Polens BuyBid Auto Exchange Inc.
"Insured by Auction Insurance Agency - Auto Check- Black Book Price Point"
Buyers and how our system works:
Buy with confidence: Our buyers trust our condition and mechanical reports. (They know the only way we can succeed is with repeat business). There are more reasons Polens BuyBid is becoming the preference of so many new and used car dealers in place of the brick and mortar auctions.
- Buyers travel distance, our buyers buy on line and send drivers.
- Only interested in one unit and cant justify a trip to the Auction, but can bid over the Internet.
- Managing their retail operation and still being able to attend our Internet auction.
- We provide our dealers with Black Book Price Point, Check & Title Insurance and AutoCheck.
Many new car dealers sell some of their trade-ins to a small group of wholesalers that visits their dealerships weekly and what the wholesalers have passed over because of price or quality goes to the brick and mortar auctions. With Polens BuyBid our buyers can have the same opportunity as the wholesalers buying direct from the new car dealers.
New car dealers are keeping higher mileage trade-ins, but with our system they will consign units because the unit stays at their dealership. This gives them the advantage of either retailing or wholesaling the unit. This cant happen while setting at a brick and mortar auction facility.
How Our Auction Works for Buyers:
- Login to www.polensbuybid.com Click on Auction Consignment to view consigned units. The ending auction day is noted to the right of each unit. The auction starts daily at 4:01 pm ending at 4:15 pm.
- Clicking on the units Picture allows you to view the unit details, condition report and the current Black Book values. All units have clear photos and comedic defects noted plus a mechanics report.
- If the buyer would like to bid on the unit after reviewing the units details, just click on Send to Watchlist/Auction youll see a pop-up that ask you to enter a reasonable opening bid. Please consider both the condition report and the Black Book Value before placing your opening bid. You must enter a reasonable opening bid before the unit will be sent to your auction. After sending all units of interest to your watchlist, click on My Watchlist and make sure each selected unit is in the green, if not you must raise the opening bid before 4:00 pm or that unit will not go to auction.
- Buyers may place a Protected Bid that allows our system to bid for them up to their bid amount.
- Buyers have 24 hours after pick-up to arbitrate the unit.
Required Opening Bid to go to Auction:
- Buyers are required to place a reasonable opening bid before the unit will go to auction. If the buyer places an unreasonably low opening bid the unit will remain on his watchlist and not go to the live auction at 4:01 pm. A bidder may raise his opening bid on the watchlist any time before 4:00 pm.
14 Minute Auction Process:
- At 4:01 pm the buyer clicks on Live Auction and all his auction watchlist units with a reasonable opening bid will appear in the live auction. When a buyer wants to bid against the high bidder they click on the yellow bid button and their dealership name will appear as the high bidder with a new bid amount.
- During the live auction each bid a buyer places is seen by the other bidders that has the same unit on their auction watchlist. The auction bidding can go back and forth with different dealerships participating. If a bid is placed within the last minute, that unit will go into overtime bidding and continue until someone surrenders.
- Bids are reviewed by the selling dealership to sell or counter offer, most dealerships reply within one or two hours after the auction ends, they must reply within 24 hours.
- The high bidder will receive an email with either a counter offer or a confirmation that they bought the unit and an emailed bill of sale will follow. In the case of a counter offer and the high bidder does not agree with the sellers counter offer they may make their own counter offer back to the seller.
- All counter offers are worked by the Polens BuyBid representatives and will be in contact with both buyer and seller to assist in closing the transaction.
Paying for and picking-up units:
- After the buyer receives the bill of sale through their email, they take a copy of the bill of sale and a company check payable to the selling dealership. The selling dealership will give the buyer the vehicle and mail the title. The buyers check is held by the seller until the title is mailed.
- We can floor plan the buyers purchases with AFC, Next Gear Capital, Floor Plan Express Floor, Car Bucks, and Car Financial. Units must be picked up and paid for within four business days. If the buyer does not pick-up the unit within 10 business days they lose any right to arbitration.
In closing we know we are on the right side of history, as more and more managers and owners continue to see the Internets growth and influence on both the Retail and Wholesale Automobile Industry. The days of the brick and mortar auctions will slowly go by the wayside as technology marches forward.
Buyers Auction Watchlist
Buyers live Bidding Page
As owner of Polens BuyBid I am asking you to give us the opportunity to work for you. If we do not meet your expectations well gladly refund your purchase.
Thank You, Steve Polen