The auto industry has been hit hard. Automakers are closing factories worldwide to mitigate this crisis, the US dollar is fluctuating heavily (and not in a good way), and new car sales have declined rapidly. Auto shows globally are being cancelled.
If we look at the effects of the 2008 auto industry crisis and its effects on car pricing, we can see that the market quickly turned to favor the buyer. With automakers offering 0% financing, employee pricing, and various rebates, it’s clear that the auto industry was scraping together sales by any means necessary. We’re seeing an even more drastic downturn in new car sales worldwide.
What does that mean for used cars and salvage auctions?
If you’re in the United States, it may mean a better chance at negotiating prices. Especially considering skyrocketing unemployment rates, sellers are at a pretty big disadvantage in terms of competition from buyers.
If you’re international looking to export a car from the United States, however, this works out in your favor. Not only is the market shifting towards buyer favor, but with the strength of the US Dollar declining, exchange rates for US currency to yours work out quite nicely for you. Relatively speaking, even if a car you find on AutoBidMaster hasn’t changed in price, the exchange rate is effectively reducing your overall cost.
This applies to car shipping, too. A decrease in demand for oil has helped stabilize shipping costs, so the overall cost to international buyers is also in their favor with current exchange rates. So, now may be the best time to find a vehicle and ship it overseas.
What about AutoBidMaster?
We’re running, business as usual. Since we’re 100% online and the auction yards we work with are taking all the necessary precautions to keep visitors and employees safe, we’re still bringing you the best auction experience we can during these unprecedented times. All auctions are proceeding as scheduled, our shipping partner is still shipping worldwide, and we’re good to go.
We have a FAQ that we’re updating as news comes in to keep you posted. If you have any questions, or need help registering or placing a bid, we’re still here to help. Give us a call at +1 (503) 298-4300, 6:00 AM to 4:00 PM Pacific Standard Time, Monday through Friday. You can email us at [email protected], too.