Online auction exceeding expectations
Cooper Solutions has found that nearly one in three used cars sold on its FullAuction website achieved above 100% CAP Clean, despite 90% of them being graded CAP average or below.
Barry Cooper said, ‘June was a typical month for retailers selling through FullAuction with respect to where they made a significant proportion of their profits. Since 2011 it has become clear that around 30% of a retailer’s trade stock is highly desirable and if these cars are well described and set at a reserve price that encourages competitive bidding once the reserve is achieved, extraordinary profits and CAP performance follow.
‘FullAuction boosts average £PPU and CAP performance by optimising the mix of well described stock, a large pool of buyers and low transaction costs. The result is outstanding profits for sellers.’
FullAuction minimises transaction costs, with many retailers selling their stock before a physical auction house would have even collected it, and to buyers paying considerably less than they would at physical auction.