Increase in online auction buyers as confidence grows

There has been large increase in the number of dealers buying via online auctions, as confidence grows in this digital channel, according to G3 Remarketing, which disposes vehicles direct from fleet operators, finance houses and leasing companies.

The volume of used vehicles sold via G3’s online channel is up 21 per cent year on year, with finance cars contributing to approximately 6 per cent increase in these volumes, with the rest made up through the increase in fleet vehicles to the marketplace. The average age of the online vehicles sold is up slightly year on year to 39 months with an average mileage of 44.2k miles.

Tom Marley, head of operations at G3 Remarketing commented: “It is clear that dealers are becoming more confident in buying stock from online auctions and see the benefits of the online platform, over a bricks and mortar auction.  We know dealers like the convenience and time saving features of bidding on auctions from the comfort of their office, or while they are on the move.

“Potential online buyers have all the data and pictures at their fingertips to make an informed decision about a vehicle.  In fact, we are getting excellent feedback from dealers who are accessing our comprehensive range of vehicle images, which utilise our unique ‘deep zoom’ technology and are also supported by detailed vehicle damage reports and the industry’s only ‘Audio Reports’ – a verbal description of each vehicle completed by a trained inspector.

“Our audio and visual description of each vehicle is also proving a success. This allows buyers to view comprehensive electronic vehicle appraisals, a full library of detailed images and listen to a specific audio commentary guiding both the vendor and purchaser around each vehicle.”

Matt Dale, director at G3 Remarketing raised a word of caution about the online marketplace, adding: “There are an increasing number of companies that jumping onto the ‘online’ bandwagon professing that their service is the best in the marketplace. Customers should be careful in selecting the appropriate partner when it comes to online remarketing. Just throwing vehicles onto a virtual auction portal doesn’t work, it’s all about the support service and the promotion of this stock that’s makes a partnership succeed.”

G3 Remarketing offers vehicles from suppliers including Citroen & Peugeot Financial Services, Ogilvie Fleet, Sema Lease, Lex Autolease, TCH Leasing and many other fleet, finance and leasing companies.