Carwow is moving to a ‘round the clock’ bidding model, giving dealers earlier bidding access to carwow’s used-car auctions and providing partners with greater convenience and flexibility.
Each evening at 5.00pm, carwow will release the catalogue of vehicles going into its daily auction and open the bidding, this includes recommendations personalised to the dealer based on past bids.
As is the case now, the winning bid will be revealed to sellers when the auction has closed at 3.30pm the next day.
Analysis of the makes and models listed* in carwow’s online daily auctions revealed the Hyundai i30N as the vehicle quickest to reach its reserve price, which uses cap ‘Clean’ valuations, doing so in just over one hour of the auction going live.
Second in the time to hit reserve ranking was the Audi S3, followed by the first electric model to make the top 10, the BMW i3. The top five was completed by the MINI Hatch and a second EV, the Volkswagen iD3.
Rounding out the top 10 is the Nissan Qashqai in sixth place, followed by the Ford Focus ST and Ford EcoSport. In ninth was the Vauxhall Mokka, and concluding the list with a time of just under three hours the Nissan Note.
Analysis by brand reveals that Kia’s reach their reserve price most rapidly in carwow auctions, followed by Volvo, Peugeot, Fiat and Hyundai.
The rest of the top 10 by brand continues with Ford, BMW, Citroen, Mercedes and Dacia.
Recently, carwow revealed that the Jaguar F-Pace was the most profitable used car available to dealers on carwow, with an average potential margin of £4,721.
Analysis showed an SUV-heavy top 10, led by premium brands with margins growing on carwow due to robust vetting of quality and low buyer fees.
“This snapshot gives an interesting insight into the makes and models that are most in demand in our daily auctions, reaching their reserve price in record time,” said carwow UK director of Sell My Car, Sally Foote.