Development

TradeRev Gets Simpler, Faster & More Transparent

March 16, 2020

 

After listening to your feedback, we’re excited to announce some big changes to TradeRev that simplify the auction process, speed up your deals and provide more transparency as the clock runs down.  

Below you can find all the information you’ll need to know about the removal of the Closing period, visible auction timers and our new web search feature.

Frequently Asked Questions 

How does no Closing affect my auction experience? 

With no Closing period, auctions will end immediately after the 45-minute Active bidding period. There is no longer a second round of bidding. After the auction, trades move to Pending where Sellers can decide to accept or reject the highest bid. 

Buyers, enjoy peace of mind knowing that once the timer runs down, you’ve won. 

Sellers, expect bidders to go all-in right away instead of anticipating an additional opportunity to win in Closing.

Are there changes to the Pending state? 

No. Trades in Pending operate the same. 

Can I still Negotiate? 

Yes. Negotiations operate the same. 

Will this affect the amount of time the auctions last? 

Yes. Previously, auctions ran for 45-55 minutes. After this update, auctions will run for only 45 minutes. 

How is the auction timer displayed? 

We’ve added a visible auction timer to all auctions. The countdown is visible from both the List View and the Vehicle Details Page (VDP). This timer shows all dealers exactly how much time is remaining. 

The timer is formatted depending on how much time is remaining: 

  • < 1 minute: Displays “Under a minute left” 
  • 1 – 5 minutes: Displays the remaining time in minutes and seconds 
  • 5 – 45 minutes: Displays the remaining time in minutes 
  • > 45 minutes: If an auction ends outside business hours, the timer displays the remaining auction time plus the time before the auction resumes (see below for details) 

What if the auction ends after business hours? 

Sometimes trades still have time remaining when the TradeRev business hours end for the day. In that case, the timer displays the number of hours until the business hours next begin. For example, if an auction has 20 minutes remaining when business hours end on a weekday. After business hours, the auction timer indicates the remaining number of hours until the auction begins again the next day. At that point, the timer would again indicate that the trade has 20 minutes remaining. 

What if someone places a last-minute bid? 

If a bid is placed within the final three minutes of an auction, we’ll add one additional minute to the timer. This ensures Buyers have a fair chance to make their best offer. 

What is the new web search feature? 

With this update, we’re also adding a new search bar to our web app to help you find the trades that matter most. Entering details like year, make, or model will return any matching trades and also display similar trades in a separate section. 

The search feature will help Buyers quickly find the trades they’re interested in, and help Sellers easily track the trades they’ve previously launched. 

Note: This feature is currently only available on the web app. 

Do I need to update my app? 

Yes. On March 25 you will be automatically logged out. Simply sign in and enjoy the updates.

If you have any other questions, please contact our support team at USsupport@traderev.com