That said, you need to have a solid strategy to snatch a good deal on a used car at an auction. If you want the best value for your money at a used car auction, here are several steps to do just that.
First things first: learn about how the auction is run. This is important so as to avoid any problems during the auction.
Among the things you need to pay attention to are the auction rules set by the auction house. Also, learn more about the schedule, registration process, deposit requirements, auction procedure, and when the winner gets announced.
Second, make sure what kind of car you are looking to buy, and choose well. Third, find out more about the car’s market value.
See also: Ways to Instantly Win at Car Auctions
Fourth, during the auction, refrain from hastily one-upping other bidders. If you get carried away and dive in headfirst because you’re afraid someone else will win the auction, you’ll be more likely to drop the ball and pay an above-the-market price for the car.
Fifth, wait until the last moment to make your bid. At this time, the other bidders have likely made all their bids. This way, you’ll know the highest bid and you can determine if you can still make a higher offer with you budget.
All things considered, if you are looking for guaranteed ease in the whole process and post-auction matters, be sure to choose an auction house with excellent reputation and a vast network of branch offices.
These are the things you can find at PT Balai Lelang Serasi, which runs auctions under the IBID brand. Reputable and trustworthy, IBID also holds online live auctions via its application, available on the Google Play Store. A live auction makes it possible for you to bid on the car of your choice from anywhere without being physically present at the auction.
Established in 2007 as a member of the Astra Group, this company has sold more than 27,000 four-wheeled vehicles in its auctions by the end of 2016. It runs more than 500 auction events every year, with weekly auctions held at its ten branch offices across Indonesia. So far, more than 30 cities in the country have been home for IBID’s auction events.
A Live Auction is a real-time auction where each lot is auctioned off live one at a time on a given auction schedule. When the lot is being put up for auction, participants can put in their highest bid, and the auction ends when there is no higher bid placed for it.
When that happens, participant with the highest bid wins the auction. The auction then continues for the subsequent items. This type of auction is different from a Timed Auction and Flash Auction.
At Timed and Flash Auctions, all lots are put up at once on a single schedule. However, a Flash Auction takes place only for an hour, while a Timed Auction can last longer, for hours or even days.
For example, at this week’s Timed Auction, ten used cars are scheduled for an auction that runs from 12:00 p.m. to 5:00 p.m. Western Indonesian Time (WIB).
All the cars will be displayed during the time and only after the auction concludes that the participants with the highest bids, who will bring home the used cars, will be announced. Meanwhile, at a Flash Auction there may be, for example, five cars being auctioned at once, but only from 2:00 p.m. to 3:00 p.m.
There are two types of auction participant numbers (nomor peserta lelang or NPL) provided: NPL Live (for a Live Auction) and NPL Timed (for Timed and Flash Auctions).
One thing that makes Flash Auction stand out over the other types of auctions is that it presents a collection of ‘fresh-from-the-oven’ used cars—cars recently inspected by the Astra Car Valuation (ACV) experts.
For consignors, this type of auction helps sell their car faster, while for bidders, it helps them find a fresh collection of used cars to bid on. That is what sets it apart from Timed Auction, which follows a regular schedule like Live Auction.
Where Flash Auction wins is the live stream and live chat features it provides for the participants. Each bidder with an NPL can use the live chat feature to ask the vehicle inspection team up to 10 questions to get answers about the used car’s condition in detail.
The live stream feature, on the other hand, allows the vehicle inspection team to show the exact part of the used car by pointing the camera in response to a participant’s question.
Flash Auction is designed to tackle the challenges of inconvenience posed by online auction events. From the comfort of their homes, participants can see in detail cars auctioned via the live stream.
Each car’s condition has been documented in detail beforehand, eliminating concerns over potential flaws found after a car reaches the buyer’s hands.
Want to join an auction at IBID? You can download the IBID app from the Google Play Store or the Apple App Store. Or visit https://www.ibid.astra.co.id