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996ttalot
Approved Trader


Joined: 21 Sep 2009
Posts: 1484
Location: Horley Gatwick


PostPosted: Wed Feb 06, 2019 12:01 pm    Post subject: Reply with quote

wasz wrote:
INWB wrote:
I find WBAC very weird. I have just bought a car that the RAC value at £4,500. WBAC offer? £1400.

My son had a nissan micra that had a dented bonnet due to a road rage attack, rust all on the sills and the wing. The thing was a disgrace and dreadfully kept. No service history, failed its MOT and needed about £600 spent to make it road worthy. The engine sounded like a bag of bolts being shaken in a washing machine.

I thought he may get £100 for scrap. WBAC paid £850 for it. He only paid £1200 when it was in decent shape.


Its all about what they can punt on through their particular network of retailers. This will not have great coverage for niche cars like ours hence a low ball on anything slightly out of the run of the mill. They have massive data on the prices they are getting for stock, and of cars going through the auctions.

They only offer what the car is worth to them, its not really a good indicator of value for all cars. OK for a Nissan Micra that they will sell immediately but not so much for a 996 that will hang around for months.


WBAC business model is the price offered is the price the car is already sold at - they get this amount from the auction houses. Where they make their money is when you turn up - if they pay you £100 less than the price quoted WBAC make £100.
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g911omr
Spa-Francorchamps


Joined: 29 Sep 2009
Posts: 278



PostPosted: Wed Feb 06, 2019 12:58 pm    Post subject: Reply with quote

2000 3.4 coupe. 54k
£10,750
I might take them up on that.... Dont know
 
  
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wibbaboo
Monza


Joined: 18 Nov 2014
Posts: 216
Location: Bristol

2003 Porsche 996 Carrera 2

PostPosted: Wed Feb 06, 2019 1:01 pm    Post subject: Reply with quote

Quote:

WBAC business model is the price offered is the price the car is already sold at - they get this amount from the auction houses. Where they make their money is when you turn up - if they pay you £100 less than the price quoted WBAC make £100.



That makes a lot of sense , I wonder what the target is on knocking down the price when you turn up ...3-5%?
 
  
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mar1b0ro
Newbie


Joined: 16 Oct 2017
Posts: 28



PostPosted: Wed Feb 06, 2019 1:12 pm    Post subject: Reply with quote

Brilliant, just did a valuation with WBAC for my 1999 3.4 Carrera 4 manual, 98,00 miles (aerokitted, although they probably didn't know that bit) and they have offered me £50.......they will probably knock it down to a tenner when they arrive due to the slightly worn front tyres...
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996ttalot
Approved Trader


Joined: 21 Sep 2009
Posts: 1484
Location: Horley Gatwick


PostPosted: Wed Feb 06, 2019 1:15 pm    Post subject: Reply with quote

wibbaboo wrote:
Quote:

WBAC business model is the price offered is the price the car is already sold at - they get this amount from the auction houses. Where they make their money is when you turn up - if they pay you £100 less than the price quoted WBAC make £100.



That makes a lot of sense , I wonder what the target is on knocking down the price when you turn up ...3-5%?
£300-£500 target per car I hear. Multiple by the number of cars they sell etc. I think they get a fixed fee as well from auction house to cover costs but if you turn up and sell your car, it will be transported to the auction house that evening.

So it is auctions houses like BCA that are setting the price, not WBAC.
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Stotty
Monza


Joined: 17 Dec 2009
Posts: 164
Location: Surrey


PostPosted: Wed Feb 06, 2019 1:24 pm    Post subject: Reply with quote

Kingb4 wrote:
HSC911 wrote:
Do you use the same IP address when you do the valuations Question

As this will affect what they give you Bandit

Thumb


I suspect switching IP address wont avoid their price-down algorithm (most people have dynamic IP addresses at home anyway (changes each time your broadband syncs up), as you pay extra for static IP addresses).
As you have to put in the reg number, it will 'recognise' the car???.....


They will know who you are from your cookies... not your IP address.

Just use an 'incognito' tab to run the request and this avoids any trace of your browser history... ctrl+shift+N on Chrome.
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RankBajin
Newbie


Joined: 21 Sep 2016
Posts: 45
Location: Edinburgh


PostPosted: Wed Feb 06, 2019 1:49 pm    Post subject: Reply with quote

I think BCA own WBAC so the commercial process should be clear on how they make profit at both entities.
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squelch
Nürburgring


Joined: 05 Jun 2016
Posts: 469
Location: Bucks


PostPosted: Wed Feb 06, 2019 2:45 pm    Post subject: Reply with quote

wasz wrote:
Its all about what they can punt on through their particular network of retailers.

They don't have a network of retailers - there simply wouldn't be time for them to do the admin. Everything goes through BCA.

BCA owns WBAC and they are sold under the Vendor "UKCGR" split into various categories from Premium (could be worth a punt) to Trade and No Reserve (feeling lucky??).

It's scandalous what WBAC say in their ads - Phil Schofield clearly says "find out how much your car's worth in 60 seconds". This is NOT what your car is worth, it is what WBAC's opening offer is and 99% of the time WILL be reduced upon viewing the car and is then subject to their admin fees too. Only one key? Minus £50. Scuff on a bumper? Minus £100. and so on.

Your car will then go through BCA who will take their commission from the sale and charge the buyer the indemnity too - so there's two profit centres which have been paid already. Due to reserves being set at auction, the buyer will pay more than WBAC paid the seller, so WBAC have made their profit on the car too. Then assuming a dealer buys the car to sell for profit and has bid with a selling price in mind (at a sellable price point) they'll still need to cover the cost of any prep work, advertising, warranty, VAT and income tax costs and still achieve a profit. So that's FOUR margin centres which have been satisfied after the car is sold from the dealer's forecourt.

AND YET, in WBAC's previous ads they have stated that you will get more from them than you would by part exchanging it - how on earth can that be the case when the dealer who would make you a Part Exchange offer is probably buying from the auctions anyway??

Obviously it works well for some people and is a quick and simple way of selling their car, so that's fine it it suits the circumstance. And don't get me wrong, I don't have a problem with businesses making money, but I feel WBAC is doing it under the guise of doing the seller a favour and the words they use are misleading. I'm not a fan - rant over!

By the way, I know the local area manager for WBAC and it's staggering how cheaply they are buying cars!

With regards to monitoring values / market prices, I think it would be better to collate info on advertised prices / mileages on similar spec'd cars - it would also give a feel for price movement and how quickly they are selling. As has been said before, WBAC isn't really a fair reflection for niche cars or cars like ours.
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wasz
Sepang


Joined: 28 Dec 2012
Posts: 2958


1999 Porsche 996 Carrera 2

PostPosted: Wed Feb 06, 2019 4:53 pm    Post subject: Reply with quote

They really seized the moment, and push the ads.

I think people are afraid of selling privately, don't want the unwashed public turning up, its only worth £1k innit bruv, fear of "casing the joint", fear of fake pound notes, fear of retribution if it breaks down etc so WBAC offers an easy and instant deal.

You'd be daft just to sell the car to them without getting a p/ex quote or asking the car lot down the road, but a lot of people are daft.

Makes it really difficult to buy good late model cars privately - there are so few advertised these days.

They value my 996 at £50, thats probably about right.
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