100 Percent of Vehicles Sold at Manheim’s First Auction in Thailand
At first glance, it seems like any other summary of a very successful day at an auto auction: two sales achieve a 100 percent sale rate and average $2,000 per car over reserves. But the 50 dealers who attended the sales had never before been to an auction. In fact, it was the first-ever auction of its kind in the country where it took place — Thailand.
An everyday occurrence in the United States, auto auctions using traditional Manheim auction techniques are a new experience for the remarketing industry in Thailand. And, based on the success of Manheim Auctions’ first Thai auto auction, held June 5, it may not be long before these sorts of auctions become the norm. Simon Moran, business development manager for Manheim Asia Pacific, and Neville Green, vice president of Manheim Asia Pacific, lead the Bangkok-based staff.
“We are incredibly pleased with the success of Manheim’s first Thai auction,” said Green. “This sale shows that Manheim’s auction system can easily cross cultural boundaries and achieve results.”
The auction was held in Bangkok on the upper floors of an eight-story parking structure. The day before the sale a demonstration was held for around 50 Toyota dealers who had never before attended an auction. The Thai auction staff explained the auction and payment processes, and conducted a mock auction to prepare dealers for the sales.
Two sales were held — the first, a closed Toyota Motor Thailand Co. Ltd. (TMT) dealer-only sale; and the second, a general sale for Toyota Leasing Thailand Co. Ltd. (TLT). More than 40 TMT and TLT senior executives attended the sales, including Khun Pramon Sutivong, chairman of TMT, and Tsuneaki Eguchi, president of TLT.
“The sale exceeded our expectations, and our thanks go to the entire staff at the auction that made this possible,” said George Irving, marketing adviser for TMT. “This is the new way of doing the used car business in Thailand.”
The opening ceremonies featured speeches and a ribbon-cutting, and the auction was conducted in the Thai language by Thai auctioneer Khun Wah. Prior to the sale, Wah was trained in Manheim’s auction style and method, which is new to Thailand. “She did an outstanding job under tough conditions,” said Moran. The temperature was around 100 degrees with 90 percent humidity. Toyota, with a 40 percent market share, is the market leader in Thailand.