05 Mar New Bidding Platform Set for July Launch
The first phase in G3 Remarketing’s major platform overhaul will be launched in July 2013 with the introduction of a completely new online bidding portal that will revolutionise both the buyer and vendor experience.
Developed in the most up to date technology, the new bidding portal dispenses with the need of installing complicated and outdated Java plug-ins and is truly a click-and-go experience. The site is fully configurable and will adapt easily on to any mobile device as well.
Historically the G3 bidding process took the form of a timed sale which included ‘bid extension’ to prevent last minute gazumping. The revised platform will reduce down sale duration by over 90% allowing users the opportunity to spending a few minutes securing the required stock rather than a few hours.
Bidders will now have the ability to communicate directly with the auctioneer who will be conducting the sale whilst viewing the industries finest portfolio of images. Vendors will also have a comprehensive suite of tools that allow complete involvement during all live online auctions – this is a first for the industry and will set the benchmark for all future iterations.
Amanda Holtby, Director, commented “The auction will run in concurrent lots with each vehicle being offered online for c30-40 seconds. A live auctioneer will convey all incoming and proxy bids online replicating the environment of a physical auction hall. We felt that the current experience was somewhat sterile and drawn-out and wanted to inject some atmosphere into the process”
“The new bidding process will be totally transparent. All proxy bids (fixed maximum bids placed before the sale) will be clearly identifiable and all bidding will commence at the starting price irrespective of the maximum proxy bid that has been placed. The auctioneer will set bidding increments to reflect the activity on each individual lot however bidders still have the ability to select their own increments within specific criteria as well as disable the audio stream if they desire”
Bidders will have the ability to ask the auctioneer specific questions about the lot both before and during the auction to assist them in formulating a complete picture of the quality and condition of the vehicle in question. Bidder-specific notes can also be added to each lot prior to sale allowing secure information to be displayed as vehicles come under the hammer.
A comprehensive range of marketing and damage images which utilise G3’s unique ‘deep zoom’ technology are also supported by detailed vehicle damage reports and the industries only ‘Audio Reports’ – a verbal description of each vehicle completed by a trained inspector.
Users will have the ability to track vehicles far quicker, place audio and SMS reminders against specific sales and lots, gather information in relation to the location of those bidders who are completing against them on certain lots and manage their sale-day purchases in one simple location. In addition all vendors that are actively online and interacting with the sale to place vehicles on-sale will be clearly indicated to bidders.
Finally, bidders can inform the auctioneer if they are not willing to increase their bid on a vehicle by selecting the ‘I’m Out’ option. This will send a notification to the auctioneer to prevent them from holding on for a returning bidder that will never materialise.
On the revisions to the vendor portal, Matt Dale, Director added “Vendors will have a unique opportunity to engage with the auctioneer and bidders to maximise returns whilst not leaving the comfort of their office via G3’s ‘Virtual Rostrum’ portal”
“At physical auctions vendors still don’t have a specific portal in which to comprehensively manage their sales online. It’s amazing that online sales are increasing but auctions ignore the fact that by offering vendors the appropriate tools to interactive with their buyers, the experience and result will be better for all concerned.”
With the new G3 platform, vendors are offered a truly interactive experience that will maximise returns whilst having almost zero impact on their daily duties aside from disposing of vehicles.
After reviewing the detailed costed damage reports, comparing the hi-resolution images and listening to the full audio description of a vehicle, the vendor can then set audio sale reminders whilst they carry one with their daily activities. The requirement for remarketing managers to hang around at auction centres to await their section of vehicles to be offered has now been eliminated. The new portal will provide all the information required to make decisive commercial decisions remotely.
During the sale, vendors can monitor the percentage performance against all industry guides. Reserves and damage estimates are also displayed. The platform will indicate the number of days a vehicle has been in-stock along with the number of sales and the highest previous bid (if applicable). Finally, unique website ‘hits’ on each vehicle can also be reviewed helping the vendor to assess the popularity of certain models.
Once bidding gets underway, vendors can clearly see the bid amount, geographical location and type of bidder as well as interact directly with the auctioneer. Throughout the process, a rolling total sale performance will be clearly displayed allowing users the ability to review their position instantly.
Should a vendor be unable to logon during a live event, they will still have the ability to review the performance, sell vehicles and ask for an increase on bids post sale. This is also a useful feature should they miss a lot at some stage during a sale.
Again, due to the type of technology used there are no requirements to download plug-in applications such as Java that can often be disabled by company firewalls. The new G3 platform can be launched quickly without these issues.