Online marketplace Carwow is moving to a ‘round the clock’ bidding model, giving dealers earlier bidding access to carwow’s used-car auctions.
Each evening at 5pm, carwow will release the catalogue of vehicles going into its daily auction and open the bidding, this includes recommendations personalised to the dealer based on past bids. As is the case now, the winning bid will be revealed to sellers when the auction has closed at 3.30pm the next day.
Since carwow launched its auctions in 2021, it has helped add over 100,000 used vehicles to dealer forecourts, worth a combined value of over £1.5 billion.
Recently, carwow revealed that the Jaguar F-Pace was the most profitable used car available to dealers on carwow, with an average potential margin of £4,721. Analysis showed an SUV-heavy top 10, led by premium brands with margins growing on carwow due to robust vetting of quality and low buyer fees.
“This snapshot gives an interesting insight into the makes and models that are most in demand in our daily auctions, reaching their reserve price in record time,” said carwow UK’s director of Sell My Car Sally Foote.
“Our daily auctions enable all types of dealers – from franchises to independents – to access over 12,000 cars and light commercial vehicles every month direct from private sellers. We hope our new ‘bidding in advance’ offering helps ease any morning pressure off dealers, as well as building some excitement for the vehicles in auction for the following day.
“We know quality is paramount, so we pre-qualify every listing to make sure that UK dealers always receive stock exactly as described, ready for the forecourt. We’ve also recently improved the way we capture and display any damage information, collecting much more detail from sellers to create an enhanced view of a vehicle’s condition to give our partners ultimate confidence in their purchases with us.”