because of the VIN issues at every auction and than the sellers have to resolve them fast in order to get no time for the sale.
Therefore, it is clear that all those who has a good records of maintenance and repairs, will do much better and finally cash up their effort. There should be an accurate log that will reap benefits for the next owner, therefore the seller must have an exact knowledge of if the manufacturer`s or extended warranty is still valid for the car and whether can be transferred to the buyer. It should be clear that these things add an additional value to the car you want to sell.
Things that should be done
If there is an auction scheduled in your town or area, it does not mean that you should try to sell your car on it right away, just because you have one for sale. Just with other things (abovementioned), there are quite a lot of considerations a seller has to have in mind when thinking about selling the vehicle. For example, important factor is the time of the year. The way Tony Klein explains, if one trying to sell a `32 Ford Roadster street rod, he better not be choosing the latter part of the year.
Before you actually take your car to the auction, the owner has to fill out a number of forms and make plenty of pictures of the vehicle and give it to people from the auction company. Of course there is a consignment fee that has to be paid, but it is a reasonable amount of money.
And another thing that must not be forgotten is that when you are selling your vehicle on an auction, the auction company is also taking a percentage of the selling price, so you have to include that as well into your reserve and asking price.
Tony Klein emphasize that the seller must make photos with a big quality, that needs to be given in advance of the auction date so that the auction company people can do their things on time and properly too. Besides the quality, pictures have to arrive at timely fashion so that the car could be advertised for a good period of time, because there are many buyers at the auction that are showing up just for one car.
Another advise that Consignment Manager at RK Motors is giving to all interested in being a future sellers at an auction is be present at it when your car is being sold. It has its own benefits and positive overall sense when the car that is being sold is represented by the seller. And it does not mean that he has to be in the front of the action, many times it is just enough to stand behind the vehicle in the lanes during the auction.
But it is very important to arrive to the event early enough and be prepared to answer questions. In the days before the auction happens, potential buyers are keen to inspect the vehicle, so the seller has to be ready to answer them some questions that they might have.
Things you should take into a consideration
Besides all that we have mentioned above, there are also some other few things a seller can / should do if he wants to maximize the value of the vehicle and that includes reconditioning, certification and effective representation.
The reconditioning is not a big problem because most of the auction companies are offering services like body work, dent removal, glass replacement, detailing and paint jobs. Also you can get consignors a vehicle certification program right there, at the auction company. And with this program, a seller can choose himself a level of certification.
And at the end, one must be realistic and reasonable to understand what drives pricing. Because we all know well that first impressions matters a lot, the condition of the vehicles must be an obvious consideration. One thing that always brings higher selling prices is the premium color. A car in a popular hue can bring an additional $ 1 000 to the price, compared with the same one in a different hue. A simple example is Ferrari! When (or if) you think about buying one, would you consider some other color than red?
There is also a Mopar with its Plum Crazy Purple and Competition Orange. One thing that has not changed is the fact that supply and demand are the primary things that are driving the market. It is in the core of the pricing and primal rule of economics.
And at the very end, you must remember that the auction house is making money when your vehicle sells good. Your obligation is to provide them with everything they ask for and than you can relax and wait for a successful transaction.
And in the mean time, watch this video so that you can get a clearer picture of how does RK Motors facilities look like and most of the things we talked about in this article, as well as some of the best tips!
