Auctions: where we're at and where we're headed
In our 25th year we launched an auction platform. Here's how it's going...
You may have noticed at our 25th anniversary party that amongst all the frivolity and t-shirt-wearing fraternity, we dipped our driving shoes into an exciting new venture: an online premium auction platform.
Since that sunny morning in August - ignoring the afternoon rain - we have been experimenting with how this new marketplace works, consciously limiting the cars we have had on sale, experimenting with the bidding process, and making various informative tweaks to the lot descriptions to make them bigger and better.
A massive thank you to all the PHers who have embraced this new way of buying cars with us: for bidding, yes - but also for choosing to sell or devoutly follow or for commenting on what we’ve got right along the way, and wrong too. It is very much how we learn.
So why have we gone down this route?
We are all united by our passion for cars, and PH will continue to be a place where we can get lost in the love of it all. That passion is reflected in everything we do. All of us dream about our next car, about finding the next motoring itch to scratch, and - as we have done for 25 years - we want to provide a one-stop shop for buying, selling, reading, wowing, sympathising and sausage-hammering.
But the premium automotive marketplace has changed dramatically over the last few years. You may have noticed. And, like a powerfully-built shark, if we want to fulfil our mission of being the number one place for premium and performance cars we cannot stop moving forward. This means making sure that when it comes to the business of buying and selling your weekend project or dream car, there is a way to do it that works for you.
Needless to say, we already had private classified listings for member’s cars; an instant market offer if you are looking to sell quickly; dealer listings with associated benefits such as warranties or part-exchange options - all the things PH is known for internationally. What we were missing - what you were missing - was a PH auction platform. So we built one.
So what next?
Wisely, we began with baby steps. We purposefully aimed for five cars a month last year to enable us to learn quickly on what works and what doesn’t on PH, and tailored the experience to suit. In other words, we've been busy:
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We have made the popularity of an auction listing more visible on the page by surfacing view counts and saves.
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We have given a better indication of guide prices and how close to reserves the bids have reached.
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We have changed the below reserve bidding logic so that it is more transparent around max price vs highest bid, so that we now don’t go to the max bid unless there is another person bidding.
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We have improved notifications to those interested in an auction to let members know when something has changed that creates engagement.
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Worked on better tooling and data to work with customers on setting the correct and realistic reserve price before we list the car on the site.
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Improved our network of photographers and description writers to get more accurate with photos and information to help buyers know what they are bidding on.
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Introduced a Buy It Now to allow sellers an option post-auction if not sold first time round.
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Build more community conversations around the cars we have for sale to help prospective buyers have full transparency on listings, good and bad.
Additionally, we are ramping up our Auctions team to allow us to accelerate the number of auction listings we have on the site. You will notice the fruits of that labour in 2024. Of course, we will continue to try and build the auction platform we would love to use, and certainly welcome all feedback in the forums on how we're doing.
Why choose PistonHeads for Auctions, or any other method via PH to sell or buy?
Obviously we have skin in the game when it comes to making this all work for you in whichever way you want to sell and buy - but PistonHeads has always been more than just a platform for transacting; it's a comprehensive, community-driven marketplace. We share your passion for all things automotive, and care very deeply about the faith you all show in PH.
Millions of users arrive at our doorstep because they assume we are the number one site for premium, performance and collectable cars - and they are correct. We have more Ferraris and Lotuses for sale in the UK than any other site. We are brimmed with knowledgeable enthusiasts like you, who write blogs about their car builds, or are constantly searching for and talking about their next car. And rejoicing when they’ve found it.
Hopefully in a meaningful way, auctions is an additional way we can help to surface all the cars we have for sale, regardless of the sale method. It sits alongside not just hundreds of thousands classified ads, but also the informed discussions in the forums and the quality of our objective content and the hustle and bustle of a Sunday Service.
The objective of all this has not changed: whether you're a seasoned collector, a first-time buyer, an optimistic seller or just an excitable enthusiast, PH is here to help. And on that note, we're committed to addressing your questions and concerns, as we strive to develop this platform with your valuable input. Whether you have suggestions, praises, or critiques, we welcome them all. Meanwhile, we wish everyone a joyful and prosperous New Year!
I distrust the word "premium" in reference to used cars. Makes me think of white backgrounds, shiny suits and language like "investment" and "POA". It's also deeply revisionist all this is a heck of a far cry from what this place was when I set up my account, let alone the TVR forum I believe it was before I got here.
Car Gurus want to turn as much of a profit as they can, which is fine because it's their website. However, please don't go pretending any of this is for my benefit.
I distrust the word "premium" in reference to used cars. Makes me think of white backgrounds, shiny suits and language like "investment" and "POA". It's also deeply revisionist all this is a heck of a far cry from what this place was when I set up my account, let alone the TVR forum I believe it was before I got here.
Car Gurus want to turn as much of a profit as they can, which is fine because it's their website. However, please don't go pretending any of this is for my benefit.
I distrust the word "premium" in reference to used cars. Makes me think of white backgrounds, shiny suits and language like "investment" and "POA". It's also deeply revisionist all this is a heck of a far cry from what this place was when I set up my account, let alone the TVR forum I believe it was before I got here.
Car Gurus want to turn as much of a profit as they can, which is fine because it's their website. However, please don't go pretending any of this is for my benefit.
Perfect target audience and would also give some content.
e.g Buy cool 80's hot hatch, drive it, write about it while at the same time advertising it as a prize.
Good luck to PH making money to pay for the content I enjoy reading
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