The post-pandemic world is still sticking to its online shopping habits, even when it comes to buying cars. Auto auctions are a great way to sell your car or trade it in for a new one. They are also a great way to gain access to classic cars or that collector car you’ve always dreamed of owning.
Online car auctions offer a variety of benefits for buyers and sellers, including great deals on vehicles, a wide selection of cars, convenience, and security.
With online car auctions, you can sell your vehicle without ever having to step foot in a dealership or haggle with a used car lot owner. If you’ve never been to an online car auction before, you may have some questions about the process. Read on to learn more.
What Is an Online Car Auction?
Just like traditional auto auctions, online car auctions have interested customers bidding for the title of a car. The only difference is that the buyers are virtual, trying to out bid each other for the vehicles to be sold.
Benefits of Online Car Auctions
Selling vehicles at online auto auctions are a great solution for sellers who do not trade cars as a business. While you can go to a dealer to sell your car or opt for a private sale, online auto auctions can offer plenty of benefits.
Dealers are experienced negotiators, and you will typically be offered the wholesale value for your vehicle – or approximately 30% less than what you would get via a private sale. Private sales, on the other hand, mean you will have to look for the buyer yourself.
MintList let you compare prices from multiple car sites so you know what to expect.
Sell With Confidence:
Selling privately also means you may leave yourself vulnerable to fraud through having to give your personal contact number or other details online. Online auctions protect your sensitive information and access is only given to the buyer once they win the bid and you accept it.
No Test Drives:
When you sell privately, you need to make time for numerous potential buyers to come and test drive your vehicle unlike auctions where third party condition reports serve to reassure customers of the condition of your vehicle.
Online auctions also pre-vet users, so you know that the purchase will go through and that the buyer has the money to pay for your vehicle up front.
Types of Auto Auctions
Auto auctions are typically of two types: live auctions and timed auctions.
A live auction creates the same sense of urgency you’ll find in a traditional auction. They start bidding at a particular time and vehicles can be bought within minutes as dealers wage fierce wars to win.
Timed auctions, on the other hand, have set start and end times and interested parties must place their bids within that defined period.
MintList Auctions: The Best of Both Worlds
At MintList, we offer a combination of live and timed auctions, so you still have the sense of urgency but dealers have the time to explore our inventory before bidding. Depending on the volume, our auctions are run once or twice a week where customer start bidding at specified times. Each auction takes 45 minutes to complete. In case of multiple bids during the last 30 seconds of an auction, an additional 30 seconds are added to the clock so that you have the opportunity to get the best deal for your vehicle. The best part is, you can see each current bid as it rolls in.
How to Put Your Car Up for Auction
MintList is a Canada-based online auto auction site that makes selling your car easy. As a seller, its absolutely free. All you have to do is:
- Sign up and use your phone to list your car in just 10 minutes.
- Wait until the day of the auction.
- Watch the bids roll in and choose whether you want to accept the highest bid.
- Get access to your funds in as little as 24 hours.
Trade In Your Car
If you’re selling your old vehicle, chances are you’re in the market for a new one. On MintList you can use the credits from your sale as trade in credit to purchase a new car from any dealer on our website and save thousands of dollars in tax. There are hundreds of new and used vehicles in the inventory to choose from.
Putting vehicles up for auction is a great way for those not in the business of selling cars to get above wholesale prices as customers bid.
You can list your car on MintList today.