Up to 10% of all used vehicles purchased at auction by dealers are bought without the full condition of the vehicle made clear to buyers, according to G3 Remarketing.
G3, which disposes of vehicles from finance houses and fleet and leasing companies, rather than supplying stock from trade or private sale, said dealers were losing profit from purchases with damaged tyres, bodywork, paintwork and so forth.
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Tom Marley, head of operations at G3, reasoned the speed of live auctions was preventing comprehensive inspection of vehicles, something which could be compensated by a fuller range of images and damage report for every vehicle for sale.
Seeing is believing
G3 introduced an online bidding platform in March this year to provide direct contact between vendors and auctioneers, as well as provide portfolios of photographs of vehicles for sale as well as an audio file description of the state of a vehicle.
Roger Woodward of CD Auction Group told Motor Finance at the turn of the year of his company’s work to provide as much information as possible, including images, regarding every unit for sale.
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By GlobalDataSimilarly, online classified used car website Motors.co.uk, spoke in the summer of the benefit of having at least two images available per vehicle for sale, echoing points by Benfield Motor Group and Close Motor Finance.
richard.brown@timetric.com
