Slipstream - March 2019

compartment, and receipts. You will
also need to decide on a “reserve,”
which is a minimum selling price
you are willing to accept.
Once you’ve submitted your
car information and photos, your
auction specialist will review, and
after about a week will email a draft
of your listing. They will also review
your reserve price and either agree
or suggest an adjustment. Note: you
don’t have to have a reserve.
Some suggest that a “no
reserve” auction is a way to create
excitement and interest, since the
car will definitely sell, which it
does, but it is a risk for the seller.
You really never know how an
auction is going to go. But all you
need are two bidders interested in
your car to create an environment
where you are most likely to get
your price.
Anyway, back to the listing prep.
After any editing that’s needed, you
will approve the listing and submit
it for posting. It usually takes a day
or two before your listing is “live,”
at which time your seven-day
auction begins.
The auction
Having your car go live on BaT is
pretty exhilarating, waiting for the
first comment and the first bid, and
holding your breath that an auction
troller doesn’t ask a question you’re
not prepared for. You really need
to stay close to your phone or
computer during the auction.
You are notified via email each
time a bid is placed and when
questions are asked. But you need
to keep tabs on the auction within
BaT so you can answer questions
in a timely manner. I’ll pass along
some advice I was given before my
auction. A friend in the club told me
to stay calm and keep my favorite
adult beverage handy, and it was
much appreciated and needed.
It’s always the comments
and questions from the auction
followers who you know full well
have no intention of bidding.
They’re the ones that hit a nerve.
But you just have to remember to
stay calm and don’t respond with
a knee-jerk reaction. Pause, take
a swig, and ponder your response
before posting.
It’s important to note that not
all questions or comments require
a response. But when responding, it
is most important to use the handle
of the user to ensure they see the
answer and that it doesn’t get lost in
the sea of comments. The last thing
you want is someone questioning
the seller’s responsiveness.
As you get close to the end of the
auction, this is where the excitement
begins. That is, if you have a couple
interested parties. And you don’t
always know that until you get to
about the 1-hour mark. the most
exciting time is within the 2-minute
mark. Most of the time it’s a bidder
that has not commented or asked a
question. And suddenly within 30
minutes of the auction’s end, they
place a bid.
When the auction end is within
two minutes, the clock is extended
by an additional two minutes after
every bid, but that ends after about
the fourth extension. One reason for
this is that BaT takes a 5% fee from
the bidder’s credit card on file when
they place a bid, which ensures
serious bidders only. It is refunded
if they are not the winning bidder.
When the auction is over, the fee
is charged to the buyer’s card. And
hopefully you have sold your car. If
not, the auction ends with “reserve
not met.” Something important to
note here: if the auction gets close
to your reserve, BaT reserves the
right to make up the difference to
make the sale. This makes sense but
obviously the final bid needs to be
close enough where they still make
money from the buyer’s 5% fee.
After the auction
Upon completion of the auction,
and you’ve sold your car, BaT will
send you the contact information
of the winning bidder. They suggest
you reach out to the winner as
soon as possible to set up a time to
complete the transaction and take
delivery of the car. BaT suggests
that you have funds wire transferred
rather than cash or cashier’s check.
And I agree. It’s easy and the safest
way to get paid.
In the event the transaction
between the buyer and seller can’t
be completed, there are steps you
can take through BaT to have your
buyer’s fee refunded.
All in all, I’m a fan of Bring a
Trailer. I think the environment
actually protects both the buyer
and seller and is a good option for
selling your car. But I recognize
that not every car is a good fit. I
will say, though, that in my case, it
worked well and I think the buyer
felt the same.
So how did I do with my auction?
Well I sold my car, for a price I
thought was fair to both parties.
The transaction after the auction
was painless. The auction itself
was smooth, fun to watch, and got
really exciting during the last two
minutes. So I was happy.
If you choose to sell your car on
BaT, in my opinion the three most
important factors for a successful
auction are:
1. Set a realistic reserve and
understand the true market value
of your car.
2. Invest in professional photos.
3. Be upfront about your car’s
flaws and point them out, because,
believe me, if you don’t, the BaT
faithful will.
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