So it occurred to me as I traverse this auction process that perhaps this is an experience that I should share for informational purposes if for no other reason so here we go. This will deal with my experiences only as they relate to the CARS & BIDS auction so be aware. First of all the process. You send C&B photos plus a short writeup on your vehicle in order to determine IF C&B will accept your submission. In my example within 24 hours I received a congratulatory email saying I had qualified, BUT C&B SUGGESTS you use their RESERVE number. Your kidding right?! After two more emails and an increase in the initial number they finally accepted my first reserve submission. And it was at this time that it was requested I send all of my photos, my complete writeup, copy of my title, description of vehicle including flaws AND my videos...What VIDEOS? Initially it was explained on their site that videos were optional, but now they are MANDATORY. As it turned out this was not going to be the last surprise.

Now the online "form" you must fill out with your submission is reminiscent of applying for a federal grant and is time consuming to say the least, but it is what it is. At the very end of this lengthy "form" after you have spent another hour loading all of your photos ( 60 seconds per photo for real) it requests now you upload your videos. Now my computer skillset is slightly above the use of two tin cans and a piece of string ( some of you older readers explain this to the younger) so I could not figure out how to move my videos from my laptop to their site. After much head-scratching and no small degree of consternation I discovered VIDMEO and after what must have been divine intervention I finally managed three uploads...more gray hair.

Second surprise. After the video fiasco the "form" now presents two blocks to check prior to submission. One is simply an agreement of "rules & conditions of operation"...no big deal. The other explains that in the event that the bids on your car do not meet YOUR reserve C&B has the right to make up the difference between the lower bid and your reserve THEMSELVES, mark your sale as "sold below reserve" and consummate the sale. Allow me to explain. On their info site it says that if your reserve is not met C&B will then put the highest bidder & seller (ME) in contact and IF a deal is then reached the buyer will pay 2.5% of the selling price instead of the 4.5% which the buyer pays if the auction exceeds the reserve. So if C&B interjects themselves into the below reserve auction PRIOR to putting buyer/seller together they potentially save money ( 4.5% vs 2.5% if the "gap" between what they will pay is less than the "loss" between the 4.5% and 2.5%). Make sense?

The only issue I have with this is that absolutely nothing described this prior to the very last moment of the submission process. And this may make the buyer take his reserve price with no other option. It is important here that as you wade through this remember the initial efforts C&B made to have the seller accept a ridiculously low reserve, Lesson here is obvious, if you elect to go the reserve auction route DO NOT LOWER YOUR RESERVE at request!

I have submitted my ad and I received an email today stating my ad "advisor" will be in contact in order to discuss the arrangement of the photos and writeup. Realize that as you are uploading your photos that you have no control of the order. As published the ads will have the photos arranged in "exterior", "interior" etc. so I am awaiting that discussion.

It is not my intention here to condemn C&B, but to help the next person go into this with their eyes open a bit more. Next I'll follow up with the auction process.

 

It seems real shaky. The process seams worst then a dealer. Carmax or Autotrader my brother!

 

I have sold multiple motorcycles and most recently a 2019 Mustang GT on Cycle/Auto trader and what you absolutely must be aware of are the scammer attempts. On average one of four responses are phony in my experience. So as long as you are aware of the pitfalls those sites work. Believe it or not C&B as well as Bring a Trailer do a good job of protecting both buyer and seller. My point with C&B is that they really should be more transparent insomuch as their policies relating to the buyer's responsibilities. They do explain exactly how the seller is going to be paid in either of the examples explained. Although I know my explanation of the process was possibly confusing.

 

So how do C&B make money. Whats there take. All these Autotrader craigslist sites your going to get bull and tire kickers. Thats what comes withe private owner selling!

 

With the auction sites they charge 4.5% to 5.0% on the sale price of the advertised vehicle. So a sale price of $30,.000 could translate into a cost of between $1350 to $1500 dollars to the buyer. Of course with Auto Trader, for example, the fee is minimal for the ad itself, but you are relying on people to contact you in order to see your vehicle, make whatever offer they see fit and then follow through. With the auction sites a bid to buy is a contractual commitment to actually purchase the vehicle. On C&B, for example, in order to bid you first register using a credit card which is automatically charged with a percentage of the price assuring that if you bid you will follow through thereby assuring the sale. A true auction hence the emphasis on detailed photos and completely accurate information.

 

Ok yeah sounds better.

 

@MoXKR my sympathies as to how it turned out; surely not up to your expectation. Judging from your sale ad here, my guess is that the final bid was still way short. What's your next step - are you going to try BaT, or sell it another way? Good luck either way!

 

i've got the other side of that story, literally! i just happened across this on twitter the other day, had to go find it.




keep an eye on carvana. there will be a fire sale if the used car market implodes.

 

Beautiful car - messaged you!

 

Ah turns I can't PM since I just registered - could you message me about the car? Been looking for a Portfolio and super interested!

 

pbandj, Check your message inbox.