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Build a Bulletproof Buying System for Online Auctions

Build a Bulletproof Buying System for Online Auctions. Todd Kinzle, Auction Genius . 1. What do winners do when the landscape around them changes? . “What got you here won’t get you there.” – Marshall Goldsmith. Winners do 2 things… . ADAPT & ADOPT. Our Story… . Our Story… .

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Build a Bulletproof Buying System for Online Auctions

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  1. Build a Bulletproof Buying System for Online Auctions Todd Kinzle, Auction Genius 1

  2. What do winners do when the landscape around them changes?

  3. “What got you here won’t get you there.” – Marshall Goldsmith

  4. Winners do 2 things… ADAPT & ADOPT

  5. Our Story…

  6. Our Story…

  7. A closer look… Finding and buying enough of the right cars at the right price is one of the most important and most challenging things you do in your used car operation.

  8. A closer look… • Things have changed in the auto industry… • Expected turn times have increased • Expected margins have shrunk • Available Inventory has dwindled

  9. A closer look… • What does this mean for you… • Faster Turn = Buy More Cars • Smaller Margin = Make Fewer Mistakes • Less Inventory = Fewer Options

  10. A closer look… Your job today is to buy more cars with a smaller margin for error and fewer cars to choose from.

  11. You need to learn to fish the ocean…

  12. ADAPT & ADOPT ACTION ITEMS Create clear-cut parameters to efficiently identify the “right” cars for online auction acquisitions. Set performance benchmarks for buyers to improve their effectiveness as online auction participants. Leverage technology and tools to improve efficiency and mitigate purchases of risky cars.

  13. ADAPT & ADOPT ACTION ITEMS Create clear-cut parameters to efficiently identify the “right” cars for online auction acquisitions.

  14. Identify the “right” vehicles for your online auction acquisitions

  15. Identify the “right” vehicles for your online auction acqusitions • Style? • Year/Make/Model? • What sells well and is “in demand” in your market?

  16. Identify the “right” vehicles for your online auction acqusitions • How far to acquire? • Mileage? • Condition?

  17. Identify the “right” vehicles for your online auction acqusitions • Expected sales price • Expected costs to make “sellable” • Expected margins

  18. Identify the “right” vehicles for your online auction acquisitions I get out-bid in most auctions I bid to win in every auction Conservative Aggressive

  19. Identify the “right” vehicles for your online auction acquisitions

  20. ADAPT & ADOPT ACTION ITEMS Set performance benchmarks for buyers to improve their effectiveness as online auction participants.

  21. Performance benchmarks for buyers

  22. ADAPT & ADOPT ACTION ITEMS Leverage technology and tools to improve efficiency and mitigate purchases of risky cars.

  23. Using Technology & Tools • To help you view and analyze more vehicles • To help you mitigate purchases of “risky” vehicles • Adapt & Adopt

  24. Questions?

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