online auto auction

The Psychology of the Live Auto Auction: The Last “S,” Scarcity

In this series, we have been analyzing the live auto auction environment, the inspiration for our business. We spoke about the pulsing, tense frenzy of the auction floor. We even compared the auction floor to a casino, and the bidding itself as a cutthroat competition or a fierce game of “Defend the Castle.” RideSafely – Online car auction business evolved from our deep understanding of the auction environment, so we are able to make the process more efficient for you. Greater efficiency leads to greater profits.

The business model that RideSafely – Auto Auctions is reinventing creates a CESSpool of panic, competition, desire, and fear. In this series, we have broken the auction floor into four psychological factors, which comprise the acronym “CESS.” In this post, we discuss the final “S,” scarcity.

 

Scarcity

  • The auction started at 6:00.
  • It’s now 7:30 and there are only about ten cars left, only one of which is on your target list.
  • Don’t think that the auction assistants aren’t being paid to make sure that you know that time is almost up.
  • This is the equivalent of the big billboards screaming, “Only 3 days left!” You are being pressured by scarcity.
  • If you still have serious competition, and the clock is running out on you, you will have to fight the “C” of the CESS-pool.
  • Competition. Few chances left. Time running out. Gotta win one. Win the auction, lose your shirt.

The Fix

Just like you started out the evening, you have to breathe, collect your thoughts, keep your cool, and view the auction with a tape running through your mind:

“No deal is better than a bad deal.”

Just think about the long view.

The hundreds of dollars you save today will help you capture the best deal at the next auction.

If you are a dealer, this is exactly why you make sure everyone knows that you are on your last few vehicles. Not only does moving everything through as fast as possible send you and your employees home on time at night, it puts pressure on your buyers to come away with something rather than nothing at all.

 

RideSafely – Online car auction plays both ends of the scarcity game. For the dealer, we make a market for your individual car, not for all cars of the same year, make, and model. For the buyer, we break down the barrier of location; if the car she wants is in New Mexico, we can get it to her. The buyer feels safe with RideSafely.com because we guarantee the lowest price on all “BUY NOW” listings.

To summarize, the auction floor is a terrible place to make decisions on the fly. If you are going there to try to find a deal, come prepared. Do your homework, know your strategy, and don’t let your money get flushed down the CESSpool along with your composure under the pressure of the auctioneer’s gavel. RideSafely – Online auto auction offers both the buyers and sellers a better way.

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The hundreds of dollars you save today will help you capture the best deal at the next #autoauction… http://rdsf.ly/RTf

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Posted by RideSafely.com on Monday, December 5, 2016

 

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