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How Auctions Work

Episode 3:

Live Auction Experience

This video discusses the expectations and options for sellers during the auction phase of selling a car. The involvement level of the seller is a key factor in this stage. If all paperwork is complete and the car is already at the auction site, the seller can choose to be physically absent, perhaps watching the auction remotely. However, for those who wish to be more involved, being present during the auction offers unique opportunities. Sellers can interact with potential buyers, sharing personal stories and details about the car, which can be invaluable. It’s also advised for sellers to be near the auction block, especially if there’s a reserve on the car, to make real-time decisions, such as adjusting the reserve price. The video also delves into the choice between online and live auctions. While online auctions offer convenience, live auctions bring an irreplaceable emotional and human connection that often leads to better results. Live auctions are noted for setting most world record prices, offering transparency, and attracting more qualified bidders due to their investment in the process. The overall message is that, while live auctions might require more investment, they typically offer greater rewards.

  • Sellers have the option to be physically present or absent at the auction, with the ability to watch remotely if desired.
  • If present, sellers can interact with potential buyers, sharing unique insights and stories about the car.
  • Sellers should ensure all original documents are delivered to the auction office before the auction begins.
  • Being near the auction block is advised, especially for sellers with a reserve price on their car, to make on-the-spot decisions.
  • The choice between online and live auctions: live auctions offer a more emotive and engaging experience, often leading to better outcomes.
  • Live auctions are known for setting world record prices and providing a transparent and verifiable process.
  • Qualified bidders at live auctions are often more committed, having invested time and resources to attend.
  • The marketing impact of live auctions is unmatched compared to online auctions.
  • The video suggests that the benefits of live auctions, including the human connection and potential for higher returns, outweigh other considerations.