carwow, the online car-changing marketplace, is moving to a ‘round the clock’ bidding model, giving dealers earlier bidding access to carwow’s used-car auctions and providing partners with convenience and flexibility.
Each evening at 5.00pm, carwow will release the catalogue of vehicles going into its daily auction and open the bidding, this includes recommendations personalised to the dealer based on past bids. As is the case now, the winning bid will be revealed to sellers when the auction has closed at 3.30pm the next day.
Analysis of the makes and models listed in carwow’s online daily auctions revealed the Hyundai i30N as the vehicle quickest to reach its reserve price, which uses cap ‘Clean’ valuations, doing so in just over one hour of the auction going live.
Second in the time to hit reserve ranking was the Audi S3, followed by the first electric model to make the top 10, the BMW i3. The top five was completed by the MINI Hatch and a second EV, the Volkswagen iD3.
Rounding out the top 10 is the Nissan Qashqai in sixth place, followed by the Ford Focus ST and Ford EcoSport. In ninth was the Vauxhall Mokka, and concluding the list with a time of just under three hours the Nissan Note.
Analysis by brand reveals that Kia’s reach their reserve price most rapidly in carwow auctions, followed by Volvo, Peugeot, Fiat and Hyundai. The rest of the top 10 by brand continues with Ford, BMW, Citroen, Mercedes and Dacia.
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Since carwow launched its auctions in 2021, it has helped add over 100,000 used vehicles to dealer forecourts, worth a combined value of over £1.5 billion.
Recently, carwow revealed that the Jaguar F-Pace was the most profitable used car available to dealers on carwow, with an average potential margin of £4,721. Analysis showed an SUV-heavy top 10, led by premium brands with margins growing on carwow due to robust vetting of quality and low buyer fees.
“This snapshot gives an interesting insight into the makes and models that are most in demand in our daily auctions, reaching their reserve price in record time,” comments carwow UK’s Director of Sell My Car, Sally Foote.
“Our daily auctions enable all types of dealers – from franchises to independents – to access over 12,000 cars and light commercial vehicles every month direct from private sellers. We hope our new ‘bidding in advance’ offering helps ease any morning pressure off dealers, as well as building some excitement for the vehicles in auction for the following day.
“We know quality is paramount, so we pre-qualify every listing to make sure that UK dealers always receive stock exactly as described, ready for the forecourt. We’ve also recently improved the way we capture and display any damage information, collecting much more detail from sellers to create an enhanced view of a vehicle’s condition to give our partners ultimate confidence in their purchases with us. ”