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Strategies That Sell
There are several strategic approaches you can take to make your eBay Motors listings more attractive — two involve varying price levels for Reserve Prices, while the "Buy It Now" and "Best Offer" options entice buyers to make bids ending your listings immediately.
Effective Reserve Prices
To establish an effective Reserve Price, follow these tips:
- Set your Reserve Price at the lowest possible price you're willing to accept — listing prices only move up.
- Choose a Reserve Price close to wholesale, as most sales on eBay Motors fall between wholesale and retail. New sellers often make the mistake of pricing too close to retail, resulting in low conversion rates.
- Consider your best alternative for selling the car or truck. If it's to wholesale the vehicle, set the Reserve Price close to wholesale — less the difference in the cost of getting it to market — and let the listing do its job. The benefits of lead generation, up-sell opportunities and international distribution on eBay Motors make it the best wholesale alternative for your business.
- Set low Start Prices, as they drive bidding activity. In the eBay Marketplace, bidding activity makes vehicles look "hot", drawing more and more bidders to the action. Whereas vehicles with high Start Prices and unknown Reserve Prices don't do well on eBay Motors.
No Reserve Auctions
Don't let the "No" in "No Reserve" scare you off. Actually, some of eBay Motors' Top Sellers swear by Auction Style Listings with No Reserve and the high-risk, high-reward opportunity they offer. But there's no guarantee you'll meet your target price when you run a listing without a Reserve.
With that in mind, the No Reserve strategy takes two forms, each with its own pros and cons:
- No Reserve with a "relatively high" Starting Price (Equivalent to a Reserve). This is only recommended for very patient sellers who really understand the eBay Marketplace and are willing to wait out slow moving listings. This approach tends to generate very little bid activity, often ending in bidless auctions.
- No Reserve with a "relatively low" Start Price. This is only recommended for sellers who really understand the eBay Marketplace and are comfortable turning a profit based on volume. Even though a low Start Price does tend to drive bidding activity, almost guaranteeing a sale on every listing, this can be a very risky approach, as sellers can take a loss on any vehicle if the bidding doesn't heat up.
Buy It Now Price
Once you establish good standing in the eBay community, you can set a Buy It Now price. This is the price a buyer can pay to end the listing immediately and win the vehicle. You can add the Buy It Now option to any listing prior to receiving bids or before the Reserve is met, making the Buy It Now price any amount above the current high bid.
Buyers tend to view a Buy It Now price as a "sticker price," so this option often proves to be an excellent strategy for generating quick sales — when you're willing to give a customer a great deal.
To qualify for the Buy It Now pricing option, you must have either a minimum Feedback Rating of 10 or be ID verified. Or if you have a PayPal account, you need a minimum Feedback Rating of 5 and accept PayPal as a payment method.
Best Offer
The newest selling technique on eBay Motors, the Best Offer option helps sell vehicles even quicker, allowing you to close a listing the moment you receive an acceptable bid — without having to wait until the listing ends.
Many dealers are experiencing great success using Best Offer pricing, especially on listings for vehicles five-years-old and newer. Average sales prices and conversion rates have shown dramatic improvement.
You can easily set up a Best Offer following these 4 steps:
- Choose the Fixed Price format instead of Auction when listing the vehicle.
- Enter your ask price (Buy It Now price), being sure to select the "Best Offer" option.
- Place your Buy It Now price + "or Best Offer" in the description section of your listing.
- Manage your listing by either accepting or rejecting any offer, then begin negotiations with prospective buyers within the text field.
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INCREASING SALES |
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"eBay Motors draws in customers from across the country and across the oceans." |
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Jason Rebholz, Internet Sales Manager, Bobby Rahal Motorcars, Wexford, PA. |
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