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Japan General questions and information relating to JDM Used Cars in Japan. Eg. the cost of servicing etc..


How to buy a car in 18 seconds.

Japan


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  #1  
Old 01-21-2012, 11:35 PM
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Mark - Brave Auto Mark - Brave Auto is offline
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Default How to buy a car in 18 seconds.

Some might be interested to see how quick the auctions are in Japan.

Brought the following for customer this week, my customer had been asking me how can one auction sell thousands of vehicles per day.

I made a video to show him and with luck, brought the car for him as well.

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Old 01-21-2012, 11:40 PM
GregA GregA is offline
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That...Was sweet! so fast paced. Why does it only take 18 seconds? Does the bidding hit a wall?
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Old 01-22-2012, 12:29 AM
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Quote:
Originally Posted by GregA View Post
That...Was sweet! so fast paced. Why does it only take 18 seconds? Does the bidding hit a wall?
Some times it takes 5 seconds and other times it can be as long as 25 seconds. It just depends on what the start price is, what the reserve is and other bidders.

The bidding is not cut and dry as people think, sometimes the seller is present at the auction and they can see how many people are bidding on their vehicle. They can tell the auction controller when to release (sell) the vehicle if they want or just let it run to the set reserve.

There are some tricks we do as a buyer when bidding live to fool the seller, sometimes they work and sometimes not.

The long and short of it, different auction groups have different ways you bid, if you are not experienced as a bidder and knowing how each auction house works, you have a higher chance of paying too much for the vehicle. When I say too much, I do not mean over your budget but you will pay close to your max budget if you do not know what you are doing. Some agents do not care what the customer pays at auction because they still receive their agents fee wether they secure the car for 300,000yen or 500,000yen when your budget is 500,000yen. The way I look at it, if I can save the customer some $$ on their first vehicle he/she then has some more $$ to play with and normally they will try on another vehicle. But this does not always work (securing the vehicle for a lot less than the budget) but as an agents, it is what we are paid to do.

I see many agents in the auction houses bidding flat out as you can hear them clicking away on the button. The car starts at 100,000yen and they go flat out up to 500,000yen and then stop (reached their budget). One of the tricks is to bid just a couple of times in the beginning and then the odd bid up to your budget. This then fools the seller (sometimes) and he/she thinks there is not much interest so they will release the vehicle (sometimes) and as soon as the selling light comes on, you go flat out then. But you have to be careful here as well and will depend on a few other things like another agent/buyer making you pay top money since he/she cannot have it (gone past their budget). But they also risk the fact that I might suddenly stop bidding and they are now the last bidder and have just paid 100,000 or 500,000yen more than they wanted when they were trying to make you pay top money for the vehicle.

Then there are agents that only bid once at the beginning and nothing after that. There is a reason they do this as they want the vehicle not to sell live but rather go to negotiation. I will save why this is done for another time.

Any way, there are many different ways agents bid and many different tricks, first key is to get the seller to release the vehicle when bidding live.

Cheers

Mark.
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Old 01-22-2012, 08:08 AM
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So to interpret, when that red light came on indicating the vehicle was being released, you were in a frantic bid race with one or two others? So it becomes a matter of fast clicking and luck to get the last bid before the time runs out?
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Old 01-22-2012, 11:06 AM
Kingsoup Kingsoup is offline
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Wow thats really interesting! it hadn't even occured to me that lazy agents will just goto the max price since they get the commision either way!
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Old 01-22-2012, 11:21 AM
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Thanks for posting this up Mark! It's crazy to think that all happens so fast! I still don't think I fully understand. I'll have to watch it a few more times.
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Old 01-22-2012, 09:13 PM
robbieg robbieg is offline
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Also check this out, around minute 14 they go to an auction house and see what it's like. You see the clickers and stuff. Pretty cool.
http://www.youtube.com/watch?v=63Y97oLjiuA
I don't know if Mark et al. actually go to the auction houses, or what... still hella cool.
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Old 05-12-2012, 02:36 AM
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thank you, it is very quick process...
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Old 05-12-2012, 09:08 PM
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Interesting thread, I had no idea that's how it works until you showed me the video of winning Aristo.

So is this how it works behind the scenes with the DIY Exporters? I always assumed it was a computerized system with no user intervention but I'm guessing even the DIY Exporters (eg. where the user places their own max bid) must have an army of people bidding like this?
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