Remarketing: Internet opens auctions up to overseas buyers

And it is not only the big auction houses which are making use of internet bidding.

Shoreham Vehicle Auctions reckons internet usage is as important as its physical auction, with the two dependent on each other.

In fact, vehicles are more likely to be sold if sellers have used SVA’s internet presence in the days before the auction.

At least six images and accurate descriptions should be made available for viewing three to four days before an auction and this quite often increases the likelihood of a vehicle being sold first time.

Advanced information enables buyers to do their homework while also having time to ask any questions about the vehicles.

Combination of media

Arecent truck auction featuring 25 vehicles saw 80% sold online.

The increase in online sales is a reflection of the confidence in online bidding that has grown among vendors and buyers.

SVA is seeing buyers use a combination of media.

For example, by using telephone and internet research and bidding, many buyers are now buying at the smaller auctions which, due to geographical constraints, they would not be able to attend in person. Internet bidding has expanded the buyer base considerably.

SVA managing director Alex Wright says: “We are building strong relationships with internet buyers based on trust.

"These buyers are enjoying dealing with smaller auction houses as we can sort any issues quickly and efficiently.

Being able to virtually ‘attend’ smaller auctions like ours extends our buyer base and provides buyers with access to more stock. We expect this trend to continue.”

The internet has also seen the launch of companies such as Autorola, which are increasingly taking business from some of the traditional auction houses.

The firm reports growing demand for its branded site service, whereby clients are provided with their own remarketing website which runs off Autorola’s platform.

The first site to launch was developed for commercial vehicle disposal specialist XBG Fleet, which is now able to offer its range of ex-fleet LCV stock online as well as at the physical auction.

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