Behind the Scenes at an Online Auto Auction
The COVID-19 pandemic has put a significant strain on businesses anywhere as many are shuttered, never to reopen. The impact has been felt across all industries and the auto industry is no different. The exotic and luxury auto market is holding better than many, it has not escaped unscathed. Many events, auctions, and shows have been cancelled or postponed indefinitely.
But they refuse to be held down.
All over the world, some of the largest, most prestigious auction houses and shows are going virtual. The Concours d’Cancelation backed by Hagerty is one such event that is getting a lot of attention. The event is professionally judged, there will be online classes, and more.
That’s how you do it!
If anything, though, the pandemic has made things, ahem, interesting.
Auction houses like RM Sotheby’s has events all over the world. Each state and country has its own set us requirements in response to COVID-19. Some have restrictions on gatherings and how many people can congregate. There’s social distancing and masks to take into account as well as keeping venues and businesses at just 20% capacity.
In some areas they can effectively juggle all the restrictions and have a live show – well, semi live anyway. The Elkhart Collection in Elkhart, Indiana had a very restricted live attendance that was open to only a select few but online bidding options are available.
Other auctions, like RM Sotheby’s takes London and Open Roads, Fall are online only.
So, what happens at an online auction?
Bidders must register with RM Sotheby’s, providing their photo ID, proof of funds, credit card, and other documentation based on how they are registering. The cosigners work with RM Sotheby’s specialists to get photos of the cars as well as condition reports and catalog descriptions.
The auction typically spans several days or even weeks. During that time the bidders can view the cars online, review the documentation, and access all of the photos of the vehicle.
Some auction houses run their events live, allowing for call in bidders. Others accept bids during certain windows and winners are notified.
It may not be as exciting as actually being there in the thick of the action, but it’s the next best thing. The good news is that most of these auctions are accessible to the general public for free so individuals and families who were not able to attend for whatever reason can still get that rush of viewing some of the most beautiful cars in the world.
Whether you are buying from a world-renowned auto auction online or from a private party across town, Woodside Credit can help you get that exotic luxury car at terms that work for you and payments you can afford. Contact us today to learn more or go to our website and fill out a quick quote to get started.
