Bidding Tips For Online Car Auctions

Bidding for a car online can be a very intimidating experience, especially if you are new to the process. By following these simple tips you will not only protect yourself from both false auctions and overpaying but have an enjoyable experience too.

1) Verify the Car Auction Site

Beware of professional scam artists running bogus online car auctions. Always make sure that the car auction site you choose is legitimate. If you have any doubts then look elsewhere. After all, you can usually find the same car for sale on several different auctions.

2) Choosing Your Car

Research the car you are interested in. The cars up for auction will have a photograph of the car and the starting price. Know the value of the car before you bid on it. And, if you plan on reselling the vehicle, be sure it is a car that is in demand and be aware of the resale value. This will prevent you from overbidding.

3) Hold Your Bid

Do not bid on the car you want right away. Instead hold back so you will not seem to eager. Wait until the bidding is almost closed. If you believe you can bid higher than the closing bid go ahead and cast your bid at that point.

4) Do Not Get Carried Away

It is very easy to get caught up in the excitement of the bidding and overbid as a result. Before the auction decide on a maximum price and do not go over that price regardless of how exciting the bidding gets.

5) Have the Cash

Many bidding sites require immediate payment once the bidding is over. Check before you start bidding how payment is expected to be made. Make sure you have the cash available to pay for your purchase immediately. If you do not you may end up losing the car.

6) Get Full Information on the Car

Do not accept a description of the car that simply says “good condition” as this could mean anything. You need to know the mileage, engine model, and the kind of fuel it takes. Look carefully at the on-line pictures and check for any damage. Ask about its maintenance record.

7) Bid Yourself

Do not rely on a friend or relative to bid for you. Too many times they will forget your wishes and overbid or bid on the wrong vehicle. No one looks out for your interests better than you! These are just some of the tips to follow to prevent any errors while bidding on a car. If you have not bid before, it might be a good idea to watch a few auctions before trying it out yourself.

The History of the Online Auction

When one thinks of online auctions today, the name eBay certainly comes to mind first. This website was the first in what is now a history of the online auction, which began in 1995, when Pierre Omidyar sold his first item. The item was a broken laser pointer, which sold for $14.83 to a man who collected such objects.

The history of the online auction was born with that sale, and has continued to grow by exponential amounts since the first day. Omidyar quickly found that his hobby of creating an online garage sale needed to become a part-time business, which grew to a full-time endeavor within a very short period of time.

In many ways, it’s thanks to eBay that other online auction sites exist. Amazon.com became a fierce competitor throughout the late 1990’s, as did Yahoo! Auctions, who actually still have majority market share in some countries.

Other auction sites, while not as big, managed to leave their mark. ePier, started by a couple of poor students, has been one of the few auction sites to withstand all storms and continues on today.

Today, there is a definite move away from auctions to more traditional methods of selling. Craig’s List and other online classifieds are gaining popularity, and Amazon.com’s open retail market has also gained quite a bit of market share with individuals peddling goods from their garage.

However, much of their success is owed to the early pioneers of online auctions. Undoubtedly, there will be new technologies and new companies that take the market in a different direction, leaving online auctions to be enjoyed by a niche group, just as it was in the beginning.

How To Sell On Online Auctions

Ah the vastness of the internet. Seems like a place where dreams are made and broken, where millionaires and has-beens all vie for that internet pie that promises massive financial gain and open ended answers to every question. The online auction has become a simple of the transaction of goods on a global scale, the international yard sale where everyone can and will exchange everything. So you may be familiar with the idea of buying stuff on eBay and Amazon, but how do you go about selling on online auctions?

In order to sell on an online auction, you must understand the nature of the auction itself. An auction is essentially a large clearing house where anyone can attempt to put up anything for sale at any given time. So, if you intend on utilizing any one of a number of online auctions, first decide what is your goal. Define you goals so that you can get more out of the online auction scene. Do you want to sell a single item of yours that has been collecting dust in the garage or do you want to make a business of buying goods and then selling them on the internet? If the latter is the case you need to make a strategy.

If you are interested in testing the water by selling a few items on an online auction, the first step is to make an account. You will need a way to accept your payments for any item you successfully sale. The easiest and most convenient way to do this is to open up a Paypal account, and have it anchored directly to your bank account. After you have managed your payment scheme, you need to take a look at how other people who are selling similar items to what you want to sell list their items.

Take note of what you like, what makes you incline towards a particular poster. Now, once you have gathered a decent amount of back knowledge on how to list an item on an online auction for sale, you need to take pictures of your item, and list it with a decent description. Remember, that the rates which you start bidding will determine how quickly interest will be shown in your particular item. Also, sometimes it isn’t the price that sells a particular item, rather it is the rich description and pictures. So take your time and list your item properly in such a way that you would love to buy it if you were in need of it yourself. Finally, after you make a sell, make sure you follow through with quick delivery. This weighs a lot on the probability of repeated sells.

If you intend on selling on internet auctions as a business endeavor, much of the same techniques listed above should be utilized. Obviously, you will need to acquire a steady supply of items to list, and your ability to acquire items that are in demand will weigh on your ability to steadily make profits. Always keep in mind basic business theory when you are utilizing online auctions.

In conclusion, if you organize your efforts well, you have a large potential to make decent money by selling on online auctions. Even if you don’t intend on making it a business, selling on online auctions is a great way to clear out the garage. Have fun.