How are inspection methodologies changing and what does this mean to buyers and vendors at auction?
Remarketing is currently one of the fastest-changing sectors in the motor trade arena and inspection methodologies have definitely not stood still either.
In quarter two of 2018, figures revealed by the SMMT – that over two million used vehicles changed hands – suggesting that the used car market has remained resilient, despite the introduction of the new registration last month. With this high demand for used vehicles, savvy auction houses have therefore capitalised on the opportunity to make quality cars available and improve dealers’ confidence.
Sourcing stock online has become crucial for some buyers, so inspection methodologies and reporting has had to transform to meet these demands. Our cars are now appraised by National Association of Motor Auction (NAMA) vehicle examiners, for example, and are accompanied with high quality media-rich inspection reports – containing HD imagery, video and audio commentary.
This means that dealers are more likely to feel empowered in their decision-making process, as they can trust the quality of vehicles on offer to them.
Highly detailed inspections should also include a grading based on the condition and damage to the vehicle. Many auction houses will now factor in the cost of repair to improve the quality of the car, resulting in a much higher selling price and a larger profit for the vendor. Vendors – the other important party in the mix – are therefore receiving a more accurate indication of what a vehicle is worth too, and how much money they are likely to make.
Not keeping up with these technological advancements can have a detrimental effect on remarketers’ sales performance, as well as your relationships with dealers and vendors alike, so it is important to not fall behind.
