For consignors, cross bidding multi-platform sales is not a question of “if,” but “when.” This “when” is coming closer thanks to the efforts of industry groups who are working diligently to overcome the technical and logistic barriers to making online cross bidding multi-platform a reality. Among the biggest barriers these groups are working to solve is the standardization of auction start and end times.
One of the industry groups leading the charge to make a cross bidding multi-platform sales a reality is the International Automotive Remarketers Alliance (IARA), which, through its Standards Committee, has recently authored a white paper on the topic.
Below is an open letter to the industry, authored by the IARA Standards Committee, about requirements and benefits of cross bidding multi-platform sales for the industry:
Cross Bidding Multi-Platform Online Remarketing Sales
With the growing popularity of using web based applications to remarket vehicles, the International Automotive Remarketers Alliance (IARA) Standards Committee continues to advocate for the creation of a cross bidding multi-platform online remarketing solution. The members of the committee believe that by utilizing a central portal where consignors can offer their vehicles on various remarketing online tools at the same time, will not only create efficiency for the consignor, but allows buyers to access the maximum selection of vehicles online.
What is Cross Bidding Multi-Platform Remarketing?
Cross bidding multi-platform selling is the use of a central portal/hub to remarket vehicles on multiple sales venues at the same time with continuous bidding across all venues. With a centralized portal, consignors have a one stop shop with a common interface to facilitate their online sales activities across their chosen auction platforms. A designated hub would create increased efficiency for consignors when selling their inventory and provide standardization among condition reporting language, vehicle grading systems, photography standards and auction start and end times. Additionally, by creating a competitive bidding environment on more than one sales channel at the same time, consignors can be confident that their vehicles are being exposed to more buyers which in turn maximizes sales results.
As the automotive industry continues to change, the IARA believes that it is important to continue to grow to meet buyers’ needs. Cross bidding multi-platform selling allows buyers the ability to use their preferred sales platform, while still gaining access to the maximum selection of vehicles when purchasing online. The IARA envisions the platform will send real-time data so bidding can be updated on all platforms simultaneously, making it unnecessary for buyers to switch from one sales platform to another.
In summary, there are apparent benefits for consignors and buyers when using cross bidding multi-platform selling when remarketing vehicles. The IARA continues to hold discussions and is currently soliciting comments from the remarketing industry, including consignors, auctions, and dealers.
For more information on multi-platform selling, visit www.iaraonline.org for the white paper on the topic.