Bidding Process FAQ

What should I do before asking Willz to look for a car for me?

There are a few things that should be done in advance. Do some preliminary research into the vehicles you're interested in. Review the features and options it comes with or that you can get. Take some test drives at your local dealership. You need to have a sense of your budget, what similar vehicles are going for in private sales and retail dealer sales, eBay, AutoTrader, Cars.com, etc. You have to educate yourself on the products that are of interest to you.

 

What is needed to start the bidding process?

For you to bid on any vehicle of interest, we require a 10% deposit one day prior to the auction.

 

The deposit amount is based on the final delivered price of your vehicle. The deposit is refundable if we buy nothing, i.e. your maximum bid price is lower than the price at which the car of interest sells for. If your maximum bid price is higher than the price at which the car sells for, we will win the auction. You are obligated to pay for the remaining fees. If the sell price is below your maximum bid price, that is the number on which our fees are based. You won't necessarily have to pay fees based on your maximum bid price. We charge a 5% buyer's premium on what the car actually sells for at auction. Vehicles are often purchased at values below maximum bid prices.

 

We do not require a deposit until we can find you a car that is worthy of bidding on.

 

If we are not successful in bidding on your car, your deposit is fully refundable.

 

How do I pay the deposit and in what form?

We accept direct deposit, wire, Interac email transfer, PayPal, cheque by mail or in person.

 

What is the fastest way to send a deposit?

The fastest way to send a deposit is to do an Interac email transfer. Remember: Interac limits the dollar amount of these transactions. Check with your financial institution as to your specific limit.

 

What happens if I change my mind after telling you to buy?

Your deposit is forfeited if you decide to not purchase a vehicle after telling us to proceed. We will need to sell the car at auction as soon as reasonably possible. We are not in the business of financing vehicles or holding inventory. To defer costs associated with reselling the purchased vehicle, we use the deposited funds you provided to dispose of the vehicle. If there are any funds left, subsequent to disposal, we can return them to you.

 

Does Willz have a standard purchase contract for these vehicles?

Yes. Upon completion of the transaction both the purchaser and vendor are obligated to sign a standard contract that is found on our forms page. This contract affords the purchaser and vendor certain rights. We use this contract for every vehicle sale. We can fill out this contract prior to accepting any funding from you. That contract consists of three identical pages. One copy is retained by the purchaser, two copies are held by the vendor.

 

How do I set my maximum bid price?

We will provide you with a list of historical averages that similar cars have sold for in Canada and the US. We will compare these averages with cars that are available for sale. Things like colour, options, features, location, and condition of these vehicles will compel us to bid a little higher or lower than the averages. Remember bidding the average will only give you a 50/50 chance of winning an average car. A clean well-optioned car will demand a small price premium over the average. What maximum bid price you select is the number we will take to auction for you.

 

How is the average auction price ($MMR) calculated?

In our sample vehicle listing and sample vehicle report, we refer to this as the AAV or Average Auction Values. Some auctioneers refer to this as $MMR. Essentially, it is the average value which similar vehicles have recently sold for. It takes into account the year, model, and make and is adjusted for mileage. The averages are calculated from the auction house's transaction history over the last 3 months.

 

The average value does not quantify or adjust for the condition of the vehicle or its options load. This must be done manually. For example, two cars with the same mileage but where one has the grade rating of 5 (i.e. excellent) while the other is rated 1 (i.e. scrap) will have the same average. Another example: one car with DVD and leather interior will have the same average value as a car with a basic sound system and cloth seats.

 

How do I pay the remaining auction amount and in what form?

Payment for the balance of the auctioned amount (total minus deposit) will have to be in the form of a wire transfer or a money order/bank draft.