At PistonHeads, we strive to make the vehicle purchasing process as seamless as possible for our users. To achieve this, we have implemented an automated bidding system that simplifies the auction process for both buyers and sellers.
How the Automated Bidding System Works
- Buyers simply enter the maximum amount they are willing to pay for a vehicle, and our bidding platform will automatically bid on their behalf in fixed increments until they are either the highest bidder or their maximum bid has been reached.
- Our bidding platform will always place the first bid at one increment above the current bid, ensuring a fair and transparent process.
- If someone outbids the maximum bid, the buyer will receive an email notification, allowing them to increase their maximum bid and stay in the lead.
One of the key benefits of our automated bidding system is that it saves time and effort for both buyers and sellers. No longer do buyers need to constantly monitor the auction and adjust their bids accordingly. Our system takes care of this for them, allowing them to focus on other aspects of their vehicle purchasing journey.
Alternative Option: Making an Offer
For interested buyers who prefer a more traditional approach, PistonHeads offers the ‘Make an Offer’ option. This allows buyers to make an offer on a vehicle before the auction begins, giving them the opportunity to negotiate with the seller directly.
- All offers that meet the seller’s minimum threshold will be presented to the seller by our Consignment team.
- If the offer is accepted by the seller, the vehicle will be considered sold, and there will be no auction.
- The offer is binding for up to 2 business days and is subject to a non-refundable buyer’s fee of 6% + VAT (with a minimum of £695 + VAT) upon acceptance by the seller.
It’s essential to note that all offers and auctions are binding, and buyers and sellers are expected to adhere to the terms and conditions of the auction. Failure to pay the buyer’s fee or complete the transaction may result in penalties and removal from the site.
Viewing and Inspection
For those who prefer to inspect the vehicle in person, PistonHeads offers a viewing and inspection process. Buyers can arrange a viewing by clicking on the Q&A section of the listing and sending a direct message to the seller.
- Buyers should aim to only use direct messages for viewing requests, as this helps to maintain a clear and transparent communication channel.
- If the seller is using the concierge service, buyers can arrange a viewing by contacting the concierge service provider directly.
- For those who are unable to visit the vehicle in person during the concierge service provider’s regular business hours, a walkaround video can be viewed in the Q&A thread.
| Key Features | Benefits |
|---|---|
| Automated bidding system | Saves time and effort for buyers and sellers, provides a fair and transparent process. |
| ‘Make an Offer’ option | Allows buyers to negotiate with sellers directly, provides an alternative approach to traditional auctions. |
| Non-refundable buyer’s fee | 6% of the selling price + VAT, with a minimum of £695 + VAT, applies to all offers and auctions. |
At PistonHeads, we take pride in providing a safe and secure platform for both buyers and sellers. Our automated bidding system and ‘Make an Offer’ option are designed to make the vehicle purchasing process as smooth and hassle-free as possible.
Important Reminders
It’s essential to note that all bids and offers are binding, and buyers and sellers are expected to adhere to the terms and conditions of the auction. Failure to pay the buyer’s fee or complete the transaction may result in penalties and removal from the site.
Buyers should also be aware that the non-refundable buyer’s fee is 6% of the selling price + VAT, with a minimum of £695 + VAT. This fee applies to all offers and auctions, and buyers are responsible for paying it upon acceptance by the seller.
By using PistonHeads, buyers and sellers agree to abide by our terms and conditions, which include the use of our automated bidding system and the ‘Make an Offer’ option.
