The Cost: Value of Refurbishment Solved

Maximising value is the key for vendors and buyers through the remarketing process.  Speed, cost, service and price are all key factors in the value equation, and by listening to their customers, SMA Vehicle Remarketing have developed a neat and practical way to advance all of these value creators, with a proactive cost: value refurbishment/preparation assessment of all vehicles prior to sale.

Refurbishment or pre-sale preparation can add real value to a used car as it comes into auction.  Forecourt ready vehicles commonly command a price premium because they offer buyers cash flow advantages in their efforts to get stock to market faster, and importantly ensure uncertain preparation costs (and delays) can be avoided.  However, the price premium gained needs to be assessed against the cost of preparation.  This is where the new 'Forecourt Ready' appraisal from SMA delivers.

SMA has invested significant sums in creating state-of-the art preparation and refurbishment Technical Service Centres at most of their auction centre sites.  Staffed by highly trained technicians, the business is now able to undertake a full end of life assessment of vehicles on arrival to establish the opportunity cost of having each vehicle prepared for sale.  The assessment includes an estimate of cost and value, including time; not ignoring the potential for enhanced and earlier 'first pass' sales conversions.

 

The process encompasses a full fair wear and tear electronic inspection carried out by trained inspectors with separate tactical flagging.  Recommendations are for work (or not) are based upon current market conditions with vendors notified of the cost/opportunity through SMA's fully automated SMA customer portal.  Through the portal, vendors are then able to authorise agreed works to be undertaken.  The whole process is extremely rapid, ensuring that any time to auction is not lost.  Speed is also enhanced, simply because all repairs are carried out through SMA bodyshops which are attached to the auction sites.  A full report of work undertaken is forwarded to the vendor and to add further value, all paint work guaranteed for life.

Commenting on the innovation, Managing Director Bob Anderson observes;

"Like all the best innovations this is a very practical and measurable one.  Our investment in industry leading Technical Services and people means that rather than simply flag the idea, which we know many vendors are interested in, we can actually deliver it.  I think what I particularly like, is that it is an innovation that truly lives up to our stated aim of being better in  a way customers have asked us to be better".

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Our grading system is changing

NAMA grading has been developed to provide a long awaited industry standard grading scheme to be used across all auctions within the UK.

We have now introduced NAMA grading across our sites, and over the coming weeks you will notice more vehicles being offered for sale displaying a NAMA grade. These grades are easy to identify as they are 1,2,3,4,5 and U in place of the SMA grades A,B,C,D and E.

Please make sure you have familiarised yourself with the grades. We will still produce condition reports providing additional information for each vehicle as we always have.