One of Japan's largest auctions
"What are the USS Auto Auctions?"
USS Auctions are Japan's largest auto auctions.
It operates 19 physical auction venues nationwide, with a total of 48,490 member companies across Japan. Additionally, around 1,000 new companies join each year.
It boasts the largest number of listings
Vehicle inspectors conduct inspections based on USS's unique qualification system, obtaining qualifications from level 1 to level 4. It takes at least three years to acquire the 'level 3' qualification, which allows them to assign evaluation points as vehicle inspectors.
What is the Conversion Rate?
The term "conversion rate," commonly heard in auto auctions who make this data availabe, can be a bit confusing. What exactly is the conversion rate, and what can we infer from it? Let's clarify these questions here.
First of all, the term "conversion rate" refers to
"the percentage of listed vehicles that are actually sold."
For example, if 100 vehicles are listed and 80 of them are sold, the conversion rate is 80%.
There is a similar term, "bid rate," but it refers to a different concept. The conversion rate indicates the percentage of vehicles for which the sale is completed, while the bid rate refers to the percentage of vehicles that actually receive bids but the seller's reserver price is not met and they do not sell. Yes, some cars do not receive bids at all!
Process until transaction completion:
Listing:
Vehicles are listed in an auction. They have been through the auction inspection process with a grade given.
Bidding:
Buyers place bids on the vehicles. This may be a live or a registered bid. Bidding in the USS auctions only increase in value from the start price. Even if there is nobody bidding, the bidding computer automatically increases in value. For novice bidders, this process can be quite complicated. Bidding is done on a computer provided by the USS auctions. It can also be done on the USS homepage.
Must sell or “urikiri”.
If the highest bid reaches the seller's reserve price, the automated price increase done by computer STOPS, now only bidding will raise the price. It is visually shown in RED. A typical USS auction incremental bid increase is 5000 yen per click.
Winning Bid:
When the bidding period ends, usually less than 20 seconds, the highest bidder is determined. This is the "winning bid."
Transaction Completion:
After the winning bidder is decided, a sales contract is created between the seller and the buyer, completing the transaction.
This is the "transaction completion."
A summary of the process:
1. Listing: Listing rate or the “start price”
2. Bidding: Price increases until the seller's reserve price is met, then into the “must sell” phase
3. Winning Bid: Winning bid price, the purchasing company with the highest bid.
4. Transaction Completion: Transaction completion price (final sell price).
At USS, it is a fully membership-based auto auction, and one must hold a USS membership to list, bid, or win a bid. The mechanics of these auctions are no different from that of other venues. Only registered dealers can partake in the bidding process. The Japanese public can not take part in the bidding process.
Number of vehicles listed:
3,084 million
Number of vehicles sold:
1,986 million
Sales rate:
64.4 %
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Reliability of USS
Since its establishment, USS has operated auto auctions with the philosophy of "fairness and impartiality." Quoting USS Auctions: "They prevent “shill bidding", which artificially inflates auction prices, ensuring fair transactions through their proprietary monitoring system." In our experience however, some USS auctions have a better reputation than others, feel free to ask us which ones.
Quoting USS Auctions: "Additionally, USS employs a unique 10-point grading system based on rigorous criteria to inspect auctioned vehicles. Each auction venue is staffed by certified vehicle inspectors who have obtained qualifications specific to the USS auctions." But again in our experience, some auctions inspectors DO seem to do a better job than others!
"To ensure consistency in evaluations across all locations, USS introduced the "Inspector Qualification System" in 2006. Inspectors undergo annual written and practical exams to enhance and standardize vehicle assessment and inspection techniques." We wish them success in this endevour as we will surely benefit with a standardized system!
Odometer Management System
Quoting USS Auctions: "In the past, the used car market suffered from odometer tampering, leading to consumer mistrust and anxiety. USS declared their commitment to eradicating such fraud since its inception, which led to the creation of the Japan Auto Auction Association in 2001 and the implementation of the "Odometer Management System."
The "Odometer Management System" maintains a database of vehicle identification numbers and mileage for cars listed at auction venues nationwide. By cross-referencing listed vehicles with this database, USS can detect odometer tampering and verify past incidents of flood damage and repairs. " While we doubted many vehicles in the past, the punishment if caught and stringent check system for such vehicles makes us never concerned about odometer tampering anymore.
Provide's Thoughts on USS Auctions
- Huge variety of vehicles ... yes that is a plus
- Huge number of vehicles. Absolutely dewarves other auctions. ... yes that is a plus
- Hand written auction sheets. Like most non-maker auctions, they have not yet developed a digital format, or even a typed format for their auction sheets! ... common USS, big minus
- Huge number and variety of vehicles ATTRACTS buyers so COMPETITION is tough and prices tend to be more expensive.
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