Selling on eBay

[rdefabri]

Well a few of you asked about selling your car on eBay - I sent some info to ricksaia with tips on how to do it. I am starting this thread as I was asked by a few to share with them:

============================================================

First things first - you need to register to sell on eBay. It's a simple process, but you will need a credit card for eBay to bill you for listing fees amongst other things. I'd also STRONGLY suggest getting a PayPal account - I was a skeptic at first, but now a big believer of PayPal. It's an extra level of insurance, especially when selling a car, as funds must be verified. The down side is that there is a charge with using it.

Once you register to sell, you can post the car. As others have suggested, take a ton of photos. In fact, browse other ads to get a feel for what is good and what isn't. Think about what you would want see as a prospective BUYER and use that to guide how you SELL the car. Also, be as descriptive as possible, which can only help. Even so, you will get a bunch of questions from serious and not so serious buyers.

Now, there are a few other things to consider. Set your "reserve" price as the absolute minimum you'll take for the car. So you understand, if you set a reserve, and the auction fails to generate a high enough bid to MATCH the reserve, you don't have to sell the car, it remains in your possession. That's key, especially given the wide range of valuations on Z cars. The other suggestion I would add is set the initial bid price LOW. Not .01 cents but start it at like $1,000 or $2,000. This is the psychology of the auction - it's tough to grasp, even I have a hard time starting bids this low, but it attracts bidders. The hope here is that you get 2-3 people really interested in driving the price up (sort of what you might see on the Barrett-Jackson Auctions on SpeedTV). As long as you have a reserve price set, you are covered - the car WON'T sell unless that reserve is met or exceeded.

Another thing to note - take note of the day you start the auction and the length of the auction. It sounds silly, but some goods sell better on weekdays than on weekends. In your case, as this is a collectible car, I'd suggest that you have the auction END on a weekend (preferably late Saturday). That gives working-class people a shot to bid on the car rather than during the week (when working or coming home to family). It's the total opposite for enterprise related goods like industrial ovens or phone systems, where a small business/company may want to buy these for their business. Usually an auction runs 5, 7, or 10 days. I like 5 or 7 days, but again, try to calculate it to end on a weekend.

Now, once the bidding starts, you may not see ANY action. Again, don't worry about this - it's natural. You will see in the "My eBay" section when you login how many WATCHERS you have - that's a truer indication of how much interest you are generating. A good eBay buyer/bidder won't bid until the very end, MAYBE they will enter an initial bid to get it going, but the "pros" usually bid snipe (more on that in a bit). The time when bidding gets hot is a day or two before the end of auction, and REALLY hot within the last 1/2 hour through last MINUTE (yes MINUTE) of the auction. This is what is known as "bid sniping". Bid sniping essentially allows a prospective buyer to enter the highest bid they are willing to pay and the software will auto bid (snipe) on the bidder's behalf. It basically counters any higher bid with an even higher bid within a fraction of a second. If you click bid history on a high profile item, you will see how that works - it's pretty cool, but a little disorienting the first few times you do it...it helps you out again that you have a reserve price.

While on that, some people may ask your reserve price. It's etiquette to provide that if asked, but that's YOUR judgment. If you feel that would adversely affect your auction, then politely tell the prospective bidder "I would prefer not to divulge that".

There is another option you have in eBay called "Buy It Now"...I don't really like this feature and rarely use it as it automatically puts a stated value on the goods you are selling. As an auction is primarily someone a) looking for a deal and interested in the "chase", the "Buy It Now" is more appropriate for someone that is selling multiple, repetitive goods. For a special car like this, I'd avoid that UNLESS someone asks you privately to purchase it (and it's higher than your reserve). My personal requirement however, is that you state in the description that the car is listed locally and you reserve the right to end the auction should someone outside of eBay make an offer you accept. This is "CYA" as well, and protects you.

This is a lot to take in, and I am really scratching the surface. However, this will get the car more eyeballs and more potential buyers than you might otherwise get advertising locally.

Finally, if the car sells and you get your price, I cannot stress enough to watch out for SCAMS. Even I got scammed and I've been doing eBay for 5 years. Thing is, if it smells like a rat, it is a rat. Do not respond to emails outside of eBay, and anyone interested in buying the car from an email, ask them for THEIR number and you will call them. I once tried to buy an old Triumph chopper, and I was sniped in the bid (lost at the last minute) - I received an email stating that the owner offered a "second chance offer" - and for me to wire the money. I wisely responded asking for THEIR number, but I also emailed the person auctioning the chopper. He confirmed he actually sold the bike and there was no second chance offer, so the email was a fraud. Lesson learned - NEVER NEVER NEVER send any money unless you confirm the id of the person. There are similar scams for people selling, you can actually see them in eBay, but as a seller you are naturally better protected since you own the item. A car would be difficult to scam, so you should be ok.

Then the obvious will kick in as if selling this locally - you want cash or a certified check or (preferably, in my case) PayPal. You probably have a ton of questions; by all means let me know. There's a lot to take in and it can be daunting for a first timer. Familiarize yourself with the site and look at current auctions to get an idea.

My guess is that you won't sell it on eBay, but you may generate some seriously interested parties that might want to speak to you after the fact. This is what happened with the Saturn I just sold (for WAY more than everyone told me it would), so eBay can be very valuable. Other option might be Hemmings Motor News, but there's less immediacy than eBay.

[jmark]

Good stuff. Thanks.

[rdefabri]

No problem. I think it's safe to say these are just for guidance - others may have different tips that are as effective or better, but I have been selling on eBay since 2001, and these have worked well for me thus far.

[dhoneycutt]

Thanks for the info!!!

[Alfadog]

Good info, I have also been on eBay since 2001 and was just scammed a couple of weeks back, so I will re-iterate what you said. If it smells like a rat, it is a rat.

I'd also like to stress the importance of when you list your items. Think about not only when it will finish, but when you are listing it. People who search regularly will search ordered from "most recent". Naturally, more people look at auctions in the evening and during weekends. So if you list on a Wednesday morning, chances are you will have less people see your listing as they may "lose interest" after looking at a page or two of the latest.

One other thing I think is important - don't be rude!! Sounds obvious but the number of listings you see where the seller is short with their description and plain rude about questions is huge. Answer every question as if they are a potential buyer.

Also, I don't know why people do this but don't list your item without pictures. So many people seem to think it's ok to list your car, and just add a note "I'll put some pictures on later" at the bottom. Firstly, this is a major turnoff as it shows you are not really that eagre to sell. Secondly, are you trying to hide something? Thirdly, it's very easy to scan the page, if there aren't pictures, close it. Many will not read your entire description. So, TAKE PICTURES FIRST!

One more thing. If your item does not sell, it does not mean it's not worth the price you ask. So many other factors affect the final price. List it again in a month or two if you have the ability, and you may see it reach a reserve. For example I once listed something for $15 starting price, and it received no bids. I listed it two months later at $9.99 and it reached $50. 6 bidders were involved. It really is hit or miss sometimes. This also brings forward the point you brought up about low starting prices. Good to start low. But not too low.

That's all I can think of now! Good write-up!

[rdefabri]

Alfadog,

Yep, excellent input, I totally agree with your points, especially when to list and to keep trying if it doesn't sell.

EBay takes time to get the feel for it, but once you get it, it's great.

Also, sorry to hear you got scammed. Almost everyone has a story. That's why I stick to PayPal to pay and get paid - NEVER pay or receive wired funds (e.g., Western Union) and always make sure my buyers have decent feedback.

You'll never completely be safe, but as you said - "if it smells like a rat...."

[rdefabri]

One more thing -

When starting bids low it's really tough to get past that mental wall. However, I've seen ton of people that start major goods at $0.00!!

At first, I thought that would be a turn off to a potential buyer as it smells funny. However, there's a psychology associated with auctions - it's the thrill of bidding up with anticipation of winning.

It's almost always the case that your item should start well below the actual value. You can protect with the reserve to ensure the item isn't lost too cheap, but as you pointed out, more bidders will be attracted to a lower starting bid...

More excellent input!

[280z1975]

Alfadog,

Yep, excellent input, I totally agree with your points, especially when to list and to keep trying if it doesn't sell.

EBay takes time to get the feel for it, but once you get it, it's great.

Also, sorry to hear you got scammed. Almost everyone has a story. That's why I stick to PayPal to pay and get paid - NEVER pay or receive wired funds (e.g., Western Union) and always make sure my buyers have decent feedback.

You'll never completely be safe, but as you said - "if it smells like a rat...."

On bit of warning regarding PAYPAL, the buyer protection isn't great, in fact it sucks.

A while back I bought a hard drive from a seller with 99% feedback, over 1000 feedbacks. I paid for USPS Priorty Insured mail. When it arrived it came in a regular flat envelope!!!!!!! I couldn't believe it. Naturally the hard drive was DOA. So I e-mailed the guy back and he apologized and said to send it back and he would replace it. Said one of his workers must have sent it out wrong. So I sent it back (HERE IS THE IMPORTANT POINT) I didn't use tracking (it was a 25 dollar HD, so I wasn't trying to spend any more money than I needed to) when I sent it back.

Well I waited for my hard drive to come back. An sent the guy an e-mail and then he said "it's on it's way". I waited ... finaly I decided to file a PAYPAL buyer protection report. When I filed the seller sent PAYPAL the tracking information about the original package. Since the hard drive arrived they said it was a done deal and that there was no PROTECTION. Ebay was of no help either. I filed a negative feedback and recieved one against myself (which i still have even though he is now kicked off Ebay). See the seller wouldn't give feedback till YOU gave feedback (I stay away from sellers who do this now).

So don't look to PAYPAL for buyer protections when the person sends you something that isn't what is listed. I still use PAYPAL, but I don't buy now with that feeling they are going to stand by me and protect me if there is a bad seller. If they really stood by everyone who go screwed they would be out of business.

[DeesZ]

All of the eBay tips are very good. Each one, in each of the postings is very well founded. I have eight years of selling experience on eBay, and have had very few disapointments with the system and other eBay community members. Several issues may not seem important, but they were offered by sellers with obvious experience. Within the last two years I have noticed a tremendous increase in last second bidding. Yes, last second, not minute or hour. Many of my listings double in value in the last 5 ~ 10 seconds. Many bidders wait to drop their load at the bitter end. This makes it very important to consider when you want your auction to end. With Z-cars, and other 'boy toys', as my wife calls them, I suggest an ending time when your audience will be available. I usually list this type of an offering so that it will end around 7:00 western / 10:00 eastern time. Also, I like to schedule my listing for a Thursday night and run it for ten days. That way I get two weekends of play, with the auction ending Sunday night. This is important because the highest traffic on eBay for browsing is on weekends. The more weekend days that you get, the more watchers and potential bidders you will get. I also go overboard on pictures. I use lots of them and of the highest quality I can provide. This makes it as close to seeing the item in person as possible. The old saying "a picture is worth a thousand words" applies to eBay. Hook them up with an accurate, honest description, and you will likely not be let down. Low starting bids are another way to get watchers and bidders. I often start at $0.01 with no reserve (but in the case of a nice Z-car would likely put a reserve on the auction). Keep in mind that the more watchers you get, the more bidders you will have at the end....get your auction on as many buyer radar screens as possible. Also consider "feedback" ratings: A seller with under ten feedbacks, even if they are all positive, may not attract as many bidders as another seller who has more. Buying from a seller with 0 feedbacks is like buying a pig in a poke. As a buyer you will be comfortable bidding higher if your comfort level with the seller is higher (and feedback is about the only way to convey that comfort level). I get queezy buying from anyone with less than 98.5% positive feedback. I have bought from sellers with 0 feedback, but it's an uneasy feeling. The positive side to buying from a 0 feedback seller is that you will likely get a bargain because there will be fewer people bidding against you (and that's not good at all for the seller), but you're taking a chance, too. I've been lucky in that respect. For someone starting on eBay I usually suggest selling a few low-end items first, build up some positive feedback, get the hang of the system, then list the bigger ticket items. In the case of selling something like a Z, it may be worth while farming the job out to someone who has a good feedback record and experience writing listings, etc. The money that you spend doing that will come back to you several fold in the end of auction results. Last but not least, as everyone has said, beware of something that smells like a rat. PayPal, although expensive, is a great money transfer service that is well worth the fees you pay. More than 95% of my sales are paid with PayPal now. If you don't offer that option, you will exclude some potential buyers. By the same token, do not state that the ONLY payment method accepted is PayPal, either. Include other methods like US Postal Service Money Orders so that there are several options available (but be specific in your listing). Under no circumstances release your goods to a buyer until you absolutely know the funds are good. (A woman I work with sold a car on eBay, received a certified check, released the car, and ten days later found that the check was bogus!) Under NO circumstances accept a check that includes extra funds for a shipper (requiring you to cash the check and then pay the shipper from those funds). The latest scam puts you out the cost of the car plus additional $$ for shipping. Just be aware of these things so that you can avoid the rats, don't let it scare you away from eBay. Get involved and enjoy the experience....Kinda like sex.... lots of fun, and if you practice a few reasonable precautions, it won't kill you.

[ezzzzzzz]

All of this is interesting. I've been with eBay for quite some time too. I have only been ripped off twice for a total of about $125.00. It doesn't feel good either. As many have noted feedback is an important tool. If you feel the need to leave negative feedback you can wait until the eleventh hour. This allows you to post bad feedback but rarely enough time for the seller/buyer to respond in like to your feedback.

Anything of real value/cost should be investigated throughly. I bought a set of Currie HP9 axles for $5000 from a business in Florida. Before I bid I made absolutely sure the business actually existed and asked enough questions to be comfortable in bidding. If the seller gives vague or no answers, the item is selling well below it's value, or other info just doesn't add up then walk away. Sometimes that's the hardest thing to do but the wisest also. There are always exceptions like a seller posting an item in an odd location or slack descriptions that reduce search results. I was looking at a supercharger where the seller listed his location as Wisconsin but his E-mails were traced to Europe. He had no sells or feedback. He would never give a straight answer to my questions. The only people bidding were eBay newbies.

EBay uses only one recommended escrow service. It requires a small fee (based on selling price) to transfer monies after the buyer has accepted an item. If the seller is unwilling to use this escrow service then walk away. Make sure you ask before bidding about the seller's willingness to do so. This is an important tool when spending BIG money.

Lastly, sniping is the best way to bid IMHO. It allows you time to make an educated guess at the value of an item and how much you are willing to pay. Set your max bid and walk away. If you win great, if not, oh well. It is easy to get caught up in the frenzy at an auction's end and bid more than an item is actually worth. That said, let me point out that you should research to be sure the item you're looking at is not available elsewhere for equal or LESS money. Often you can buy from an eBay store or other source for less than the auction's opening bid. :stupid:

[rdefabri]

PayPal will not prevent you from getting ripped off of CASH, but imagine if a customer ripped you off and had your credit card number...or your bank account...That's one reason why PayPal is the only way to go.

Further, my business is an LLC, so there are no personal account numbers or credit cards associated with my PayPal account. Again, I am speaking from perspective of a business, not an individual.

Either way, you must always accept that a professional thief will rip you off. This is akin to protecting yourself in a home, for example. The best perps can penetrate any alarm system (see "Blane Nordahl" - MASTER thief), so what you need to do is put in precautions that deter 99% - you build layers. Protecting a house would be: Layer 1 - motion detection lights; Layer 2- a dog (barking will alert you); Layer 3 - an alarm system; Layer 4 - a firearm (LAST and WORST case scenario).

So using that example, you protect yourself in a similar fashion - Layer 1 - incoporate the business (LLC or S-corp); Layer 2 - use a business checking account and credit card; Layer 3 - keep good and accurate records (this includes using tracking to ship and insisting on tracking when receiving; as a point, I keep evrey single receipt, document, payment, you name it- archive at least 5 years); and so on...you get the point.

PayPal on it's own CAN'T prevent theft of monies, but it does protect your privacy, your credit, any collateral or follow on damages, etc.

While these are business related tips, but they can be applicable to personal use as well.

[hls30.com]

I have a couple of things to add,

Answer emails-remember your answer is another shot to help someone to spend more of their money with you. Eight years ago I recieved an email with an absolutely idiotic question about my second ebay item (A fiat SCCA modified X/19) and I wrote a quick off the cuff smart-arse reply, Just before I sent the message I thought maybe this guy really doesn't know any better, and instead wrote and sent a friendly and helpful reply-I ended up having the person I wrote back spend $3700 for a car I told him was worth at least $2000, and leave great feedback. He bid against one guy who would have won the car for $550 if I had sent the smart arse note, and he had not been in the bidding. That nice note made me an extra $3150 that my smart arse coments would have kept in someonelses wallet! Yes I get my share of morons, but they have money just like everyone else, and I sell things on ebay to trade for it!

Sometimes they ask questions that are just too much, then I ask for a phone number to discuss the situation with them-that usually stops the tire kickers and time wasters, and it really impresses those who are honestly asking questions-and these situation don't happen that often.

Post realistic shipping and handling charges, Nothing angers anyone faster than paying a good price for something only to have the deal made idiotic by grossly over priced shipping-that absolutely insures a one or no time buy-I never go back-My patronage is not important to that seller. You build an expectation with every communication. I choose to help my customers by making sure I spend their money on shipping the way they would-that is part of outstanding customer service-and it gets past purchasers to contact you outside of ebay for what they are after-it sure easier to sell a "pull" than a "push." Once a customer knows what to expect, the only question they have is: "Have you got one of these?" When they know they are going to be treated well and that their patronage is valued, they come back time and time again.

I have accounts with USPS (they supply free boxes, and free pickup-talk about convenient!), and Fedex (absolutely the cheepest way to ship almost anything large-just pack it up and drop it off at Kinkos(a fedex staffed location))! Between the two, I have the least amount of money, time, and energy to get something on its way to a customer who knows I am not playing games to get more money.

Accounts are free and can be setup online or over the phone-all it takes is a few minutes.

Will