Selectinggear.com runs a very transparent “trigger model” for its auctions, with fees that are up to 50% lower than any other auction website, meaning the lowest possible friction in the trade, allowing both buyer and seller to achieve best value.
The model is incredibly simple and uncomplicated, there are two options for any seller, a simple Trigger Auction, or a Hidden Trigger Auction.
The Trigger Auction model works as follows: each vehicle is posted onto selectinggear.com with a visible reserve, allowing potential bidders to put a “watch” on a car or to simply place a bid. Nothing will happen until one of two actions occurs:
- A buyer bids the reserve, in which case all watchers are alerted and an auction is started that will run for approximately 72 hours.
- A bidder places a bid within 5% of the reserve. This will alert all watchers, but also send a message to the seller advising them of the bid.
The seller then has three options:
- put a counteroffer against the bid
- lower the reserve to the bid level and begin the 72-hour auction
- leave the reserve where it is and wait for the auction to commence in the future.
All auctions when triggered will run for approximately (but no less than) 72 hours and will be timed to finish at 7pm as soon as possible after 72 hours has expired.
For example: an auction is triggered at 4pm on Monday 23rd, will run for 72 hours until 4pm on the 26th but will then extend until 7pm on the 26th, in order that ALL auctions end at a standardised time.
The Fee structure is very straightforward: all vehicles sold below £49,999 attract a buyer’s commission of 3% + vat; any vehicle sold at £50,000 or more attracts a buyer’s commission of 2.5% + vat.
The seller pays nothing, no listing fee, no commission; the buyer pays the very low fees listed above.
At conclusion of a successful purchase, the buyer pays his fees to selectinggear.com and is then introduced to the seller to complete the transaction.