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The Winfooz Blog by Jharrisonwinfooz - 1M ago

Managing inventory has traditionally been a time-consuming process for car dealers, but with the introduction of new technology, how you buy and sell your cars is changing forever. We know this, and we are here to help. There are two different ways to sell vehicles, retail and wholesale. Getting your price right when selling to either market is essential, get it wrong and you either undervalue your stock or risk not selling it due to unrealistic pricing.

There are significant differences auto dealers need to know about wholesale price vs retail price, but first, we must say discussions on pricing are always subjective. For example, when it comes to vehicles between $7,500 and $25,000, most dealers will be looking for approximately a $3,000 difference between their wholesale and retail pricing. Theoretically, this spread is required to cover the safety of the car, advertising, reconditioning costs and more. Luckily selling to the wholesale market through our platform takes away these pain points, meaning making that sale is now easier than ever before.

Why sell wholesale?

Usually, dealers will look to wholesale their vehicles due to one or more of the following reasons:

  • The unit has been on the lot for 90 days or more
  • The unit is too old
  • The vehicle has too many kms on the clock
  • The car doesn’t fit within their current inventory (i.e a Honda dealer gets a BMW as a trade in)

Auto dealers will know their stock better than anyone else. Sometimes a used car lot will have several vehicles in a particular price range. For example, you can have a dealership with most of their stock priced between $10,000 and $20,000, so they are likely to sell on any cars traded in outside of this price range.

A dealer can virtually sell any car they receive, just not always through retail. Selling a vehicle that is going to take up space on the lot otherwise can be a successful move, and it moves your customers to become both the suppliers and buyers of your product.

Valuation

Auto dealers know the value of their stock, that’s a fact, but they don’t determine the value of the car. The market does. The most accurate way to get the retail value of a vehicle is through researching the average price of all other cars of the same kind currently for sale; you will want to check:

  • The year of the vehicle
  • That it has the same features as the vehicle you are selling
  • It’s in the same overall condition
  • Has the same Km on the odometer

Once you have the average retail price, this will give you a better indication of the value you will need to sell at through wholesale to get that quick turnaround. Traditionally speaking a dealer will take the retail value and will take off a percentage, in most cases approximately $3,000 of a difference for any vehicle retailing over $5,000.

For a more vehicle specific wholesale price, we recommend taking the same steps as above but looking at the average wholesale value of all transactions on the same car over the previous 6-12 months.

As we mentioned an auto dealer will know the value of their inventory, but our sales team are always available to discuss pricing and can offer insights based on their experience in the wholesale market to help dealers price their stock for the best sale possible.

How can we help?

This one is slightly tricky as we said because most dealers will know what their vehicle is worth through either retail or wholesale. Sometimes, however, in their haste to make a sale or through a fear of undervaluing their vehicle, cars can be put up for wholesale but using their retail price. Sometimes it’s just down a case of being too optimistic, and they will over price to try to get the most money possible. Especially in the wholesale market, dealers are looking for a deal, so trying to sell a car at retail price in this arena will not work and will result in the vehicle not getting sold.

We are always here to help our dealers; we want both buyers and sellers to get a win-win solution. That’s why our expert Inside Sales team are only ever a phone call away. We can help evaluate a dealers current inventory and make recommendations as to what units they could use and what price a vehicle should be listed at.

For example, if a dealer is missing a particular type of popular car or brand from their range such as minivan’s, SUV’s or subcompacts we will help by suggesting that the dealer wholesales a current vehicle in their scope while also recommending a car on offer to round off their inventory. Outside of that, if a dealer has several cars with high mileage, we can look at selling some of this stock and freshening up the range with some lower mileage models on the platform.

Conclusion

In essence, pricing is of primary importance when buying or selling a vehicle through retail or wholesale. In the wholesale market, dealers are streetwise, and if a unit looks overpriced, then it will not be purchased. Sometimes this will mean having to look at the inventory as a whole rather than on a unit to unit basis. This means sometimes you will have to sell one car for less than you would like, but if you have another vehicle in your inventory that can be sold for more, you still end up with a net profit.

Overpricing might seem like a fast way to make a quick buck, but inevitably it ends up with inventory taking up space on the lot and not being sold. Price reasonably, make the sale, buy a car you can sell at retail and watch the money roll in.

If you have questions on pricing or you want to talk to our Inside Sales team regarding your inventory and stock we have available, call us on (905) 909-0906. We look forward to helping you manage your inventory turnover like never before.

The post Pricing for Wholesale appeared first on The Winfooz Blog.

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Most investors don’t know it, but wholesaling used cars is a red-hot business. One discussion topic that often comes up at used-car industry conferences is this: the increased digitalization of the wholesale vehicle market, be it through third-party platforms or the online offerings of auction players. We believe the future is online, and over the last few years, the internet has changed how dealers interact with auctions. Companies like Winfooz are poised to disrupt the market on a larger scale.

We have seen franchised dealers becoming more comfortable with online. Some studies show that dealerships now access an online auction site on average twice a week, and they are becoming more comfortable buying used vehicles at online auctions. It’s early days for this new burgeoning industry, but Winfooz is set to lead the way when it comes to cyberspace auctions.

At this moment in time, digital auctions continue to grow. However, it remains to be seen how much of the industries overall volume will go online and as a result, how much that will pull sales away from physical auctions. Manheim, one of the largest competitors in the market estimate 40% of their cars sold in the last two years have been sold online. They state that approx 630,000 transactions were completed through “pre-digital channels”, an increase of 15% on the previous year.

While these figures show that online is the way to go, the fact of the matter is this – the industry needs an online specialist. In days gone past traditional industries like taxi services and hotel bookings dabbled in digital selling, that was until the real disruptors entered the market, namely Uber and Airbnb. Sure the old style companies aren’t sitting idly by waiting for the answers, the likes of Manheim and Adesa have dove headfirst into the digital world, but we feel we have done something a bit different. As we are a fully online solution, we have been able to work proactively rather than reactively to create the most customer-focused platform on the market, offering a fully integrated end-to-end service, including door-to-door delivery. If you want to see just how much we differ from traditional auctions, have a look at this short article.

The competition is fierce as more companies and dealers discover the value of online. Digital volume is up by 17% year on year, off-site transactions are up to 72% year to date, while it is estimated 39.5 million used vehicles will be sold, up from 39.3 million. In 2018, 10million was raised in online auction sales, and this figure is only expected to grow this year, in essence, digital auction volume will no doubt dominate the market.

Physical auctions are unlikely to disappear, but their role is shrinking, and over the next couple of years, this downward trend is expected to continue. With this in mind, dealers are more likely to focus on digital auctions to bolster their remarketing revenue streams. It’s unclear if this change will lead to a downsizing of physical auctions, we believe it will as online auction attendance is beginning to outpace that of physical auctions. The convenient, faster and less time-consuming nature of online auctions is only going to improve over time leaving traditional auctions in the past. How many people pick up the phone to call a taxi, book a hotel or even a concert ticket these days? Very few, so why would our industry be any different?

In an analysis released last month by Cox Automotive, the expect to see 16.6 million units to wholesale, up from 16.4 million last year. A steady increase but it gets fascinating when you see the breakdown:

  • Commercial direct-to-consumer: 700,000 (same as 2018)
  • Direct-to-dealer/dealer-to-dealer: 4.9 million (up from 4.7 million in 2018)
  • Offsite/online: 1.4 million (up from 1.2 million in 2018, 1.0 million in 2017 and 900,000 in 2016).

We can see that dealer-to-dealer and online markets are increasing year on year. That online component is critical as the share of virtual auction attendees vs physical attendees has swapped. A big part of this has to do with the new entrants to the market, improvements in online vehicle descriptions and increased utilization of modern technology — for example, our innovative 360˚ imagining feature or our Instant chat service.

Besides, there is a stagnation in other types of used vehicles. Growth has tapered off in off-rental and fleet volumes. Rental car fleets are smaller, and repossessions are declining as the economy improves. This leaves dealers with fewer options available to them in the wholesale market, hence the need for a platform that can provide all of a dealers auction needs.

In addition, there is stagnation in other types of used vehicles. Growth has tapered off in off-rental and fleet volumes. Rental car fleets are smaller, and repossessions are declining as the economy improves. This leaves dealers with fewer options available to them in the wholesale market, hence the need for a platform that can provide all of a dealers auction needs.

Using our mobile app, available on  Android or iOS, dealers can scan a VIN for market information, order an inspection, and place any vehicle on the markeplace in a matter of minutes.

We aren’t the only company noticing this change, Adesa is now being fuelled with TradeRev, a dealer-to-dealer sales platform and it’s now the company’s fastest growing venture.

Manheim, E-Block and AVC Auctions have all began switching gears to enter the digital space, but greater transparency, improved user experience and third-party inspection service that can give confidence to buyers was required. That’s where we come in.

Conclusion

Customers want things to be more convenient, faster and easier, especially in a world of shrinking margins. On any given day a dealer has the ability to register or login to the Winfooz marketplace, scan our inventory, bid and buy, all from the comfort of their home or office. We’ve said it before and will say it again, the future is online!

At this moment in time the physical auction lives on with thousands of vehicles pushed through auction houses on the daily, but nowadays it’s the mainly the onsite atmosphere keeping these alive.

The fact is online auto auctions are becoming more popular and the trend shows no sign of stopping. Platforms like ourselves are here to disrupt the market, leveraging innovative technology to revolutonize the auto remarketing industry.

10 years from now we will be sitting here saying “We told you so”

Have you tried Winfooz yet? When it comes to ease and simplicity, the Winfooz marketplace is streets ahead of physical auctions. It’s risk-free to join and getting set up is easy. To register, you can:

The post The Growth Of Online Auto Auctions appeared first on The Winfooz Blog.

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At Winfooz, our goal is to become a zero arbitration company; however, that’s not always possible. Sometimes people will find an issue or a fault with a purchased vehicle and would like to have the problem resolved.

Our arbitration policy is based on the NAAA standards, with the intention of being fair, impartial and quick. We feel that it is part of our duty to ensure customer issues are dealt with in a timely manner to avoid being held up in the court system.Customer service is essential to us and coming up with a resolution that is fair on both the buying and selling party is something that we feel is very important. That’s why in this article we will be discussing arbitration, to shed some light on the process and to give you all the information you need to know.

What is arbitration?

In essence, arbitration is a form of alternative dispute resolution that’s created to resolve disputes outside of the court’s system.

Arbitration is the process of bringing a business dispute before an impartial third party for a speedy resolution. From our perspective, we would hear the evidence brought to us by both parties, gather evidence from third-party contractors and make a decision based on facts. Arbitration aims to conduct a fair, impartial screening and resolution of unforeseen issues. An arbitration award is legally binding on both sides and is also enforceable in the courts. It’s often used for the resolution of commercial disputes, but at Winfooz it’s how we take care of customer disputes transparently and quickly to resolve issues in a way that works for all parties.

Arbitration is frequently confused with mediation, which is an informal process of bringing in a third-party to settle a dispute. A mediation process is not legally binding, and a mediator does not hear evidence. Litigation, mediation and arbitration are all methods used when attempting to resolve business disputes. However, arbitration is more thorough than mediation and less costly and time-consuming than litigation.

We as an arbitrator can use meditative techniques, especially if both parties are cooperative and willing to work towards a resolution. Mediations are less formal, allowing for clients to feel more comfortable and willing to share information. With mediation you can be more creative when coming up with “outside the box” resolutions whereas arbitration is more formal and has rules and standards to adhere by. One can also use hybrid technique called MED-ARB which is a form of arbitration in which the arbitrator starts as a mediator, but in the event of a failure of mediation, the arbitrator imposes a binding decision.

The purpose of arbitration

It’s important to note that only issues where there is a valid potential claim will be considered under arbitration proceedings. Arbitration is not a way in which a dealer can try to claim a discount or back out of a deal after the fact. It exists to support customer claims and resolve potential issues without the added time, cost and stress of a judicial hearing.

It is often used in place of litigation proceedings to settle a dispute. Litigation is a court-based process that involves a decision that is binding on both parties and a means of appealing the decision.

As an arbiter, we try to help the parties find a middle ground on which to compromise. We remain removed from the settlement process and will only give a determination of liability and, if appropriate, an indication of the quantum of damages payable.

About our policy

As mentioned at the beginning of this article, our arbitration policy is based on the NAAA standards and is also compliant with the Motor Vehicle Dealers Act, 2002.

Sales made on our platform are intended to promote the fair and reasonable treatment of both the Buyer and the Seller. If we determine through proceedings that a sale is not fair, or reasonable, or that a clerical error has occurred, we may, at our sole discretion, cancel or adjust a sale. It’s important to note that any arbitration conducted is also subject to our terms and conditions.

We aim to be a zero or minimal arbitration company. Therefore a seller is responsible for ensuring all facts relating to vehicle history and condition is listed on our marketplace. We also prepare our Condition Reports to provide our customers with a summary of the general features and status of a vehicle offered for sale. While we try to ensure our reports are as accurate as possible (which we do through our team of expert Vehicle Condition Inspectors), it is still a sellers responsibility to ensure that all vehicles listed for sale are accurately described and that all required disclosures have been made.

You will find in our platform that we also provide an optional CarFax Report integration for Sellers. We also ask Sellers the question: Is there a Carproof claim on the vehicle?” If Seller indicates Yes they must disclose the amount for claims over $3000.

If at this point you would like to read our full arbitration policy, you can find it here.

Grounds for arbitration

To aid our dealers we operate a coloured light system to give bidders more visual information about the conditions under which a vehicle has been listed. The lights mean:

  • Green – Arbitration is allowed on all issues subject to Arbitration
  • Yellow – The Seller has made Disclosure(s) regarding the Vehicle. Arbitration is not available for Vehicle conditions that have been disclosed.
  • Red – The Vehicle is being sold “AS IS”. Arbitration is limited
  • White – Any of the following disclosures or conditions apply: 1) The Vehicle is being sold as ownership/registration documents absent on sale day 2) Out of Province 3) Daily Rental

Under each light condition, any vehicle that sells for less than $3,000, arbitration is limited to the odometer (Odo Rollback, Odo Replaces, TKU), title issues, branding issue and existing structural damage caused by a collision. So what does that all mean under our light condition system?

  • Green – Arbitration allowed on all matters normally subject to arbitration.
  • Green & Yellow – Green Light Sale with Disclosure(s). Arbitration allowed on all matters normally subject to arbitration except for disclosed conditions.
  • Red – Red Light Sale. The vehicle is sold AS IS. No specific disclosures have been made. Arbitration is limited.
  • White & Yellow – Red Light Sale. The vehicle is sold AS IS. No specific disclosures have been made. Arbitration is limited.

As mentioned previously, white light may be on any of the above light combinations, this indicated that the:

  1. Ownership/registration documents are not available on sale day.
  2. Out of Province Vehicle.
  3. Daily Rental Vehicle.

Under any light, arbitration is limited for Vehicles that sell for less than $3,000.

When arbitration is not available & exceptions

Now that we understand what arbitration is and the grounds where arbitration is possible, it’s important to note the occasions in which arbitration is not possible. These are as follows:

  • Matters that were properly disclosed as Seller Disclosures –
    • Exceptions – None
  • Matters disclosed in a Vehicle History Report, Condition Report or similar source made available to the Buyer before the bidding begins. Note: Arbitration may not be available for conditions disclosed in a Vehicle History Report if contradicted by other more reliable sources.
    • Exceptions – None
  • Vehicles sold for $3,000 or more under a Red Light
    • Exceptions – Odometer (Odo Rollback, Odo Replaced, TKU), Title issues, Branding issues, Existing structural damage caused by a collision.
  • Vehicles sold for less than $3,000
    • Exceptions – Green Light Sale, Odometer (Odo Rollback, Odo Replaced, TKU), Title issues, Branding issues
  • Vehicles with over 160,000 km
    • Exceptions – Green Light Sale, Odometer (Odo Rollback, Odo Replaced, TKU), Title issues, Branding issues, Existing structural damage caused by collision
  • Vehicles older than 10 model years
    • Exceptions – Green Light Sale, Odometer (Odo Rollback, Odo Replaced, TKU), Title issues, Branding issues, Existing structural damage caused by collision
  • Matters raised outside of the applicable Arbitration period
    • Exceptions – At Winfooz Canada Inc. discretion
  • Vehicles not intended for use on a public roadway (e.g. boats, snowmobiles, equipment)
    • Exceptions – Green Light Sale
  • Antique vehicles, recreational vehicles, motor homes, or motorcycles
    • Exceptions – Green Light Sale
  • Wearable Items and Normal Wear and Tear.
    • Exceptions – None
  • Minor odometer discrepancies of 3,000 km or 5% (whichever is less).
    • Exceptions – None
  • Noise and Inherent Conditions. Arbitration cannot be based on noises or conditions that are inherent or typical to a particular model or manufacturer unless deemed “excessive” by the arbitrator on non-warranty items. OEM dealer warranty guidelines will be used where applicable to determine whether the condition is excessive.
    • Exceptions – None
How the process works

Our screening process ensures that resolutions happen quickly, we review our VCI inspections and all car proofs. The aim is to try and make all parties as happy as possible, therefore our highly trained staff promise brilliant customer service.

Our goal is to become a zero arbitration company. We believe that conducting the most detailed CRs on the market, coupled with our use of innovative technology such as our 360 ̊ imaging feature, gives customers more insight than ever before and should thereby reduce cases where arbitration is required. We are continuing work in the background to create new features and technologies that aim to improve customer visibility and transparency with the eventual end goal of having arbitration as a thing of the past.

In the meantime we know that sometimes things don’t always go as planned; therefore our arbitration process is quick, transparent and has our customers best interests in mind.

Once the vehicle is paid in full and in the possession of a Buyer, they can begin the arbitration process under one of the following:

  1. Not as sold
  2. Clerical error
  3. Post sale inspection requested

As no two cars are alike, each claim is taken care of on a case to case basis. It can be challenging to put an exact timeframe on, but we work to complete each case as soon as possible.

In the case where a Buyer has requested a post-sale inspection, the vehicle will be inspected by a third party – namely, mobile auto-technicians GoWrench. An examination by this third party costs $150, which will be paid by the “losing” party in any arbitration case.

After notifying the other party of the open case, we will then gather all of the data needed to make an impartial decision. We do this by:

  • Information digging
  • Gathering car proofs
  • Organize inspection if required
  • Review damage vs disclosure(s)
  • Third party testimony
Resolution

Once this data has been compiled, we can then decide whether a case is valid. If we deem a claim invalid, the Buyer will be liable to pay any inspection cost and no amendments will be made to correct the terms of sale.

When a case is deemed valid, both parties will be notified, and we begin conflict resolution. In most cases, the sale will be cancelled, or an adjustment to the price will be given based on the inspection results.

In some cases dealers will have a previous relationship and discussions can take place regarding alternative solutions, an example of which would be the “losing” dealer agreeing to pay the “winning” dealers next buy or sell fee. The goal here is to ensure all parties go away happy with the resolution and that everyone is content with the transparency and level of service they have been provided.

Now that the claim has been resolved, it’s now on our arbitration team to arrange the finer details. From logistics to payments, and adjustments to collections, the team must file the relevant paperwork such as vehicle ownership/titles and accounting changes.

Conclusion

We value our customers and ensuring a high standard of customer service and support is one of the pillars we are built on. From start to finish, from initial inspection to aftercare, we aim to resolve any issue that arises in a transparent, detailed and fair manner for all parties.

There are several reasons why an arbitration case might be opened, but we promise that we will always be there to help.

For more information, please view our terms and conditions and full arbitration policy.

The post Everything You Need to Know About Arbitration appeared first on The Winfooz Blog.

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We’ve said it before and will repeat it…everything you can think of nowadays can be bought at a click of a button.

In a recent article, we showed you just how simple it is to get set up on the Winfooz marketplace. Now we will show you how to buy, sell and interact with the platform.

Adding a vehicle:

Now that you know how to register and add your dealerships, the next critical piece of information is, how to add a vehicle for sale. For a dealer to add a car the process is straightforward:

  • Select add car
  • Scan VIN Number (use the camera or enter manually to auto-populate main fields)
  • Fill in other details such as new/used, odometer, interior, fuel type, colour, number of keys and a note to potential buyers
  • Specify any options that come with the car such as AC, Climate Control and Cruise Control
  • Upload or take photos of the vehicle you wish to sell

Once you have this complete, you’re ready to move onto the next stage of the process. The damage map is one of the most important features when it comes to selling a car. Here you can outline issues your vehicle might have such as scratches or dents. To do this, choose the area of the car that has the damage, upload the picture and fill in the detail whether that’s rust, scratches or something else.

Then you will move onto the disclosers/sale condition screen. Here is where you can decide if the car will be sold:

  • As is (Red)
  • Seller guaranteed (Green)
  • With disclosers, such as accidents or car history (Orange)

After this is complete, you will move onto the price page. In this page, you set the selling type as Buy Now, Bidding (Reserve or No Reserve), Make Offer or any variation of the three. Choose your sale type, enter your price, select a preconfigured sale period and hit publish. Your car is now in the marketplace. If you decide that you aren’t ready to sell just yet, you can choose to “park” the vehicle until you want to republish for sale. Here you can also request an inspection, whereby one of our experts will arrange to visit.

Using 360

Your vehicle is up and ready to sell, but how are you going to make your car stand out? And how can potential buyers be sure that your vehicle is the one for them? That’s when our innovative 360-degree imaging comes in.

Once you have published a car on mobile, you will get an option to add the 360 media. One important point to note here, you will want to leave approximately 10 feet of space around the vehicle to help you get a good quality view of the car.

On your phone screen, you will see a green box overlaying the camera. Fit your vehicle within this frame, hit record and then you have 1 minute to walk around the car. Once this is done hit submit and our system will create a 360 panorama.

After your 360 views are added you can define hotspots. Swipe around the vehicle and click on an area you would like to highlight. Once you select a hotspot, name it and choose whether it’s damage or information. You can even add notes and additional supporting photos or videos you wish to share with a prospective buyer for complete transparency.

As a result of this easy to use 360 imaging, a potential buyer will be able to use this information to get a clear view of your vehicle and make a more informed purchasing decision.

Searching made simple

As a dealer using the mobile app, you can scroll through the list of vehicles on the marketplace, including your own. To hide your vehicles from your lost, go into filters and select hide. We have other filters in the page that include:

  • Location
  • New/Used Status
  • Sale Type
  • Make and Model
  • Minimum and Maximum Year
  • Minimum and Maximum Odometer
  • Minimum and Maximum Price
  • Body Type
  • Fuel Type
  • Colors

Apply any filter you wish to show only the vehicles you would like to purchase.

Now that you have found the vehicles you wish to browse, scroll through the list and choose any car you want to to take a closer look at. In the car view, you will be able to see all the information available, including the vehicles Carfax report.

In this view, you will also see our instant chat service where you will be able to ask any questions to the seller you may have. In addition to chatting you can also add a video, a picture or an audio message to start a conversation.

Bidding

Selecting the sale type of bidding is a simple process when you are publishing your vehicle:

  • Choose your sale period
  • Set selling type as bidding
  • Select whether you want to sell with a reserve price or no reserve price
  • Set your reserve price
  • Set your bid start amount
  • Choose your bidding increment

Once the car is published, the vehicle is now available for sale at auction.

As a buyer, when you click on a vehicle that is set up for bidding, the program will show you the starting bid and give you the option to place your bid. You can then place a bid using the default bidding increment or by placing your own proposal. Once you have placed your bid the seller will be notified.

Chances are you won’t be the only person bidding on any given vehicle. That’s why we will notify you through the app. If you are outbid this gives you the opportunity to increase your bid if you so wish.

To help manage your bidding we have created an auto bid button. This feature allows you to set up the maximum price you are willing to pay for the vehicle. As new bids come in, your auto bid will increase by the next increment until you either win the lot or have surpassed your price ceiling.

If a reserve price is set the sale will not go through until the reserve is hit.

As a seller, you will be notified when your car is sold. On this page of the platform, you will also receive an electronic bill of sale, which contains the buyer’s relevant information. This streamlined process ensures that everything is done in one location for your ease.

Buy Now

Our second sale type is precisely what it sounds like. When publishing your vehicle choose “Buy Now” and set your price and a buyer can then press the “Buy Now” button if they are happy to purchase for that price.

It’s that easy. Once the sales have gone through, the vehicle will move to the buyer’s inventory where they will have the option to:

  • View the bill of sale
  • Review Seller
  • Resell Car

Here a buyer can decide to instantly flip the vehicle they have just bought. By choosing the Resell Car button, the buyer turns seller and the normal sales procedure begins again.

Make an Offer

Finally, let’s look at our “Make Offer” sales type. As with our other selling types, a dealer will choose this while publishing their vehicle. This sales type allows potential buyers to submit a bid on a specific car, which the sellers can accept, reject or counter.

After thoroughly checking the car details and condition report, a buyer will then make a bid. However, if the proposal is lower than the dealer’s minimum price the offer will be automatically rejected. This means sellers won’t be plagued with needless offers and only serious bidders will be in the market.

If a seller counters the offer, the buyer will be notified. At this point, the buyer can decide whether they would like to accept, reject or counter the seller’s response. When both parties are happy with the price, the seller will accept the bid, and the buyer will be notified as the vehicle moves to their inventory with the bill of sale.

Using the Winfooz platform is simple. Whether you’re buying or selling a vehicle everything you need is only ever a click away. If you are having any trouble or have any questions, please call our expert sales team at +1-905-909-0906. They would be more than happy to help.

The post How to Guide – the Winfooz Marketplace appeared first on The Winfooz Blog.

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Shopping online is the new norm. Anything you can think of can be bought at the click of a button through sites like Amazon or eBay. So it’s not surprising in this mobile-first world that you can now buy and sell any motor vehicle via an online car auction. But this is only a recent phenomenon; for decades, physical auctions have remained the same, until now. Over the last few of years, the internet has changed how dealers interact with auctions and companies like ourselves are poised to disrupt the market on a larger scale.

For years auto dealers have relied on physical auctions to manage their inventory, but this method is time-consuming and costly. Thankfully, we are more connected than ever and with the Winfooz marketplace, you are only ever a click away from that must have bargain.

As we launch our new online marketplace, which will be hosting 2, 60min auctions per week, we want to show you the benefits of using online auctions vs traditional auctions.

Traditional Auctions

Let’s start with traditional auctions. Yes, they still have their charm and there is something nostalgic about them, but there are some downsides to going the old-school route. The main issues they face being time, money and convenience.

Having a physical auction limits bidders and sellers substantially. They have to take time away from their dealership (probably most of the day), they have to transport their vehicles and possibly travel with large pieces of industrial equipment to and from the venue. All of this costs money. For buyers, there is a risk that they could make the trip to the and not actually buy any of their desired vehicles. From a sellers point of view, a physical auction limits the market of potential buyers, and it also requires moving the cars to the auction site, with no sale guaranteed.

It’s not all bad for traditional auctions, as we said they still have their charm. Sometimes people can feel more comfortable in this environment, as buyers get to work with auctioneers in person and sellers get to see the equipment with their own eyes.

Winfooz is focused on revolutionising how auto trading is conducted, choosing the best bits from the traditional auctions and merging them with new online methods we have created the most customer-centric dealer to dealer marketplace.

The Winfooz Marketplace

Unlike traditional auctions, we have the benefit of the internet as our location. With no physical location, buyers and sellers can participate as long as they have an internet connection, regardless of their location. It means convenience, a broader market, lower costs and a smaller time commitment from auction participants.

Buyers

The Winfooz marketplace gives a greater variety of vehicles from a broader audience in comparison to traditional auctions. A buyer can bid on a car with no travel time or cost. Instead of settling for what’s on offer at the auction, a dealer can make a better-informed decision without the pressure of when they might make it out to an event again.

As a buyer, sometimes you might have a question for the seller. We have taken this on board to create a simple, instant messaging service within the marketplace. Message the dealer who is selling the vehicle, and they will receive a notification to let them know, that someone is reaching out. This way buyers can contact sellers with any questions on a vehicle.

We want to help buyers get the best deal possible, that means always giving them all the information at their fingertips. We do this by creating the most comprehensive CR reports on the market, combining our team of expert vehicle inspectors and innovative 360-degree imaging to give you more detail than at a physical auction.

Sellers

When it comes to sellers, the Winfooz marketplace takes out the need to physically bring a car to auction in order to make a sale.
It’s easy for a seller to get started with the Winfooz platform. After a dealer is registered and verified, they can upload a vehicle on the platform in minutes. Fill in the forms and take pictures for prospective buyers to browse and that’s it. No more heavy lifting before a sale is complete.

Sellers also get the benefit of a more extensive network of buyers to ensure completed sales more often than traditional auctions. To put the vehicle’s best foot (or should we say tire) forward, they can avail of our team of vehicle inspectors to come out to complete an inspection to give potential buyers all the information they need to purchase their car.

Our 360-degree feature also means the sellers can show off their vehicle as if the buyer was actually with them. Park the car, leaving enough space to walk around the car (let’s say 10ft), using the Winfooz app, walk around the car after selecting the 360-degree feature to create a full-bodied interior and exterior view. This not only helps the seller, but it also gives a buyer confidence in their bidding.

As with many technological advances, the main perceived pitfall is the lack of face-to-face interactions. We combat that using our Instant Chat service, our team of sales agents, detailed reports and simple set up. With such transparency, buyers and sellers can always feel at ease when buying online. We even help arrange everything from the electronically signed bill of sale to the delivery.

See for yourself

When it comes to ease and simplicity, the Winfooz marketplace is streets ahead of physical auctions. As of May 2nd, 2019 we began hosting two, 1-hour long auctions per week, so no matter where you are you can always easily manage your inventory. It’s risk-free to join and getting set up is easy. To register, you can:

Whether you’re a new dealer or a seasoned pro that has stuck with traditional auctions, give our auction a try and make the comparison for yourself. Register through one of the links above, and we will be sure to let you know when our next auction is kicking off.

The post Traditional Car Auctions Vs The Winfooz Marketplace appeared first on The Winfooz Blog.

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Nowadays everything you can think of can be bought at a click of a button. However, for decades, physical auctions have remained the same. You would think that at a time when you can buy everything from clothes to computers online, buying used cars would be easier as well. That’s where we come in.

Used car dealers are used to buying and selling vehicles on the daily, this up until now has meant dealers have had to send a car to a physical auction . This traditional method takes too long, costs too much and doesn’t guarantee a sale. Our new online marketplace is set to change all of that. As of this Thursday, May 2nd we will begin hosting 2, 60minute auctions per week through our platform. We use innovative technology such as our use of 360-degree imaging coupled with our expert team of vehicle inspectors we are guaranteed to give you more insight at your fingertips than ever before. With hundreds of cars on our virtual lot, you are sure to get the best deal whether you are buying or selling a vehicle. Here we will show you just how simple it is to get set up on the Winfooz marketplace.

Step 1 – Where to find us

We are available on desktop, Android and iOS. Regardless of whether you are in the office or out on the road you will be able to get to the auction.

Step 2 – Register

After finding us the next thing you will have to do is register. This is a straightforward process, simply enter in your details and hit register. The information we will require is as follows:

  • First Name
  • Last Name
  • Country
  • Mobile No.
  • Email
  • Password

Once you have done this you will recieve an email asking you to click the link to verify your account. Click the link and you are into the Winfooz marketplace.

Step 3 – Setting up your dealership/dealerships

After you log in, you will not have any dealerships. In order to buy and sell vehicles on the marketplace, this will need to be done. Go to the dealerships and from here you will either be able to join a dealership or add an existing one. With Winfooz you can manage as many dealerships as you like, using the one login.

Setting up your dealership is easy. We have divided the form into two short sections with with the first looking for the following details:

  • Sales registration number
  • Expiry Date
  • Auction Access ID
  • Uploaded image of both sales registration and auction access id.

This helps us verify your identity as a dealer. Once this is complete you can click next and move to the next page where we ask for:

  • Dealership registration number
  • Dealership name
  • Country and Province
  • Your role in the dealership

From here you will be directed to a final page where this information is gathered to create your dealership. At this point, you are almost ready to go. On this final page, you will be asked to fill in the final pieces of information that are legally required.

  • Legal company name
  • Dealership registration number
  • Dealership class
  • Dealership licence expiry
  • Tax number
  • Rin number (optional)
  • Carfax key (optional if only buying)
  • Verification documents (Company Registration, Master Business License, Dealership License, Tax Registration)

Now your dealership has been added. At this moment in time your information has been sent to a Winfooz admin to verify your details. You will see that the status next to your dealership is “pending”. Verification can take upto 48hours so if you go into the marketplace you will not be able to buy cars but you will be able to see what’s on offer. It’s a good time to get your research done and to work your way through the platform before auction.

Step 4 – Joining a dealership

Your account will be verified within 48 hours. When that is complete you will then be able to see the highlighted buttons alongside each, this says that you are ready to go. At any time you can go into your dealerships page to add your other establishments.

You can also join a dealership that is already on our network. To do this you simply need to click “Add Dealership” and enter the Dealership registration number. Our system will find the dealership, all you need to do is select what your role in the company and wait for the Winfooz admin to verify the account.

Now you know how simple it is to get set up on Winfooz. If you are still having trouble, call our expert sales team at +1-905-909-0906. They would be more than happy to help. If you are active on the site,you’ve made a good choice and good luck at the auction.


The post The future of online auctions is here – How to get signed up to the Winfooz Marketplace appeared first on The Winfooz Blog.

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It’s that time of year again the mega tech conferences are back with a bang! Probably the biggest conference in the calendar is the Collision Conference that’s making its first appearance in Toronto this May! Winfooz is delighted to say that are a featured startup at the event and we will be taking part in the events ALPHA startup program. These mega conferences are a surefire way of reaching potential customers, showing our products to the public, making partnerships, networking and attracting serious investment. This basically means floor space is highly coveted with approminatly 90,000 attendees descending on the event including industry leaders to VC’s and everything in between. You can see why we are proud to be involved but what is the ALPHA program and how does it benefit your company? Let’s find out:

What is the Collision Conference?

First things first the ALPHA Startup program is the startup program being run by Collision Conference, one of the biggest tech shows in the world created by the same team behind Web Summit.

This is going to be their first year in Toronto after outgrowing their previous homes in Las Vegas and New Orleans with 90,00 atteendees expected to hit the exhibition floor over the couple of days. Some of these atteendees includes media, venture capitalists, industry leaders and startups. The startup

So what is an ALPHA Startup

The APLHA program is built with startups in mind. It’s a brilliant opportunity for companies like ourselves to pitch ourselves on the exhibition floor, show our skills in the PITCH competition and avail of some workshops, investor meetings and mentorship hours. If you want to display at the Collision Conference, companies are put into one of three categories:

  • ALPHA – Your startup is in the pre-investment stage or has under $1 million in funding.
  • BETA – Your startup has launched successfully and is often one of Collision’s startup alumnus.
  • GROWTH – Your company is experiencing exponential growth and expanding globally. And if you’ve often raised over $3 million.

Essentially the Alpha startup program gives startups with outstanding potential a platform to show their work and connect with some very influencial people.

Why become an ALPHA Startup

Apart from the what we have already mentioned in terms of access to industry leaders, mentors and of course the PITCH competition where entrants have the opportunity to win investment, the benefits of becoming an ALPHA Startup are as follows:

Brand awareness

With over 750 journalists from the world’s leading publications, Collision offers a unique platform to tell the world your story. Engage with potential future users and industry-shaping voices looking for tomorrow’s top startups.

Funding

Meet investors from the world’s most influential funds. Investor Meetings are a series of pre-scheduled meetings designed to help selected startups meet the investors that can take them to the next level.

Networking

Start networking before arriving, meet potential leads and arrange meetings through the Collision app. After hours, the work continues as you can make valuable connections at Night Summit.

Recruitment

Collision gathers the tech talent that will make products stand out. Talk to them in dedicated developers’ stages and lounges or reach them before you even get to Toronto – simply open the app and start the conversation.

At the event

Now we know why you want to be an ALPHA Startup and what benefits it has to the business, the next big question is…. what do we do at the Collision Conference?

Exhibit

As an ALPHA Startup you get to exhibit for one day during the event. Better yet they take care of all of the heavy lifting. Your exhibition stand will be ready when you arrive at the venue. The stand will have an ethernet cable, exhibition board and two power sockets, all you need to do is be there at 7:30 on your exhibition day to set yourself up.

As a company exhibiting all you need to bring yourself is promotional material and business cards, freebies, swag or small company mascots and of course anything you may want to demo.

PITCH Competition

PITCH is the startup competition at Collision that offers early-stage startups with an excellent opportunity to present their startup to a panel of investors, industry influencers, and journalists. It’s essentially a live pitch battle on-stage against 60 other selected startups all competing to be crowned the 2019 PITCH and win some expert investment.

Participating in PITCH empowers startups to generate significant traction and garner confidence in creating a strong pitch.  

PITCH 2018 Final - YouTube

Mentor Hours

As a startup, it’s always wise to take advice from the experts, that’s why Collision has put together the Mentor Hours for their ALPHA Startups. These mentor hours are a series of pre-scheduled, hour-long meetings between high-level attendees and startups. Mentors donate an hour of their time to coach seven startups in a group setting. This mix of backgrounds means the session will be shaped by individual and collective experiences in the startup community. Mentor Hours comprises of four topics each of which has a different focus to cover your companies most important interests and challenges.

Investor Meetings

For Collision, it always looks great for them when their investors and startups collide. This is why they take a whopping 414 variables into consideration recommending the startups with the most to gain from investors’ advice.
If a match is determined for your startup, our investors team will be in touch with details and they will organize to connect you throughout the three days of Collision.

Investors in attendance

The Collision Conference as we mentioned is expecting huge attendance, only right when it’s one of the biggest tech conferences in the world. That means it attracts some of the biggest investors in the world too. According to the Collision websitethere are 50 investors featured with backgrounds throughout the tech space and although we would love to list them all we have picked three to give you a better idea of who to expect:

Eric Paley
Co-founder & General Partner at Founder Collective

Eric Paley is a Partner at Founder Collective. Eric’s investments include Uber, Cruise, Makerbot, Airtable, & The TradeDesk. Eric was named to Forbes Midas List for the past three years. Previously, Eric founded Brontes, which is now part of 3M.

Michael Seibel
CEO and Partner at Y Combinator

Michael Seibel is the CEO of YC. He was the cofounder and CEO Justin.tv and Socialcam. Socialcam sold to Autodesk in 2012 and under the leadership of Emmett Shear, Justin.tv became Twitch.tv and sold to Amazon in 2014.

Cheryl Cheng
General Partner at BlueRun Ventures

Cheryl is a General Partner at BlueRun Ventures, an early stage venture capital firm. She focuses on early stage mobile & real-time data opportunities.

How to become an ALPHA Startup

The event is fast approaching and while the entry window for this year is sure to be closed it’s still good to know how you can apply for next year. Here’s the process

  • Apply through the Collision Conference website
  • Speak with their specialist startup team to discuss the business, goals and plans for the event
  • Once the above is complete their team will screen you and identify the most promising businesses and entrepreneurs to join the event

If you would like to see how Collision score potential startups they have a great article on the WebSummit blog.

Final Thoughts

Events like Collision are great for the local area. As we mentioned there is expected roughly 90,000 people attending and that alone is great for the local economy. Beyond that it’s fantastic for us and other startups as this will be one of the very first times we show our products to the public. We cannot wait to debut at the inaugural Canadian event and the PITCH startup battle is a another great opportunity to stand up and show what we can do.

Looking forward to seeing everyone there, we can’t wait to see you.

The post Collision Conference – Being an ALPHA Startup appeared first on The Winfooz Blog.

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Trade-ins! As a dealer, you will know that a lot can rely on a customer’s trade-in. Members of NADA have reported that around 65% of inventory comes from trade-isn on new and used car sales. Nothing is specifically tracked to make a solid claim from this reported number, but using it as a guideline we think it’s safe to say half of all sales involve a trade-in of some sort.

So if so many sales rely on them, people must be making some mistakes and a mistake with a trade-in hits your bottom line, and in turn the value you can sell this vehicle at an auction. So what are the common mistakes and how can you avoid them?

Slamming the customers trade-in

Don’t do it, just don’t it won’t do you any favors. Used car salespeople often call out the faults in a trade-in vehicle to try and drive down the price, this is fine but it’s important to not get emotional. People get emotionally attached to their vehicles so don’t be surprised if a customer walks away if they feel like they are being dealt an unreasonable hand or if they feel their pride and joy is being insulted. It could also have a knock-on effect in terms of other business, the best advice we can offer here is to be objective, clear and explain to a customer work that would be required. People are far more likely to understand where you are coming from with your price as a result. That brings us onto our next point.

Not offering a fair market value

This was is important as over or undervaluing a trade-in vehicle is only going to impact one thing…your pocket.

So in the third and fourth quarters of the year salespeople are far more like to offer a higher valuation on a trade-in to secure the sale. While that’s all well and good for the salesperson, the used car department a sizeable headache. With no profit margin and no hope for a sale at a higher asking price you might be lucky to break even on the transaction.

When it comes to undervaluing, it really comes down to some peoples temptation to offer a low trade-in value. They do this to avoid buying unwanted used car inventory or to leave money in the bank for more profitable deals. Sure it’s an excellent tactic from one standpoint but on the other it sends potential customers to dealers who will offer them a fair price and in turn who do you think they will tell their friends and family to visit? Under valuing can cost you more than just one sale, always keep that in mind.

Running unskilled valuations

It happens sometimes, a dealership can have a high turnover rate of employees for whatever reason and often that means an unseasoned salesperson is pushed into a higher position, for example the used car managers role. These people don’t have the experience or training needed to perform a correct appraisal. This in turn means you are likely to have some appraisals that are higher or lower than they should be. This isn’t shady dealing but to a customer the experience often feels the same.

It can cost you a sale or take away any potential profit on a sale and potentially damage your dealerships reputation. To avoid this you should train your staff to a high level, give extra suppor tto new employees and get them to a level where they can fairly appraise each trade in.

Bidding Blind

Last but not least a common mistake dealers make is actually a very simple one to resolve. Valuing a car blind is a huge error of judgement and let’s be fair when you think about it you’re bidding on something you’ve never seen. Today there are a few websites around that offer “quick” appraisals.

This in practice doesn’t work, customers can often times have inflated value of their vehicles true worth and are thus disappointed when the dealer can’t or won’t maintain the trade-in value. These sites are two-way street dealers can also feel pressured to give a customer the value offered online to not lose the sale.

The post Common Mistakes Dealers Make When Managing Trade-Ins appeared first on The Winfooz Blog.

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We can’t wait to attend this first ever Toronto based Collision Conference later this month! The Collision Conference is the brainchild of WebSummit Founder Paddy Cosgrave and it’s already known as the single fastest-growing tech conference in North America. As we enter the fifth year of the event, Collision has grown to over 25,000 attendees and this year Winfooz is going to be one of them, so make sure you stop us and say hello. As a sister event to the behemoth that is WebSummit, Collision has become a crossroads for the world’s largest buyers and sellers of technology, alongside many of the world’s most disruptive emerging technology companies.

Looking at what others have said we can see that Inc. has said they run “North America’s fastest-growing tech conference”;
The Wall Street Journal that “the giants of the web assemble” at Collision;
USA Today that Collision is “the anti-CES”. Big praise indeed, but what do you need to know about the big event? Let’s take a look…

When is it on?

First thing first, this years event is taking place between May 20th and 23rd!

We are genuinely very excited to attend their first conference in Toronto and luckily the cold weather of recent weeks should be a thing of the past. Not only is this a great opportunity to showcase the best of TorontoTech but it’s also going to be a fantastic opportunity for tourism for the area. That means they need to get the location right from the get go.

Where is it on?

This year’s event and their first since the Collision Conferences relocation is going to be held in the Enercare centre in Toronto. The four-day international conference is going to take place across six stages, with sectors including AI, automated and connected vehicles, data, security, design, investment, software development, marketing, music and sustainability.

We are thrilled to welcome Collision to Enercare Centre in 2019/2020/2021. Securing Collision was a truly collaborative effort by Enercare Centre, Tourism Toronto, City of Toronto, Toronto Board of Trade, and the Toronto and regional tech community with the support of the Provincial and Federal Governments; and builds on the existing strength of Toronto’s dynamic tech ecosystem

Councillor Mark Grimes, Chair, Board of Governors of Exhibition Place.

The event space itself is going to be an ideal location that already attracts over 5.5million visitors per year. It sits on a 192-acre site, that’s considered an integral component of Toronto and Ontario’s economy, particularly with respect to conventions, sport, festivals, recreation, culture and tourism. Exhibition Place boasts the award-winning, LEED Gold Enercare Centre; Canada’s largest exhibition and convention centre. Since 2004, Exhibition Place has undertaken an environmental stewardship initiative, entitled GREENSmart; which includes the promotion of sustainable development, environmental initiatives and leading-edge green technologies and practices across the site.

Why the location change?

You would be forgiven for thinking they would take the “if it ain’t broke, don’t fix it manta” but that’s not how Paddy Cosgrave and Co. roll.

Their first event in Las Vegas back in 2014 was a rip roaring success with about 5,000 attendees but the company being the conference has sought to build Collision to the point where it’s a rival for both SXSW Interactive and CES.

The story goes that Chief Exec Paddy Cosgrave was actually approached by Prime Minister, Justin Trudeau about the moving the event to Canada and it seems like his pitch worked a charm.

As we mentioned, this years event is going to be held in the Enercare Centre which is the seventh largest convention facility in North America. The event is going to be held over six stages and they are expecting more than 90,000 attendees. Those numbers along show why the move from Vegas to Toronto via New Orleans just had to happen.

Not only that but it’s estimated the event will have an impact on the local economy to the tune of $147 million over a three year period. Indeed the figures stack up but more interestingly again is the fact that in Trump era America, more and more business’ are flocking to Canada,

In Montreal alone, as much as $600 million worth of investment flowed into the tech sector in 2017, up from just $200 million in 2015, according to the economic development firm Montreal International.

“New Orleans, Collision’s home for three years, is a very special town, but as Collision grows we needed to find a bigger base with more global connectivity. I believe that Canada and Toronto have lived to some extent in the technology shadow of America. But that’s changing and changing fast,”

Paddy Cosgrave

Toronto is a shining example of how Canada is becoming a new global tech hub, with a number of startups the city is fast becoming a hub for new tech such as AI with research centres such as the Vector Institute. The city has also landed on Amazon’s short list for a second headquarters, and its waterfront was chosen by Sidewalks Labs, the unit of Google parent Alphabet Inc., to test new urban technologies.

Last but not least, when you think about the organisers you have to think about the bottom line. This move is going to a huge earner for the company, we have already seen with WebSummit that they showed rerecord profits in 2016, the year in which it first ran the tech conference in Lisbon following its controversial move from Dublin.

A Bit of History

You may or may not know this but moving locations for growth is something the guys behind WebSummit know a bit about. Initially, WebSummit was held in the RDS in Dublin, Ireland but in 2016, due to issues with Wi-Fi at the venue, issues with local government and the ability to scale at a much higher rate led them to move their conference to Lisbon, Portugal.

Before the move, WebSummit was already considered one of the biggest tech events in the calendar but since their relocation, they are now thought of as the tech conference. What’s to say this won’t be the case again?

Whose Presenting?

Regardless of where or when a conference is held, the most important thing is the speakers, right? They are the ones who put bums in seats and make people open their wallets to attend. With that in mind, the team behind the Collision Conference have put together a whopper bill of brilliant speakers who we personally cannot wait to see. Here’s five speakers we are looking forward to hearing from:

Max Levchin: Founder & CEO of Affirm, a financial services technology company, co-founder and Chairman of Glow, a data-driven fertility company, and co-founder and general partner at SciFi VC, a private venture capital firm. All three companies were created and launched from his San Francisco based innovation lab, HVF (Hard, Valuable, Fun). Max is also a co-founder of Paypal, and the co-creator of the Gausebeck-Levchin test, one of the first commercial implementations of a CAPTCHA challenge response human test.

Rosanna Myers: Rosanna is the co-founder and CEO of Carbon Robotics, which makes low-cost advanced robotic arms and intelligent control software. She got her start rebuilding race cars and now her company has been recognized for their groundbreaking work in robotics.

Carsten Breitfeld: Carsten co-founded BYTON in 2016 and the EV startup expects to start deliveries of its first production vehicle – the M-Byte – in late 2019. He previously spent 20 years at BMW including overseeing the development of the groundbreaking i8 EV.

Falon Fatemi: Previously the youngest employee at Google, Falon Fatemi is the Founder and CEO of Node.io, the first AI-powered discovery engine connecting people with opportunity at massive scale. She has been featured in CNBC, Bloomberg, Inc. and more.

Jager McConnell: Jager is the CEO of Crunchbase, the leading platform used by millions of entrepreneurs and investors looking to discover innovative companies and the people behind them. Jager joined Crunchbase as it became a venture-backed startup in enterprise.

Looking Ahead

So now we know when, where, why and who is going to be showing their stuff at this years Collision Conference. We cannot wait to be apart of their inaugural Canadian event and if you bump into any of our team at the event, say hi, we would love to chat and network. As someone who has attended WebSummit in both Ireland and Lisbon I can say this with honesty, these guys know how to run an event. It’s an exciting time to tech startups in Canada and we hope we can all ride the crest of a wave of positivety that we will inevitably be left post-event.


See you all there!

The post Collision Conference – Everything You Need to Know appeared first on The Winfooz Blog.

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In a startup like us, the most common question we get asked is “What skills do you look for in an employee?” Obviously, we believe that we all have our own technical skills that are specific to each role. Therefore, we decided to take a bit of time to discuss this question with our team to compile what we believe are the most important soft skills you need to succeed in a startup.

As an exciting new company in the technology arena, we are constantly inundated with resumes of talented people who want to join the internationally growing team but we aren’t here to talk about us, we here to help you. So what skills do you need to step up and be the employee that a startup requires:

1) Enthusiasm

First and foremost, being enthusiastic in the workplace is probably one of the most underestimated skills.

Think about it, a person who is enthusiastic about their job is the kind of person who will be able to keep morale high during the rollercoaster ride that is working in a startup company. Being realistic every day isn’t filled with ping pong and brainstorming sessions and it’s during these days where the enthusiast stands out to rally the team, put a smile on peoples faces and helps produce high-quality work. We know from first-hand experience that those with this trait are far more likely to succeed when working with a new up and coming company!

2) Patience

As the famous song by Take That goes “Have a little patience” and a truer statement couldn’t be said when it comes to working in a startup. Especially in this world sometimes things won’t work the first, the second and maybe even the fifth time. But don’t worry about about it, a well run startup never sees failure as a setback, we see it as more of an information-gathering experience. How else would we figure some things out?

Being patience is a hugely important skill when working in this arena. Learning to face your failure, learn from it and to push on again is the sign of an employee who knows what it means to work in the fast past and ever-changing environment of a startup.

If patience isn’t your forte, we recommend taking up meditation, yoga, journaling, walking…basically anything that gives your mind the space to breath and reset before you dive back into the frenzy.

3) Resourcefulness

Most of the time in the startup world you won’t have the time, budget, people power or that super expensive software to create the ideal process for any project. However, this is normal and it’s up to any potential employee to show their value to work with the tools at hand. Being resourceful with what’s around you will not only show your ability to do your job without all the bells and whistles but it’s a trait that will stand to you throughout your career. Make it work and reap the rewards.

4) Humor

Startups are fun and that’s a fact! Is there any job in the world where you’re building the future, innovating, disrupting and at any level have the opportunity to leave your stamp on a company that will last long after you move to pastures new?

That’s basically what working for a startup is all about and sure it’s graft and sure it’s hard work at times, but it’s brilliant fun. You won’t find puppies, ping pong and pizza parties at most 9-5 jobs. Being a person with a good sense of humour will help you enjoy the environment and endear yourself with your small team of colleagues. For us, at Winfooz this is something we consider important as our team is more of a family to us and if you have a good Dad joke or terrible pun to share with us, we are all ears.

5) Scalability

This is one most people won’t think about but it’s massively important, don’t be a busy fool and have to complete a tedious task manually over and over again when you can automate it in some way. Remember this environment is fast and frantic and that extra bit of time can be the difference in another project being a 8 out 10 or a 10 out of 10.

Being scalable means you know when you can build a tool that will help you achieve these tedious tasks up to 10 times faster. For example why manually publish to Facebook every day when you can set up a schedule, do the job once and move onto something else.

If you do this right, you can 10x your output with the same level of input and who doesn’t want that?

6) Curiosity

Being a curious person is a great skill to have if your working in a startup (especially if it’s your first time).

If you score that elusive interview ask questions, show you want to understand the inner workings of the company, what they are doing and where they hope to go. It shows an interest and will also help give you more information to take into your job. Things like knowing how many projects include multiple departments, what is the company structure etc can do a lot to make you stand out from the person who just wants to get in, get paid and get out.

I’m going to go off script slightly for a moment if you don’t mind… So I’m Jon and as you might have guessed I’m the content writer here at Winfooz and in my own personal experience so far I can honestly say being the curious type and touching base with each different department in the company has not only helped me understand the company since the day I began but it’s also made doing my job much easier. I can go to anyone in the company and ask a question and I’ll get an answer as soon as they can, asking questions and being curious in a startup isn’t considered pestering it’s learning.

And to get us back on track, it’s not curiosity that killed the startup cat, in fact it was completely the opposite. Remember this, there is no better way to learn about a company and how it all works than being curious.

7) Flexibility

Thing change literally all the time, that’s just the nature of a startup, get used to it. It’s almost guaranteed that any roadmap you see will be drastically different in a short space of time, it’s how it is and being flexible is going to be an important tool in your arsenal. In a fast paced environment being flexible will help you avoid that sense of whiplash that occurs when plans change suddenly, which they can and will.

Being flexible is more than just dealing with change it’s being willing to change track, shift work hours on the rare occasion it’s needed or just being willing to help with something that’s not necessarily in your job description.

8) Get Comfortable with Chaos

In case you haven’t guessed yet, working in a start up is chaotic… but that’s why it can be so much fun. Whether it’s rushing head first into a dealdline to get our product to market, hitting sales growth numbers or just dealing with dealers, the day to day in any startup is full of twists and turns.

As we said it’s part of what makes working for a company like Winfooz fun. Our developers are always battling the clock to get our latest innovations to market, our marketers are always trying to figure out how to share our message and our sales people are always getting stuck into driving the company forward by finding the right customers for us to work with.

If you join a startup already better equipped to expect these chaotic moments, the big wins will feel even better.

9) Aspiration & Self Improvement

Some might say these are two different points but trust us they are not. We feel that being aspirational and being willing to work on your self improvement go hand in hand. Think about it, how do you hit your aspirations without putting in the work to improve yourself? You don’t.

Being in a startup means your company will be going toe-to-toe with much bigger and better-funded players in the game but you shouldn’t be worried. Be aspirational! Bring that “sky is the limit” attitude to your workplace and show the world what you can do.

Remember even a baby step forward is a step forward and it makes a difference. When talking about self-improvement, it doesn’t have to be leaps and bounds. Say to yourself every day “I will do 1 thing better than I did yesterday”, in a working year that’s about 260 things you are better at than you were a year ago.

Let us use the analogy of money to put this in context, I have a savings jar and every day I go and place $1 in the jar. One day I don’t have the dollar to give. Do I smash open the jar and just give up and say my aspiration/goal is gone or do I go back tomorrow and put the dollar in again and see what I have at the end of the year?

No matter whether it’s a brief without any typos or a presentation with proper formatting, make it a habit to improve every part of your professional persona.

10) Initiative

Last but certainly not least, be the person who can take the initiative! Of all the skills we have listed this is by far the most important! Every single business in the world is working towards its goals but when it comes to a startup, resources are normally limited. That’s where the person who can take the initiative steps up.

While a company is still in its infancy an employee must be a bit of a Jack-of-all-Trades. There more you prove you can grab the bull by the horns and show initiative the more you will find yourself in your bosses good books. So get out, anticipate the problems, figure out what’s needed and take the lead with calculated actions to resolve the issues without needing your boss to hold your hand. Take our word for it, not only will you get that proud sense of accomplishment but your bosses will be impressed and your collegues will want to follow your example.

We hope you find this helpful, whether you are looking for a job with us or another up and coming company. Working in a startup is a fun, fast, sometimes tough but ultimately rewarding career choice and we hope you gained something valuable from this article. If you have any thoughts or opinions you would like to share with us, please get in touch.

We wish you all of the best in your job hun and remember these skills are brilliant to have in any proffesional workplace.

The post 10 Top Soft Skills for Working in a Startup appeared first on The Winfooz Blog.

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