The most hard hit by this pandemic is the business sector but auto auctions have benefited. Many businesses have been forced to shut down, others have resulted do downsizing their business and other businesses have completely shifted from their core business and ventured into other sectors. There are businesses that have been unable to meet their contractual obligations resulting to unseen liabilities consequently leading huge losses. Many organizations have had to let go of some of their employees this resulting to massive job losses.
How covid-19 has promoted online business
Some of the WHO guidelines on fighting further spread of coronavirus is maintaining social distance and avoiding unnecessary gatherings. With this preventive guideline in mind, many organizations have resulted to online meetings and E-commerce. With the current era of internet, many organizations are taking advantage of their clients who are online to market their products and services. As many states have been put under lock-down as a containment measure, the only way for businesses to thrive under such circumstances is only if they go virtual.
How auto auctions work
Auto auction mainly relates to selling vehicles through auctioning. This practice is practiced in many countries but only limited to licensed dealers. Here potential buyers place their bids through a competitive process and in most cases dealers end up buying vehicles at lower prices as compared to buying from a dealership.
Impact of covid-19 on online auto auction
With the reduced physical contact of people, it has become important for car dealers to try selling via internet. Auctioning involves a process where people meet and place bids. Since the preventive measures put in place does not allow for meetings anymore, people are now forced to bid online. With virtual platforms, people can buy vehicles of their choice from the comfort of their residences.
Online vehicle auctioning is quite an interesting way of buying a car. These platforms are full of variety of cars and their specifications so you can never run out of choices to choose from. Car dealers have created their own websites where customers can access and see the variety of cars they are selling. There are cars ranging from classic cars, prestige cars, SUVs, commercial cars, hatchbacks and more.
Bid at auction
After successfully placing your bid and it goes through, you make your payment and you are able to track your consignment through the online platform. With the upsurge of coronavirus infections, it has pushed many car buyers to online car shops. This is because of the restrictions of movement between one state to the other. This has also led to increased sales of vehicles through online platforms.
Online car buying has greatly reduced the rate of coronavirus spreading as this has greatly reduced person to person contact and unnecessary meetings. The process has less contact and dealers and buyers only interact through emails and other virtual platforms. Conference call providers have taken advantage of this pandemic to create a technology that supports large teleconferencing to thousands of participants.
These conference call providers are able to provide hassle free conference calling for businesses which are having some of their staff work from home or remotely due to covid-19. Uptake of teleconferencing technology has been on the upward trend since the coronavirus pandemic hit. USA has been among the countries worst hit by the pandemic.
As much as this has negatively impacted on car dealership business, online auto auction has picked up very well as many dealers moved from the traditional way of auctioning to online auctioning. Since this disease will be around for a long time, car dealers need to diversify and create other ways to boost their sales at the same time observing all WHO guidelines to curb the spread of this deadly coronavirus.