You recall that in our article: “Win at Salvage Car Auction – But Lose Your Shirt?”, we spoke about the pulsing, tense frenzy of the auto auction floor. The business of RideSafely.com evolved from our deep understanding of the auto auction environment, so we are able to take some of the cold sweat out of the process. Less stress means more buyers for your inventory.
The business model that RideSafely is reinventing creates a CESSpool of panic, competition, desire, and fear. In this series, we have broken the auto auction floor into four psychological factors of live auto auction, which comprise the acronym “CESS” In this article: “Win at Salvage Car Auction – But Lose Your Shirt?”, we discuss the “C,” competition.
Auto Auction Competition
Think of the hapless bidder in the opening paragraph of the previous article: “Win at Salvage Car Auction – But Lose Your Shirt?”. Can you feel him boiling with the combination of hostility and panic toward the three competitors? He’s practically shouting his bids, full of spit and venom at his rivals. The auction is designed to make this happen. You get locked in a struggle and you must have that car. Period.
- Take in an auction or two from outside the bidders’ ring in order to see the auction at work.
- Remind yourself, “I am here to make money, but no deal is better than a bad deal.”
- The other bidders are not your competition.
- The battle between profit and loss overshadows any other consideration.
For the Dealer
Your ideal situation is to have an auction floor that holds thousands and thousands of potential bidders, but that doesn’t scare away your potential customers. Those people who like the cutthroat environment of the live auction will create the experience in their own minds.
Think about the world of online gambling. As I write this, two giant Atlantic City casinos are in bankruptcy, and two others are already closed. Is the East Coast turning into a group of temperant evangelicals?
No, casino gambling in Atlantic City is under overwhelming attack by two forces: local casinos in North Jersey, Philadelphia, and Maryland, and gambling from an even more local source – the comfort of one’s own home.
All we are saying is that those customers who are in the auction for the thrill of winning can pay top dollar from the comfort of their own home, without the dealer having to give up as much profit to maintain a physical auction house.
Next article in the sires of CESS: The Psychology of Live Auto Auction: “E,” endowment
RideSafely provides an online solution that takes the inconvenience out of the buying experience. We also minimize the auctioneer’s fee. By making a more efficient market, RideSafely.com can provide buyers with the widest selection and a low-price guarantee for all BUY NOW listings.
Take in an auction or two from outside the bidders’ ring in order to see the auction at work… Learn more more: http://rdsf.ly/7oR
— Products shown: We Hold a Flat Rate of $299 Transaction.