The three Ps of PaddlUp: premium
Used supercar sales platform PaddlUp is adapting to an ever-changing market with a distinctive, trail-blazing approach to client fees. As a response to rapidly changing consumer attitudes and motivations, the Wiltshire-based company has opted to split its fees, meaning buyers and sellers now share the responsibility of covering any associated costs.
In this refined model, both the buyer and the seller pay three per cent each to cover PaddlUp's service cost. A switch from a six per cent buyer’s fee to a 50/50 split may not look like a seismic shift from a seller’s perspective, but for a buyer, paying three per cent less than the industry standard serves as a potent incentive. The end result is that the seller is unaffected, receiving the same final figure they would have under the old model but the buyer pays three per cent less and ultimately, with more competitive prices there are more eyes on each listing and a sale can be achieved sooner.
This represents a shift in mentality, taking a step back to the traditional auction concept of split fees. This hammers home PaddlUp’s unique blend of traditional values in the shape of its people-centric service and physical showroom – housing a range of used supercars from the likes of Ferrari, Lamborghini, Porsche and many more – with a contemporary digital-led approach.
PaddlUp’s no-compromise modus operandi and willingness to adapt mean the benefits are passed on to the clients; half the cost, twice the service. These changes are the result of extensive client research, ensuring the consumer’s best interest is at the heart of everything the company offers.
A refined fee system is accompanied by a new SOR (sale or return) house strategy. Cars are listed for seven days under a 'coming soon' banner, it will then be available at a fixed, 'buy it now' price for another seven days, followed by a seven-day ‘open to offers’ period before it heads to the all-important, seven-day auction.
That’s not to say PaddlUp’s seven-day strategy is set in stone, far from it in fact. PaddlUp tailors its sales programme to each individual car and client, its concierge team is sympathetic to those who prefer auctions over buy it now and vice versa. A focus is placed on achieving the best results possible for the buyer and seller, not what benefits the company.
A no-sale, no-fee basis has also been deployed in this new-fangled approach. If for whatever reason a car is returned to a client, return mileage (outside of a specified delivery range) is the only cost, alternatively, clients are encouraged to visit The PaddlUp Rooms for a personal handover.
Tim Mayneord commented: “We’ve spoken to many of our clients in recent months and from that, we have gleaned that the way people buy cars is changing concurrently with the wider economy. We wanted to reflect this by shifting the responsibility from either the buyer or the seller to both, ‘a problem shared is a problem halved’ after all.
“A one size fits all mentality isn’t quite going to cut it in today’s climate. Our tailored programme means each client receives the best possible solution to meet their requirements and we achieve the best outcome for all parties involved.”