By analyzing 347,000 vehicle sales from a 30-day period of auction sales, AutoIMS found that the average total charge amount per vehicle during this period was $385.
Through this 30-day period of observing vehicle sales at auction AutoIMS also found the top 10 most common charges at auction for the auctions using its platform. Sales fee, transportation fees, and detail fees were far and away the most common charges among the observed vehicle sales. Respectively, 84%, 62%, and 43% of the vehicles had these charges.
The fourth most common auction charge was the appearance / reconditioning charge. Roughly 94,000 of the vehicle sales — or 27% — that AutoIMS analyzed had an appearance / reconditioning charge associated with them. The fifth most common auction charge, promotional expenses, was found in approximately a fifth of the analyzed vehicle sales.
“Digging deeper into the details of fee management offers insight into the operations of many of the most successful remarketing organizations. In addition to allowing as few unique fees as possible, consignors agree that setting limits for the charge types that align with their respective auction contracts, create a strong, yet transparent foundation,” read the whitepaper titled “Simplifying Auction Charges” by AutoIMS.
The rest of the top 10 most common auction charges came from material handling, live internet sales, mechanical work, miscellaneous, and recon: keys.