How Do Car Auctions Work Online?
Perhaps you've been to a live car auction before but venturing into the world of online auto auctions is a different story. Don't worry, by knowing a little bit about the process of how online car auctions work, you can join the fray and find your ideal investment.
How Car Auctions Work Online
From choosing an auction to finalizing the deal, here is what buyers and sellers can expect.
Whether you've owned classic cars for years or you're just getting started investing in luxury and exotic automobiles, a classic car auction can be a thrilling way to buy or sell with ease and security. So how does an online car auction work? While the process varies from site to site, here is a basic overview of what you can expect on our platform:
- Choose your auction partner
- Become a registered user
- Browse the inventory
- Bid on or list a vehicle
- Finalize your transaction
Ready to learn more about the online classic car auction process? Read on for details on each of these steps.
Choose your auction
Some sites feature clunky or confusing interfaces that make the process frustrating and confusing. Look for an easy-to-use platform that helps you to feel like buying and selling exotic vehicles is a breeze. Our one-click find and sell funnel buttons, plus our "set-it-and-forget-it" maximum bid feature makes investing in luxury cars easier than ever. To begin using our site, simply click "Find a Car " or "Sell a Car" from the home page. It's that easy.
Also, ensure that the auction site you use is safe. Before you can list any classic, exotic, or luxury car on our platform, our team of automotive experts validate buyer funds, verify every listing, and ensure both buyers and sellers are well protected against potential fraud. From managing fee distribution to hosting a secure communication platform for buyers and sellers to interact, we do everything in our power to ensure all parties are satisfied with every transaction.
Become a registered user
Once you’ve chosen your car auction site, both buyers and sellers must register for an account to begin. This registration process typically requires basic information, including your name, address, email address, and phone number. Buyers must also provide proof of funds, usually with a credit card validation, to ensure that bids will be covered. Once you’ve submitted your registration on our site, check your email for a confirmation to complete the process. Register for your account now.
Browse the inventory
For buyers, this is the exhilarating part! Instantly click and scroll your way through a classic car auction from the comfort of your own home. If you’re a seller, you’ll want to check out your competition. Are there other makes and models like yours? What is their asking price and how much activity are they getting? Pay attention to those with multiple bids. They likely have a marketing formula that resonates well with sellers. Use this insight to your advantage.
Bid on or list a vehicle
A classic car auction can be a quick process, so it’s important for buyers to come prepared. Know exactly how much – or how little – you're willing to spend before you get started. Do your research before the auction, so you fully understand the value of the vehicle you're interested in and its potential for future profits. Once you find a car you like, choose to buy now, bid, or lease.
Sellers will submit a highly detailed profile of their vehicle for review and validation. This profile will include the VIN, description, photos, and proof of condition and history. Now is the time to decide whether you want to sell your classic car to the highest bidder or if you’d rather set a reserve, or minimum price. Use our FAQs to find out more about finding and selling a car.
Finalize the deal
Once the transaction is complete, buyers and sellers on our platform directly connect within 24-48 hours to discuss final sale details, including payment and terms of delivery. For your protection, we recommend all payments be certified funds in the form of cash, wire transfers, and certified checks (cashier’s checks). If paying with a personal or company check, you must also include a bank letter of guarantee.
Behind every successful sale or purchase at VICCI Online Car Auctions is our team of automotive specialists with decades of industry experience. We make it easy – and spine-tingling – to buy or sell coveted vehicles on your own time, at your convenience. Contact us to learn more about our online classic car auctions or get started today!
How to Sell Your Car With Our Online Auto Auction
If you’re interested in auctioning cars online, it’s easy and safe to get started on our platform (and did we mention convenient?!). Here’s a rundown of the steps you can expect:
- Register as a user
- Create your listing
- Pick your sale type
- Your vehicle is third-party verified
- Answer buyer questions
- Complete the transaction
It’s that simple to start auctioning cars online! Get more details on each of these steps by continuing to read below.
1. Register as a user
It’s simple to start using our car auction platform. Just click “Sell a Car” from our home page and register as a user, if you aren't already. This registration process will ask you to create a unique username and password that will allow you to safely access all your listings and activity.
2. Create your listing
Creating a captivating listing is an art. To make yours stand out to potential buyers, start by writing a compelling description. Highlight the most desirable options first, and rather than writing large blocks of text, break up notable qualities with bullet points. Then snap high-quality photos of the exterior, interior, special features, and any defects. Finally, complete your listing by uploading the required history and inspection reports, and complete all remaining listing requirements. You will pay a $169 listing fee that includes a third party inspection as well as a vehicle history report. If you have listed your car at a fixed price it will be listed until you remove it. Remember, the vehicle title must be in your name, or you must provide verifiable proof that you are legally able to sell the vehicle you list.
3. Pick your sale type
At our online auctions, you can pick how you want to sell your car. You can either use our auction process or sell your car at a fixed price. Auctioning cars allows you to choose whether you want to set a minimum bid or offer without reserve, during which you will sell your car to the highest bidder.
4. Get vetted
Our team verifies every new listing for legitimacy and accuracy. This layer of protection helps shield buyers and sellers from fraud. (Don’t worry, we also vet the buyers to ensure they’re legit.) During this process our team will verify your listing and offer assistance in completing any outstanding items. Once you’re an approved seller on our site, you won’t need to repeat the process for future cars you want to sell. You’re already part of the family!
5. Answer buyer questions
As potential buyers peruse our inventory of coveted, exotic vehicles like yours, they may have questions about your vehicle that only you can answer. Using our secure communication portal, you will correspond with fellow car enthusiasts who may be interested in bidding on or buying your ride. Prompt and accurate responses will help buyers feel even more comfortable working with you.
6. Complete the transaction
You’ve sold your car. Congrats! Now it’s time to work out all the final details directly with the buyer. We won’t stand in your way. We only ask that you make sure and reach out to them directly within 24-48 hours to begin discussing topics like vehicle transportation and the exchange of funds.
Have more questions about our online car auction process? Check out our FAQs.
You’re now ready to start auctioning cars online like an expert! For more information on how our platform works, reach out to our highly-capable industry professionals for advice. If you’re ready to get started, begin listing your car now.