How Nationwide Auctions Decide Your Car’s Final Selling Price

If you ever sold your car previously, you might have really wondered what the final price would be. You might have checked with used car dealers in your area, and also might have checked on various online used car platforms. This is the case with almost all the car sellers. They are not sure about the price.

At one end, it is not possible to judge the final price of any car without a complete inspection. And on the other hand, a single person finalising the price doesn’t sound conclusive. This is where CARS24’s live bidding solves the trust gap.

The Initial Price Quote

Before anything, a base has to be set up. Therefore, sellers must get an initial quote from CARS24’s AI-powered pricing engine. For this, all they have to do is fill out all the essential details about their car. These details are basic, such as make and model, age, kilometres driven, fuel type, general condition, etc.

Our AI-powered pricing engine is trained on 10+ lakhs used car transactions over a period of 10+ years. Thus, it takes into account countless factors like buyer behaviour, climate effects, regional demand, market trends, model-wise demand, real-time market scenarios, etc., and only then does it showcase a price range for the car.

That range reflects what dealers actually paid for the car. The number does not come from ads or shady interests but from real-world data insights. Moreover, the initial quote sets up the base for your used car, but it is not the final price.

Decoding Actual Car Health with the Inspection

Once the initial price quote is in your hands, you can now book a doorstep inspection. We will send a trained car inspector at he location of your choice who will perform the inspection on your car. We advise you to keep all the documents of the car handy during this process.

The inspection covers the engine and transmission, steering and suspension, electrical systems, interior upholstery condition and a lot more stuff. Furthermore, we ensure your car’s ECU is scanned with specialised OBD II tools. Any kind of repainting is revealed through the use of paint thickness gauges.

After all the mechanical checks are done, the car inspector then checks for all the pending challans, ownership count and if the vehicle is blacklisted or not. Once ownership details are verified, a digital inspection report will be generated.

Thousands of Dealers Compete in Nationwide Auction

As the digital report is generated, it showcases the final price of your old car. However, to get the best price, a live auction is conducted. In this auction, the inspection report is shared with a network of 20,000+ verified dealers across 1500+ locations.

They assess the condition of your car and aggressively bid for it in real-time. This auction works as an open market, and dealers bid according to the demand for that particular make and model in their region. When someone bid highest for your car, it turns out to be the final price.

The benefit of this auction system is that no single person is deciding the final value of your car. Live auction tells the story of the current market demand for your car’s make and model. It is completely transparent and benefits everything, including the sellers, the dealers and the buyers. Just like the sellers, even the dealers are not forced into bidding for the car they don’t want.

How Regional Demand Influences Dealer Bids

India is a diverse country with different climate conditions and terrain. Hence, every few hundred kilometres, the requirement of cars change. Buyers in some regions might prefer rugged SUVs, while others might need a basic hatchback for their daily use. In coastal regions, buyers look for cars that have a better record of corrosion resistance and lower maintenance.

Buyers in Delhi prefer a car, which might not be a great choice in Pune. Some people look for automatic cars while others might go for simple manual cars. Similarly, the choice of fuel type is also different according to the state policies.

Overall, the dealers know their local markets, and thus, they bid according to what buyers want in their area. A car that can fetch an average price in one city may fetch a higher price in another. The live auction system reflects this difference. We at CARS24 connect the seller to all those markets at once.

Why Competitive Bidding Pushes Your Price Higher

When a single dealer shows interest in your car, they keep the price low to get maximum profit from the car. This is completely changed when the same dealer enters the live bidding. There will be many dealers who would naturally want to get a car which is in high demand in their area. In this case, any dealer who wants the car must outbid other bidders.

Hence, the price naturally climbs up without coercion. This is because no dealer wants to miss out on a valuable used car that can bring them a good margin.

How CARS24 Keeps the Auction Fair and Transparent

We at CARS24 keep the whole live auction process fair and transparent for everyone. The inspection report, which is generated, is shared with the sellers as well as with the bidders. Sellers can track the live auction process in real-time. The whole process takes minutes, leaving behind doubts of secret calls and adjustments behind the scenes.

Nationwide auctions at CARS24 turn selling into a smart decision. We are replacing uncertainty with clarity by connecting data insights with the market demand.