Vehicle Descriptions Critical to Maintain Profits
Up to 10% of vehicles at auction are bought by dealers without full information on the condition of the vehicle according to G3 Remarketing.
This still means the overwhelming majority of dealers are checking the quality of stock before purchasing, but there are still some dealers that are not checking due to the pace at which some of the auctions move.
Tom Marley, head of operations at G3 Remarketing, said: "Because of the speed of live auctions, dealers don’t have chance to check the vehicle over thoroughly and are not able to check the interiors as the vehicles are often locked.
“We have had recent vehicles with four bald tyres, dents in the bodywork and damage to paintwork."
G3 has tried to combat the problem by offering audio reports on its stock online which give verbal descriptions of each vehicle at auction.
G3's online auctions run in concurrent lots, with each vehicle being offered online for around 30-40 seconds.
Marley believes an audio and visual description for each vehicle should become an auction industry standard "to prevent dealers being lulled into buying cars that will lose them money".