The most important part of buying a car is the bidding process. The price you pay can be determined by how high you bid and when you place your bid. It’s all about timing, but it’s not always easy for people to determine what time is best to get the best deal. That’s why we created this guide: it will help you understand how auto auction bids work so that your next purchase goes smoothly. We’ll cover everything from who wins most frequently at auctions and which days are busiest to how much time should pass between your first bid and when you make another one.
A bidding analysis of car auctions
Bidding analysis is a powerful tool that can assist you in identifying bidding trends and patterns. By analyzing car auction data and free bid history, you can determine if there are any bidding behaviors that are common among buyers or sellers.
In this article, we will discuss some of the most important factors to consider when performing a bidding analysis of car auctions.
Bidding by auction day
The most popular auction day is Monday, followed by Tuesday and Wednesday. The least popular auction day is Saturday, which makes sense because people are out of town on the weekend and can’t attend their auctions.
The weekend is a good time to bid on cars because there are more bidders online at these times than during the weekdays. If you’re in a rush to get yourself behind the wheel of your new ride and who isn’t? then bidding during this period may be your best bet!
Bidding by auction week
As we dig deeper into the data, let’s take a look at bidding trends by auction week. The chart below shows the average bid price for each auction week from January through May 2019:
- Weekday bidding activity tends to be higher than weekend bidding activity, with Monday being the highest-volume day of the week.
- While there are some fluctuations throughout each month as well as over time (which we’ll explore later), overall prices have been steadily trending upward since January 2019.
Bidding by auction month
Bidding by auction month is another way to look at bidding trends. This will help you understand how people are bidding on cars and what they’re paying for them in different months. Also, you can look next week’s auctions.
Here are some of our key findings:
- The average bid price for January was $40,000. In February, it was $42,000. And March saw an average bid price of $37,000 the lowest of any other month we analyzed (although there were only two sales).
- There were more sales in April than any other month: 8 total! This might be due to spring cleaning season kicking off or just more people wanting new wheels after winter ends (or both!).
- May had the highest average sale price at $50k and also tied with January for most number of sales overall at 5 each time period.*
Bidding trends over time
Bid history data can be analyzed in many ways, but for our purposes we are going to focus on four main dimensions:
- monthly bidding trends
- weekly bidding trends (weekly auctions)
- daily bidding trends
- bidding trends by auction day
Try these strategies to get the most out of your next auto auction.
You can use the bidding insights to get a better idea of how other people are bidding and what they’re looking for. For example, you might notice that cars in your area are selling at a higher price on Monday morning than they are on Friday night. This is because more people have time off work during the week, so there’s more competition among buyers who want to make sure they get what they want before someone else does.
The bidding insights also give you access to information about specific vehicles and their prices over time (or across different auctions). This can help you determine which makes and models tend to sell well at various auction houses, which will help inform your next purchase decision!
Conclusion
We hope that this article has helped you to better understand the bidding trends at car auctions. We know that it can be difficult to get started with online bidding, but we believe that by following these simple tips and tricks, you will be well on your way to becoming an expert!
