Selecting Gear is revolutionising the way that the trade and public buy and sell motor vehicles. Launched by two petrolheads who decided there was a cheaper and better way for people to buy and sell cars rather than using the existing models.
By offering a fantastic two choice auction service, with fees that up to 50% cheaper than other auction platforms and a method of buying and selling that offers peace of mind for all parties, Selecting Gear will be the default site to connect enthusiasts looking to buy and sell interesting and eclectic motor vehicles and motoring ephemera.
- A low-cost fee structure of 3% (+VAT) on vehicles up to £49,999 and just 2.5% (+VAT) on vehicles of £50,000 and above. Charged as a % of the hammer price, paid by the buyer, capped at a max of £5000 (+VAT).
- The seller keeps 100% of the hammer price.
- The buyer pays the non-refundable fee at the close of the auction. (Minimum fee on vehicles is £400 +VAT, and on number plates etc min fee is £250+VAT.)
- Two Auction styles the seller can choose from, a Regular Trigger Auction, or a Hidden Trigger Auction.
THE AUCTION FUNCTIONALITY
- A managed bid system, allowing bidders to load a maximum bid amount.
- When a reserve is triggered an auction will run for a minimum of 72 hours, finishing at 7pm in the evening as close to the 72 hour expiry as possible.
- Anti-sniping software prevents last-second bidding; the auction will run for 2 minutes after the last bid is received and will run in additional 2-minute increments as long as required to enable an orderly bidding process.
- When bidding gets to within 5% of the reserve, an alert is sent to previous bidders, watchers and the vendor informing that the reserve price is almost met. The Vendor then has 3 options.
- Bidders may register a bid against a vehicles as a mark of Interest, but the auction will not begin until the actual reserve Is met, or Is lowered to meet an existing bid.
- All Auctions are scheduled to end at 7pm In the evening for ease and convenience of bidders, and to ensure the best results are achieved.
- ‘Watch’ functionality allowing for interested parties to be notified of relevant updates to a lot.