As we head into 2022 there continues to be heightened interest in auto auctions. Experian has observed a little cooling in auction activity in some parts of the western U.S., but the Central, Eastern and Southern geographies continue to see high unit activity, as depicted in the chart below. Let’s take a look at how vehicle history data can help consignors make more informed decisions before auction. (Click here to access these insights directly).
Review vehicle history data before auction assignment
During this current climate, you can make the most of every auction (whether physical or digital) by reviewing vehicle history data before assignment. Have you ever brought inventory to a physical auction only to realize the vehicle had issues you didn’t know about? This can catch consignors off-guard and prove costly.
So, how can you take advantage of vehicle history reports to help make better purchasing decisions? Vehicles with damage aren’t a lost cause, but rather consignors need to be strategic about where they send damaged vehicles to auctions to ensure the sale and maximize the sales price. A little extra research can help uncover hidden issues and vehicle damage. Vehicle history reports reviewed prior to auction assignment can assist consignors in uncovering vehicle damage and determine if the vehicles are appropriately priced to move before locking in their auction location.
A quick review of the vehicle’s history report for major state title brands can reveal areas of concern and will also show other major problems, such as accidents, damage and total insurance loss.
If damage or a major concern is uncovered, consignors can proactively evaluate the auction assignment. For example, the vehicle might have a better chance at selling in a hotter market like the Central, Southern, or Eastern U.S. than in a Midwest market. The key is to always know before you go by taking advantage of region and channel data to help ensure the most profitable sale.
“Know before you go and tell before you sell,” says Joe Miller, VP of Client Experience at AutoIMS, the popular inventory management platform serving auctions and commercial consignors. “We continue to hear how vehicle history is influencing decisions not only about which auction to send the car to, but what repairs to perform, how best to floor price the car, and how to represent it in the lane. A new era of data-rich transparency is upon us in auto remarketing, and those tapping into the VHR will ultimately save time and make more money as they improve their reputation in the lanes.”
By leveraging the Experian AutoCheck Vehicle History Report, consignors have quick and easy access to information that can help them make more informed, profitable decisions. To become an AutoCheck Vehicle History Report subscriber, sign up today.