02/06/2026
*Know When to Compete*
There was a Lexus RX350 listed at a Buy Now price of $8,800. I informed a customer who is also a business colleague of mine about it and asked whether we should pick it up. He suggested we go for bidding instead so we could buy it cheaper.
I didn't bother trying to convince him otherwise because I don't like appearing desperate in business.
After much anticipation, the auction day finally arrived. We connected via a WhatsApp call and I started bidding. Unfortunately, the vehicle sold for more than the Buy Now price, and his friend blamed him for not acting on his advice .
Here are the lessons:
1. When you're hustling alone or in silence, your value may not be appreciated. However, once you come into the limelight, your value begins to multiply.
Buy Now price: $8,800 (in silence)
Final auction price: $9,400 (in competition)
2. Avoid competition whenever possible. If the buyer had purchased the vehicle before the auction date, he would have gotten it. He liked the car so much.
Competition can increase your value, but it can also make you lose valuable opportunities.
Note: As a regular dealer/broker, I know that $8,800 was already on the high side, but the customer didn't mind.
