Frequently Asked Questions

exactbids

What is exactbids 1-1?

A salvage previewing service, delivered by a dedicated and trained previewer that selects Good parts & Interchange Applications, even pricing parts and calculating bids, if requested.

Why is exactbids 1-1 so important to an auto recycling business?

  • We all know that buying is the most important role in an auto recycling business. You need focus, time, dedication and accuracy to do this well.
  • Owners and managers are generally time poor. Their jobs are more complex and so their focus is shifting from one task to another throughout a day, week, month, year. As a result buying becomes just another task and often it is rushed, driven by emotion because they simply do not have the time to do it properly.
  • It just doesn’t make sense that so many owners are still trying to preview and buy all the vehicles needed by their operation and doing it sub-optimally, which results in buying duplicates, unneeded vehicles or low-performers based on emotion and historical knowledge, not data. Data and accuracy in buying are the keys to survival for the modern day auto recycler and our exactbids 1-1 service will help you buy better and more profitably.

    What is BidBuddy?

    BudBuddy is software that connects your YMS’s recorded supply, demand, sales and pricing data with each auction’s list of available vehicles - providing the user with the information needed to know which vehicles to buy at each auction - and the price to pay for them.

    What is a QCI Score?

    QCI Score is a term used within BidBuddy that serves as a reference of need for each vehicle - Higher QCI Scores represent higher need.

    How exactbids 1-1 can help you preview more cars, buy more profitably and reduce your COGS.

    Exactbids 1-1 is a dedicated 40-hour per week resource that is focused strictly on your BidBuddy work - Previewing and pricing, if needed. With confidence in your data, you are able to buy more cars. With more cars previewed and bid on, it’s much easier to find the ‘diamond in the rough’ at each auction - allowing you to buy the couple of ‘steals’ that occur at each auction. We all know that the more cars and auctions you preview, the lower your COGS will be. This service enables this and helps you find the right cars at the right price across a broader marketplace.

    What does ‘previewing cars’ mean?

    Previewing cars is reviewing the images of the cars in order to select the Good and Bad Parts AND select the correct Interchange Application for each good part.

    What is a salvage Bid and how is it developed?

  • The Salvage Bid is the calculated purchase price for each vehicle and is based on QOH, Pricing History, Sales History, Demand Data, Auction Fees, Adjusted Overhead, desired COGS, and tow fees.
  • Traditionally, auto recyclers developed this bid using their knowledge of what they thought would sell from a vehicle and the price they could sell those parts for multiplied by a COGS percentage.
  • Today, professional auto recyclers use bidding tools like BidBuddy to assess the viability and desired bid price on salvage. By using your unique historical data, the system can accurately project the sales that will be made from each vehicle and therefore the price you should pay for it. The bid it generates is unique because each vehicle is unique.

    How long does it take to preview a car and prepare an accurate Bid?

    The amount of time required to preview each car is different for each yard - based on the number of parts that the user wants to be previewed and if each part needs to be priced. With a typical 20-23 part type preview load, it’s not uncommon to be able to preview 80 vehicles per day. With 20-23 part types, part pricing, and final bid calculations, output ranges between 35-50 vehicles per day - depending on the user’s historical pricing accuracy.

    Who can use the exactbids 1-1 service?

    Any BidBuddy user, globally.

    Where is exactbids available around the world?

    We can provide help for any recycler that is running BidBuddy Software, globally.

    Why is there no lock in period for the use of exactbids 1-1?

    We do not believe in locking anyone into using any of our services. If we cannot provide benefit to your operation, we don’t want you ‘stuck’ with us. We know how difficult running a yard is - you don’t need more headaches or leeches - you need results.

    What notice do I need to give you before we stop using the service if I want to stop?

    Because we employ real people and train them to complete your previewing, we ask for a 3 month notice period at which point all subscription fees will be stopped immediately.

exactstats OBA (Optimised Buying Algorithm)

What is exactstats OBA?

ExactStats OBA is a service that uses your data to more accurately segment your BudBuddy settings. Rather than using a linear approach to setting up your BidBuddy settings, our algo will look at your needs considering multiple inputs, segmenting your buying based on your specific selling patterns.
This is not the traditional cookie cutter approach. We work with you and your specific data to build a bespoke algorithm that will help your buyer achieve a better result for your bottom line.

Why is exactstats OBA so important to an auto recycling business?

Buying is the most important job in a recycling business, so why would you not invest in getting that as accurate as possible? Most recyclers are buying all of their vehicles with the same BidBuddy settings and expecting BidBuddy to calculate the correct bids for all types of inventory, whether they be late-model trucks or older passenger cars. Each unique segment of vehicle should have a unique set of settings in order to properly calculate the bid.

How does it work?

We ask you to export and provide a few reports from your yard management system. Our system analyzes thousands of transactions to identify sales trends, establish buying segments, and create unique settings for your BidBuddy system. We then build a report and present this to you with recommendations. Once agreed, we implement and review on a quarterly basis to ensure that we are continuously improving the accuracy of your settings as your sales trends change, all the time improving buying accuracy, reducing break even days and increasing top and bottom line.

What does exactstats sales and buying segmentation mean?

A late-model, high-dollar car or truck needs different parts previewed, different QCI weights, and different overhead calculations than a 2010 Honda Accord. Our algorithms and systems identify those segments enabling us to build unique buying settings for each of these identified segments.

Do I need to be using BidBuddy to use the exactstats OBA service?

No, we can use your detailed reports to help you identify segments of vehicles that turn the highest and fastest profits so that you can focus your buying efforts on what is generating the most return for you.

What is the purpose of a quarterly review analysis and report?

As buying changes, sales change. In order to keep your buying in line with your sales, routine reviews of your data are crucial to keeping you on the cutting edge by constantly and consistently fine tuning your buying.

How has exactstats OBA helped other recyclers?

We are excited that in a short time, our customers have already found that their buying has improved. They have been able to buy more of the right vehicles, at a better COGS and eliminate the very costly bad buys. They simply make more money!

Do I need to use your exactbids 1-1 service in order for you to help me with my buying algorithms?

No, we can provide the ExactStats OBA service independently of exactbids 1-1.

Why is there no lock in period for exactstats OBA?

We do not believe in locking anyone into using any of our services. If we cannot provide benefit to your operation, we don’t want you ‘stuck’ with us. We know how difficult running a yard is - you don’t need more headaches or leeches - you need results.

What notice do I need to give you before we stop using the service if I want to stop?

All we need is for you to provide us with 30 days notice before your next review period. This allows us to reschedule our workload and manage our internal structures accordingly.