The Online Car Auction – An Exciting and Growing Trend for UK Buyers
If you have Internet access, then you can participate in an online car auction that includes potential buyers not only from the UK but also from around the world. Here’s some general information about online auto auctions, an exciting alternative to being there “live.”
Categories of Online Car Auction Sites
Like traditional auctions, online car auctions have similar rules and procedures. For example, a seller can set a reserve, which is the amount at which the bidding must begin. Bids below the reserve made at online auto auctions are automatically rejected. While eBay is perhaps the most familiar online auction house and does have a section dedicated to automobiles, there are two other modalities available to those who are seeking a superior online car auction experience: simulcast auctions and cyber auctions.
The Simulcast Auction Alternative
This is a variety of online vehicle auctions where a buyer can participate in a given auction in real time. He watches the auction using high-tech broadcast technology that enables him to follow the auction as it happens. With a click of the mouse, a buyer in simulcast auction can place a bid. A large screen TV in the auction hall registers the online bidders’ bids. In this way, buyers from all over the world can participate in an online automobile auction along with those who are physically present in the auction hall. Even if you’re not bidding, observing a simulcast auction is a great way to stay in touch with what’s happening in the online auto auction marketplace. In lieu of the normal before-auction vehicle inspection, there’s a highly detailed description of the vehicle along with photos for potential buyers to inspect. The report also contains information on the vehicle’s condition. There’s usually a fee charged to the buyer in a public online car auction along with the VAT. Buyers should know that fees could vary considerably, so it’s a good idea to make all relevant inquiries before the auction begins. Most online auto car auction sites have customer service and FAQs (frequently asked questions) sections where most buyers can find answers to basic questions. Failing that, many sites are accessible by telephone.
The Cyber Auction Alternative
In cyber auctions, there’s no live public car auction occurring simultaneously. It occurs completely on the Internet. Like simulcasts, cyber auctions are accessible from any computer anywhere in the world. The traditional auction catalogs are replaced with online ones. Bids on an online car auction site are confirmed and accepted on screen and purchases are confirmed the same way. A unique feature of a cyber vehicle auction is the ability to set an alarm that will alert you when the bidding has reached a certain threshold, for example. Bidders can also use a bidding robot that will automatically bid for them when they detect higher bid.
A live online car auction is a cutting-edge way to buy a car. UK buyers looking for online car auction action will find more than enough to satisfy them in cyber auctions and simulcasts.
And don’t forget to check out our buying cars at auction car buyers guide for everything you need to make a killing at car auctions.