Online auto auctions revolutionized the way dealers stock their lots. While there are still plenty of live auctions and big names like CarMax and Manheim keeping the tradition alive, online auctions are becoming more and more popular. They are convenient and allow you to bid on any vehicle in the country from the comfort of your office– or even the beach, if you so desire.
However, online auctions come with a handful of drawbacks:
- Competition. There are thousands of other dealers from all over the country bidding online. You will have to beat the competition to get the best cars.
- No hands-on inspections. Without seeing the vehicle in person, you can only rely on photos and information found online. You have to be much more careful while doing research to avoid any big mistakes.
- Too many choices. It may seem counterintuitive, but having too many options makes your job more complicated.
Online auctions require a lot of time invested up front to research vehicles and gather information like vehicle history, condition reports, and book values. It’s a lot of hard work, well worth it for the amazing deals you can find in online auctions.
The good news is there are several helpful solutions to remove much of the hassle with online auctions and help you stock better cars at better prices.
Let’s compare two of the most powerful software products for online auto auctions: vAuto Stockwave and BidCue by DealerCue.
What is Stockwave?
Stockwave is a customizable dashboard for online auto auctions. It was acquired by vAuto in 2012 and is now a compliment to Provision, vAuto’s pricing and appraisal tool for used car markets.
Stockwave integrates all significant sources of vehicle information on the same screen as your auction window. The list includes CARFAX, AutoCheck, NADA Guide Book, Black Book, Kelley Blue Book, Galves, Cars.com and more. You can have your favorite information sources side by side with the auction window and synchronized to show information for the same vehicle.
What is BidCue
BidCue is an auction and inventory management tool from DealerCue. The tool lives natively inside VinCue, the company’s automotive intelligence platform. Together, they allow you to appraise, bid on, and purchase vehicles online from the most prominent online auction houses in the country.
BidCue uses real-time market data and your dealership’s inventory data to help you optimize your inventory strategy. Vehicles are compared by price, demand, turn rate, market supply, and then cross-referenced against your inventory. Dealers can use this information to choose which vehicles to bid on at auction, which they can do from right inside the tool.
Comparing Stockwave vs. BidCue
Both Stockwave and BidCue are integrated into broader platforms: Provision and VinCue, respectively. If you’re interested, we have already compared Provision and VinCue in a separate article.
How do Stockwave and BidCue stack up? Let’s find out.
1. Vehicle sourcing
After narrowing down the right vehicles that fit your inventory strategy, vAuto Provision will give you a list of auctions that offer them. However, dealers cannot actually to bid on any vehicles inside Provision. For that, vAuto customers have to use Stockwave, which is a standalone product.
Stockwave combines data from multiple live and online auctions into a custom feed, which you can filter based on various options and criteria. The tool calculates your maximum bid based on the projected wholesale price, reconditioning costs, desired profit margin, and market rate for the vehicle. It eliminates emotion from the decision-making process, helping you purchase vehicles at the right price.
BidCue offers the same functions, allowing you to calculate the maximum bid on a vehicle based on costs and desired profit margin. Unlike Stockwave and Provision, however, BidCue is tightly integrated with VinCue, which lets you quickly look up competitive market data or your inventory numbers. With a single click, you can appraise the vehicle in VinCue and use the calculated market and wholesale prices to adjust your bid.
BidCue connects to all major auctions, allowing you to bid on vehicles directly inside the application. You can partake in multiple online auctions at the same time without ever leaving the tool.
2. Inventory management
Stockwave does not manage inventory for dealers. For that, vAuto customers must turn to Provision. Provision analyzes your dealership’s inventory, highlighting where your stock is running low and where you have a surplus. It also tracks sales metrics so you can evaluate whether a vehicle is still a good fit based on current market trends.
Since BidCue lives inside VinCue, dealers can get all of these same features in a single application. BidCue taps into VinCue’s real-time market data to uncover which vehicles are best to stock and at what price. You can also access local market reports to see which vehicles are popular in your area, where there are supply shortages, and how the market’s current state correlates with your strategy.
vAuto has been a big name in the auto industry for a while, allowing them to sell their products at a premium.
Each vAuto tool is sold separately, which means you will need to purchase both Provision and Stockwave for all the features we discussed in this article. Pricing changes depending on the size of your dealership and there is a one-time setup fee. Both products combined can easily set you back over $2,000/month.
BidCue, on the other hand, comes as a package with VinCue, which starts at a price any dealership can afford. There’s no setup fee, and pricing options are flexible. Dealers can try BidCue and VinCue without getting locked into a long-term contract.
For the entire fleet of tools, vAuto will cost 3-4 times more per month than DealerCue.
Which Vehicle Sourcing Tool is Right for You?
Both vAuto and DealerCue provide comprehensive software products that handle inventory strategy and vehicle sourcing, as well as a broad range of other activities.
vAuto offers compelling standalone products. However, while comprehensive, none of their products cover all aspects of dealership management and each is sold separately.
DealerCue offers a tightly integrated suite where each tool compliments the others and closes the loop on a dealerships’ software needs. VinCue and BidCue come at just a fraction of the cost of vAuto’s products and serve all both new and used markets.
Interested in trying out BidCue? Schedule a demo and get started.