Now that the Automotive Industry Action Group (IAAI) has come out with its bid history, it’s time to delve further into what data they’ve made available. One of our favorite things to do at Bid Management is play around with data. We have a lot of fun doing this, but also feel like we can help you get more out of your research by sharing some insights on what’s happening in our industry.
In this post, we’ll give you a brief overview of how IAAI bid history works and then discuss some key takeaways from their new service so far.
The Auction Arena: Deciphering the IAAI Bid Landscape
IAAI is the largest auction association in the world, and its auctions are open to the public. Auctions are held in multiple locations across North America, as well as other parts of the world. IAAI auctions also occur at different times of day depending on where they’re being held; some start early in the morning while others begin later in the afternoon or evening.
IAAI relies on hard and soft closes so that all vehicles sell during an auction regardless of what time it ends (or begins). You can attend an IAAI vehicle sale either by visiting one of their facilities or by watching online via live stream video feed from anywhere you like!
Behind the Winning Bid: What Bid History Reveals About Vehicle Conditions
Bidding history is just as important as checking a car with a free VIN decoder because it reveals the condition of the vehicle. It shows what other bidders think about a vehicle and can help you determine whether or not it’s worth your time. The bid history also shows how much each bidder has bid, which helps determine when a vehicle will sell.
Bid increment history is also another way to improve your chances of winning an auctioned car and possibly save money in the process!
Bid increments are basically how much each new bid must exceed previous bids; for example, if three people were bidding on an item (A) with $10 increments between each bid ($30 - $40 - $50), then A would sell for $40 because that was where everyone else stopped bidding before they dropped out due to lack of interest/money left over after their last attempt failed miserably due to lack thereof).
The Unseen Factors: How Bid Increments Shape Auction Dynamics
The most important factor to consider when bidding on items at an auction is the bid increment. A bid increment is the minimum amount by which bids must be raised. It can be as small as $100 or as large as $100,000, but most often it will fall somewhere in between those two extremes.
Bid increments are determined by auctioneers based on their desire to encourage bidders to offer higher prices and create excitement among those who are interested in purchasing a particular object. For example, if there were only one bidder at an auction with a current bid of 1 million dollars and they wanted something very badly but didn’t want it enough yet then having smaller incremental increases would encourage them (or someone else) into action!
On the other hand, if there were two bidders already competing against each other for something worth less than $100K then having larger incremental increases could make sense because both parties would likely have reached their limit before getting too far past what they were willing/able spend already anyway…
The Evolution of Auction Strategies: Trends in IAAI Bidding
The evolution of auction strategies has been a gradual process. Over time, more auctions are happening in the US and online, weekly auctions are becoming more common, and fewer vehicles are being sold at each event. The average number of bidders per vehicle has also decreased significantly since 2005 (from 2.5 bidders per vehicle to 1 bidder per vehicle).
In terms of where the bids come from: in 2018, there were approximately twice as many bids for cars as for trucks; however, this difference was not observed among trucks sold at non-IAAI auctions or at single-bid events where there is no IAAI bid history.
Conclusion
In conclusion, bid history is an important tool for understanding the auction process. It can be used to predict winning bids and understand the dynamics of bidding behavior at IAAI auctions. Bid increments are also an important factor in determining how much you should pay for a vehicle, so it’s worth doing some research before heading out to bid on one!
