Sandy Schwartz, head of Cox Automotive, Manheim’s owner, recently said — in part —
Essential to online-auction success are “absolutely accurate” descriptions of vehicles and detailed condition reports, he says.
Are you selling online? Where often bidders/buyers often can’t personally preview? Selling “as-is?” Mr. Schwartz is giving you good advice here. Provide as much accurate information as you practically can.
Unfortunately, many auctioneers need to work on this skill. It’s not difficult to find — for instance — a 14K YG Ring with 1 Carat, VVS, Brilliant Cut Diamond as “a ring.” The excuse I heard was, “I don’t want to be held to my description …”
How about this? Why not describe the item and be held to your description? If you don’t know the cut, clarity, or weight, then maybe you shouldn’t be selling diamond rings? Incidentally, there are auctioneers who are good at this type of thing.
Maximizing the seller’s position (price, terms, etc.) is largely based on marketing and disclosure. Too, standing behind what you are selling goes a long way to attract discerning bidders.
We may not know at this time where the live vs. online-only auction world is headed, but if you’re selling online, it’s undoubtably going to become more competitive.
I couldn’t agree with Sandy Schwartz any more than I do … less than accurate and complete descriptions will result in less proceeds for you and your seller.
Mike Brandly, Auctioneer, CAI, CAS, AARE has been an auctioneer and certified appraiser for over 30 years. His company’s auctions are located at: Mike Brandly, Auctioneer, RES Auction Services and Goodwill Columbus Car Auction. He serves as Distinguished Faculty at Hondros College, Executive Director of The Ohio Auction School, an Instructor at the National Auctioneers Association’s Designation Academy and America’s Auction Academy. He is faculty at the Certified Auctioneers Institute held at Indiana University and is approved by the The Supreme Court of Ohio for attorney education.
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