C..*

Krakkkers

I once sneezed and coughed at the same time and it was unpleasant.

soolin

I’m interested in the bidding process here as I use online auctions (not for cars) frequently in the course of my business. 

There are 2 sorts of ways to bid but both require the buyer to have pre registered and confirmed that they understand the terms and conditions before they bid, all the ones I use also require me to have registered a payment method should I try and avoid paying later, so OP I’d suggest you check whether you have had to sign up with a back up payment method. 

The two types I use either require me to put the amount in I wish to bid and confirm I’m happy before I continue, but I suspect the OP was involved the other sort where a box comes up with a big red sign saying ‘bid now’ and above that the bid amount you are placing. That can be fast moving, even without accidentally bidding as if another bid comes in between me checking the amount and clicking to bid I might easily go to the next increment. I buy as a business so am aware that I have less buyer protection than I do as a private buyer even if I have accidentally gone to the next increment, but it is all part of business. 

All of the sites have different T and Cs I have watched a few car ones as I have a friend who dabbles, and they do seem to be roughly in line with other standalone auction sites so as has been suggested firstly go back and read what you actually signed up for and what agreement there is for items you choose not to collect. Do that urgently as a lot have short time frames as they need to room for the next auction and you want to avoid them taking the decision away from you . As you were watching the car then you must have some plan in place to collect, is there any way you can get a temporary business loan, buy the car collect and resell? Otherwise paying their admin fee and getting them to resell might be the best way forward. 

Mildly_Miffed

soolin said:

I’m interested in the bidding process here as I use online auctions (not for cars) frequently in the course of my business. 

I buy as a business so am aware that I have less buyer protection than I do as a private buyer even if I have accidentally gone to the next increment, but it is all part of business. 

Yes, so is the OP.

CheekyMonkey68 said:

I have just opened a B**  car auction account with a view to buying and selling one car at a time to generate a small income.

caprikid1

"I'm worried that I may lose a lot of money, given that a lower price is covered by my stupid and embarrassing mistake. I have had a few sleepless nights and they won't let me off with a slapped wrist or a fine, even though it was a genuine mistake and I am new to this."

Not sure you are right for this business or have the capital needed to do this....

soolin

Mildly_Miffed said:

soolin said:

I’m interested in the bidding process here as I use online auctions (not for cars) frequently in the course of my business. 

I buy as a business so am aware that I have less buyer protection than I do as a private buyer even if I have accidentally gone to the next increment, but it is all part of business. 

Yes, so is the OP.

CheekyMonkey68 said:

I have just opened a B**  car auction account with a view to buying and selling one car at a time to generate a small income.

I'm aware OP is a business - I am always concerned though that many people set up businesses but don't realise the rules around protection change. The OP is upfront about it being a business , but my comment was more aimed at those who may come across this thread and  believe 'consumer' rights still apply even on B2B transactions.

OP, I disagree with an earlier suggestion that you can't claim this as a business loss (should it unfortunately turn out that way) You have bought with the intention to sell and potentially registered on the auction site as a business (worth checking with the actual site to see if there were different ways to register) and there's nothing to say that your first venture can't make a loss that can be offset against future profits ,or used in other ways if you discuss this with your accountant. 

As I said earlier though you need to give this your most urgent attention- apart from the fact that you may have agreed to terms that allow the auction house to sell on - you may also be incurring storage costs. 

Mutton_Geoff

I think the OP should prepare for a few more sleepless nights dealing/bottom feeding in the used car industry. It's odd they log in to read responses (online just 5 mins ago) but don't contribute to the dialogue they created.

Car_54

soolin said:

Mildly_Miffed said:

soolin said:

I’m interested in the bidding process here as I use online auctions (not for cars) frequently in the course of my business. 

I buy as a business so am aware that I have less buyer protection than I do as a private buyer even if I have accidentally gone to the next increment, but it is all part of business. 

Yes, so is the OP.

CheekyMonkey68 said:

I have just opened a B**  car auction account with a view to buying and selling one car at a time to generate a small income.

OP, I disagree with an earlier suggestion that you can't claim this as a business loss (should it unfortunately turn out that way) You have bought with the intention to sell and potentially registered on the auction site as a business (worth checking with the actual site to see if there were different ways to register) and there's nothing to say that your first venture can't make a loss that can be offset against future profits ,or used in other ways if you discuss this with your accountant. 

But has he told HMRC that he's running a business?

Herzlos

What's the total cost for the car including fees? What's the car worth if you trade it into somewhere like WBAC? How confident are you that it'd fetch similar money again?

I'm assuming you bid up by an increment, say from £6500 to £6600 and didn't accidentally bid £9000 on a car that was sitting at £6500. In which case, your losses should be fairly small if you pay the fees and let them resell it.

Arunmor

I have bought a few cars on Copart over the years and the most recent is now my daughter's car which I bought at the start of Covid.  First time it went through the bid were rejected it appeared the next week I bid and I was the highest bidder (I think some bidders were put off by it reappearing) but it didn't reach their reserve, they wanted £1,500 more I offered an extra £50 to show willing.  They then made me stew for 2-3 days before accepting my offer.  Once repaired I was in at less than a third of the value it peaked at last year.  Six months later it would have cost me double to buy similar salvage.

Timing is everything at auctions and you need plenty of margin to cover unexpected costs.

Mutton_Geoff

Car_54 said:

But has he told HMRC that he's running a business?

Or his insurers? Trade cover isn't too expensive but has limitations plus he'll need a set of trade plates. Unless he has business premises surely buyers will be suspicious about a driveway sale? If he's planning to sell of the driveway, the council will need to be notified of change of use of residential property.

My guess is this business plan hasn't been thought through.