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Solving Common Bidding Struggles on eCarsTrade
Discover easy solutions to common bidding struggles with our guide. Learn how to bid smarter and win more on eCarsTrade auctions for car traders.
So you’ve registered on eCarsTrade, and you want to start bidding? That’s great! Navigating online car auctions may seem challenging, especially for new car traders, but eCarsTrade is here to help you with any bidding struggles you might have.
At eCarsTrade, we specialize in bringing together a vast selection of used cars on our auction platform.
Our platform is designed for small to medium car traders looking for a straightforward way to buy used cars. This guide addresses common questions traders have while using our platform, presented in a simple, easily understandable format.
How do Open auctions work?
Open auctions are transparent and competitive.
Open auctions on eCarsTrade are designed to be transparent. All participants can see each other's current highest bid in real time.
This ensures that you are fully informed about the car you're interested in and the competition you're up against.
The process begins when a car is listed on open auctions with all the necessary details, including images, make, model, mileage, and condition report.
As a bidder, you can place your bid any time before the auction closes. The dynamic nature of open auctions means that bidding can be competitive, so be prepared!
Monitor the auction closely and adjust your bids accordingly for a better chance of winning.
“It’s always best to leave your maximum offer for the last moment. Don’t get tempted to place your personal maximum bid at the very beginning of the auction. Patience is a virtue when it comes to open auctions”, says Chiara, eCarsTrade Sales Manager.
For more tips on how to win in auctions, check out our guide to car auction bidding strategies.
The highest bid when the auction closes is the winner, making the process straightforward and fair.
Can I trust the estimation price in Blind auctions?
Estimation prices guide you in making informed bids.
Blind auctions on eCarsTrade add an element of strategy to the bidding process. Unlike Open auctions, bidders do not see the current highest bids placed by others.
So, how do you know how much to bid? The estimation price comes into play as a crucial piece of information.
It is determined by our pricing experts, who evaluate the car based on its condition, previous winning bids, and the current market price.
This estimated price is a guideline to help you decide how much to bid on a car. It encourages you to place your own value on the car and see how it fits into your inventory without being influenced by the bidding behavior of others.
This system ensures that every bid is thoughtful and based on the bidder's own evaluation and needs.
Just remember - the estimation our calculator gives you doesn’t necessarily mean you will win the car, but it can increase your chances. Experiment with your bids! You can always bid a bit less, but we encourage you to stay close to the estimation price.
The more you try, the more your chances of winning the car increase! For more insight into bidding and auctions in general, read our article on common auction myths.
Why is there a minimum price on some auctions?
Minimum prices protect both buyers and sellers.
In certain auctions on eCarsTrade, you will see a minimum price. The minimum price is the amount set by the supplier company. It ensures that the car does not sell for less than its worth, providing a safeguard for the seller.
This minimum price is the lowest amount at which the seller is willing to part with the vehicle. It's an important feature with a double purpose - sellers receive a fair amount for their vehicles and buyers engage in serious bidding.
What does all this mean in practice? It means you can’t bid any lower than the minimum price.
If your bid is the same amount as the minimum price, your chances of winning will be low. So we always suggest you bid more than the minimum. Use the estimation price calculator to determine the best bid amount!
Setting a minimum price has another advantage too. It offers a starting point for bidding that reflects the vehicle's value.
While it adds a competitive factor to the auction, it also ensures that the bidding starts at a reasonable level. Basically, the car cannot be sold at a significantly lower price than its market value.
This approach balances the interests of both parties, making the auction fair both for traders and suppliers.
What is the difference between the market price and the estimation price?
Market and estimation prices offer different insights.
While browsing eCarsTrade auctions, you may have stumbled upon a market price calculator.
We have developed this tool specifically to add another way of helping you determine the amount of your bids.
You may wonder what the difference is between this tool and the estimation price. But the answer is actually quite simple.
The market price tool sweeps the internet for a general market price of a vehicle, based on the parameters you put into it. In short - it gives you the general selling price of similar cars in the open market.
It's an automatic tool that tells you what similar models are selling for, providing you with info of the current trends and pricing in the used car market. If you’re having issues with the market price calculator, consult our FAQ section!
On the other hand, the estimation price is a more specific assessment that we manually provide for vehicles listed on our platform. This price is calculated based on our team's thorough evaluation of the car.
The estimation price also considers how similar cars have sold in recent auctions. You can see it as a custom guide that helps bidders understand the car's value in the context of our auction platform.
While the market price gives you a general idea of what to expect in terms of pricing, the estimation price offers targeted insight from one of our pricing experts.
Both tools are amazing and help you better strategize your bids!
How do I get more information about the car being sold at the auction?
Detailed vehicle information is easily accessible.
When participating in auctions on eCarsTrade, having access to comprehensive information about the vehicle is really important for making an informed bidding decision.
We understand the importance of transparency and provide detailed insights into each car's history and overall condition directly on our platform.
However, keep in mind that we rely on our suppliers to provide this information for us. We are, after all, an aggregator of auctions and do not physically have the cars at our premises.
To find out more about a specific car, including its service history and detailed specifications, you simply need to visit the car's auction page on our website. Read through everything carefully. And then read through it again!
Let’s take a look at this Audi A4 Avant together. First of all, on the overview page, you will see that cars featured in this auction mix do not come with a Certificate of Conformity.
Let’s now click on the listing of the Audi A4 Avant. On the car page itself, we offer a lot of information so you can completely understand the vehicle's condition.
This includes, but is not limited to, high-quality photographs from multiple angles showing all damages, detailed service records, a list of any known issues or damages, and the car's full specifications, such as year of manufacture, mileage, engine size, and fuel type.
You will also always see the car’s VIN number in case you want to check the used car’s history with the help of a VIN decoder website.
Each listing has a detailed eCarsTrade appraisal report, with the entire service history, photos, and all other information supplied to us by the supplier company.
This detailed documentation ensures that you are not bidding blindly but have all the necessary information to evaluate the car accurately.
If any information is missing, like the service history, it is up to you to decide whether you want to bid on that car or not.
We always aim to empower our traders with the knowledge they need to make the best possible decisions for their businesses.
Say goodbye to bidding struggles with eCarsTrade
In the dynamic and ever-evolving world of online car trading, we are always listening to the needs and questions of our small to medium car traders.
From understanding open and blind auctions to the importance of minimum prices and the difference between market and estimation prices, our goal is to ensure you're equipped with the knowledge to bid confidently and successfully!
We believe that an informed trader is an empowered trader, and that’s why we hope to give you some answers to popular bidding questions in this guide.
With these insights, you’ll be better prepared to navigate the auctions confidently, make informed decisions, and evolve your business.
We're here to support you every step of the way, as always. Happy bidding, and here's to many winning bids in your future!
