10:13 am, November 20, 2023
Carwow has announced a major change to its online auctions by giving the dealers the option to ‘bid around the clock’ for the very first time.
The new model is being introduced to give motor traders earlier access to cars as well as greater convenience and flexibility.
Going forward, Carwow will publish its catalogue of vehicles going into its next daily auction at 5pm every evening.
Bidding, which includes recommendations personalised to the dealer based on past bids, will open immediately in a bid to make life easier for dealers.
The sale will then remain open until 3.30pm the following day, when the winning bidders will be revealed.
Sally Foote, the UK director of Carwow’s Sell My Car, said: ‘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.’
The latest change comes after in depth analysis of Carwow’s online daily auctions. Experts found that the Hyundai i30N is the quickest vehicle on average, to reach its reserve price, doing so in just over one hour of the auction going live.
Second in the time to hit reserve ranking was the Audi S3, followed by the first electric model to make the top 10, the BMW i3. The top five was completed by the Mini Hatch and a second EV, the Volkswagen iD3.
Rounding out the top 10 is the Nissan Qashqai in sixth place, followed by the Ford Focus ST and Ford EcoSport. In ninth was the Vauxhall Mokka, and concluding the list with a time of just under three hours the Nissan Note.
Analysis by brand reveals that Kias reach their reserve price most rapidly in Carwow auctions, followed by Volvo, Peugeot, Fiat and Hyundai. The rest of the top 10 by brand continues with Ford, BMW, Citroen, Mercedes and Dacia.
Foote added: ‘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.’
