You’re in your office getting ready for another sale day when an early customer walks in looking for a specific type of car. As you offer a few cars, you realize the vehicles don’t have all the features they are willing to pay for.
With hope, you offer similar vehicles and tell them to come back again next week. They don’t buy, but they agree to visit the following week. The customer leaves, and now you need to decide how you will get the type of vehicle they want.
As you browse wholesale auto auctions, you notice a location that offers in-lane and online sales. Now you have a new decision to make.
Will you attend the auction in-lane or online?
Here at Big Valley Auto Auction (BVAA), we offer a variety of vehicles from Consignors, Remarketers, and over 2,000 dealers. We'd be lying if we said we aren't biased towards our own company... after all, we have been refining our business services since 2008, knowing we always have room for growth. However, we want to provide you with the direct facts you need to make an educated decision that suits you best. We'll walk you through what to expect from both in-lane and simulcast to give you the power to make an informed decision that is best for you.
What Can Buyers Expect During BVAA’s In-Lane Sale Day?
Buying vehicles in-lane during BVAA’s Thursday sale allows you to view vehicles and the competition as vehicles run through the lanes. To attend BVAA’s Thursday sales, you must be a licensed dealer and register with BVAA.
We recommend Buyers utilize early viewing days to view vehicles and plan purchases. You can view weekly inventory ahead of time and condition reports through the Inventory button on the BVAA website.
BVAA early preview days start every Wednesday at 9:00 am and end at 6:00 pm. If you can’t make it on Wednesday, the BVAA office opens at 7:30 am on Thursday, so you can view vehicles right before the auction begins.
We recommend checking out the Run List every Wednesday afternoon and Thursday morning to view an updated list of vehicles.
How Do I Attend an In-Lane Thursday Sale Day?
You do not need to provide a downpayment to attend auction sale day, but you do need to check in at the BVAA front counter to receive your bidder badge. When you receive your bidder badge, you may enter the floor and begin bidding in any of the lanes.
On the floor, you can view vehicles passing through the lanes and bid throughout the sale day.
How Do I know What to Pay For?
When you bid on vehicles and win, you will need to wait until the end of the sale to request a Buyer Report from the BVAA front counter.
The Buyer Report includes vehicles ready for purchase and any remaining “If” bids. When you receive your Buyer Report, you should review your purchases and provide payment for the vehicles. You are required to provide payment or confirm payment before 5:00 pm on the auction sale day for every confirmed sale.
Exceptions to this rule are “If” bids that are undergoing negotiations.
An “If” bid is when you are a top bidder on a vehicle, but the bid does not meet the Floor Price suggested by the Seller.
A vehicle is considered on-call when there is an “If” bid. When you have an on-call vehicle, the sales team will begin the negotiation process by contacting the Seller with the current bid.
Negotiations must be resolved by 12:00 pm the Friday following the auction sale day. Once negotiations are finalized, you must provide payment for vehicles or a confirmation of payment on the date of sale.
If your negotiation ends before 12:00 pm on Friday, you have until Monday at 5:00 pm to provide payment.
Failure to provide payment by 5:00 pm on the date of sale will result in a $150.00 Late Fee for each vehicle missing a payment.
What Can Buyers Expect During BVAA’s Simulcast?
A Simulcast is an interactive online stream where Buyers can bid in real-time against buyers in the lane. Buying vehicles during BVAA’s Thursday sale gives you an in-lane experience from the comfort of your office or couch.
To attend BVAA’s online sales, you must be a licensed dealer and register with BVAA. You do not need to provide a down payment or speak to anyone before attending an online sale.
We know you’re busy making sales and running your dealership, so buying online may be your preferred option. To learn how to bid during BVAA’s Thursday Sale Simulcast, “ Pros and Cons of Buying at BVAA” is a good next step.
How Do I Know What is for Sale?
Run Lists are available on the BVAA website every Wednesday before the Thursday sale day. A Run List is a list of vehicles to be run during the upcoming sale day. The Run List offers information and condition reports for each vehicle so you can plan your purchases based on the quality of each vehicle.
(PHOTO of Run List)
We recommend checking out the Run List every Wednesday afternoon and Thursday morning to view an updated list of vehicles.
If you don’t have time to view the Run List beforehand, you can scroll through the lanes during the Thursday sale to view vehicle photos and information.
How Do I know What to Pay For?
When Thursday's auction ends, the BVAA team will email you your Buyer Report and inquire about your preferred payment method. Additionally, you can go to the Purchased Vehicles tab in your member tools and download your BVAA Buyer Report on the BVAA website.
Similar to buying in-lane, you are required to provide payment or confirm payment before 5:00 pm on the auction sale day, with the exception of on-call vehicles undergoing negotiations.
Negotiations must be resolved by 12:00 pm the day after the auction sale day.
If your negotiation ends before 12:00 pm on Friday, you have until Monday at 5:00 pm to provide payment.
Failure to provide payment by 5:00 pm on the date of sale will result in a $150.00 Late Fee for each vehicle missing a payment.
When Can I Get My Vehicles?
Exiting vehicles is the same for in-lane and online purchases. Once the auction has ended and you provide payment instructions to BVAA for the vehicles sold to you, you will be given a gate pass to exit each vehicle.
BVAA does not deliver vehicles over state lines but can assist you with finding a third-party transportation option.
What Payments are Accepted at BVAA?
In-lane Payments
To Buy at Big Valley Auto Auction, you need at least one of the following:
- Cash
- Cashier's check
- Business check
- A line of credit offered by a Flooring company.
- `Personal checks are not accepted.
- Wire transaction
Simulcast Payments
To buy online at Big Valley Auto Auction, you need to provide one of the following:
- Overnight Business Checks require you to provide the tracking number by the end of the sale day for each confirmed sale.
- Wire transactions require you to provide the tracking number by end of the sale day for each confirmed sale.
- A line of credit offered by a Flooring company. You must let BVAA know who your preferred flooring company is by the end of the sale.
Flooring Companies we work with include:
- Auto Use
- Auction Credit
- AFC
- CarBucks
- Car Financial
- FlexPlus
- Floor Plan Xpress
- Kinetic Advantage
- NextGear
- Westlake Financial
When Are Payments Processed?
- Cash payments are deposited immediately.
- Business checks are held until a valid transferable title is received and the Title Department has worked the vehicle title. When purchasing multiple vehicles, it is advised that you submit a check for each purchase. If you provide one large check, the entire check amount will be deposited when the auction receives the first title.
- Flooring Companies differ based on each company's policies. Some Flooring Companies pay for the vehicle at the time of purchase, while others wait until the auction receives the title.
- Be sure to check with your Flooring Company to clarify policies.
- Wire Transactions will be received the same day, depending on your bank's cutoff period. Depending on your situation, we will accept transaction confirmations by email if the funds are not received on the same day.
In-lane Buying vs. Simulcast Buying: Which is best for you?
You learned that buying in-lane and during a Simulcast follows the same rules and restrictions. The key differences between attending in person vs. online are how you view the inventory, receive your Buyer Report, and the payment types accepted.
Ultimately, this decision is yours, so you may wonder,” Is BVAA the place I want to buy?” Whether you decide to buy in-lane or online, arbitration may be the next thing on your mind as you decide whether or not buying at BVAA is a permanent or temporary decision for you.
For more information, please call us at (956)461-9000, or email us at registration@BigValleyaa.com
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