6 Tips for a Successful Arbitration Outcome:
Even if you spend hours in prep before each sale, the odds are every buyer and seller will find themselves talking to the arbitration department. The process can be relatively simple and the outcome predictable, or it can be bureaucratic purgatory. There are many ways to improve your chances at a fair arbitration outcome, regardless of the issue or auction. Check out these tips that can keep you from starting off on the wrong foot.
6 Tips for a successful arbitration outcome:
Read the policy before you preview inventory. I promise you don’t want to find out the hard way something isn’t arbitrable. Read the whole thing. Don’t use AI. If you have questions, join my discussions.
Be clear on the issue - If you assume what the issue is, you may inadvertently misdirect the arbitration investigation, which can cause delays or poor outcomes. For example, if you open a claim and say the issue is the torque converter when it’s actually the transmission, or you could end up with a failed claim over a technicality.
Read the policy - Yes. Again. Even if you deal with arbitration policies all day long, take a moment to review the policy to be sure you’re approaching it correctly - sometimes a claim can’t be arbitrated using the NAAA but the auction has a separate policy that addresses it.
Be ready to negotiate the resolution - many buyers and sellers assume they will lose before reaching resolution due to previous history with the auction, so they give up on the claim. If you want a fair outcome you need to be consistent even if the other parties are not. Which is why it’s important to
Follow up - sometimes consistent follow up ends up turning the tide on a claim. The seller can’t claim that the buyer was unresponsive if the buyer has been following up, and vice versa. If you’ve been following up and circling back and checking in till you are dizzy and find yourself stuck with a claim, remember, no matter what
Don’t be a jerk - There are real people on the other end of that “firstname.lastname@acmeauction.corp.” I know, it’s hard to believe. I’ve been on the other end of that, and I can promise it makes the job harder than necessary. Auction personnel have to deal with the real life consequences of outraged customers. It is never excusable to threaten or intimidate, and it doesn’t work better than being calm and assertive. A calm, direct, solution-oriented approach is going to be more productive for everyone involved. So what does that look like? Stick around and find out.
Additional thoughts:
Best Shakespearean Phrase Contender
Shakespeare was so good at writing that we still quote him today. These include such classic hits as “alas,” “in a pickle,” “swagger,” and “wild goose chase.” Personally, wild goose is my favorite kind of chase. If you want to sound pretentious you have to use some of his more obscure contributions and I am here to provide one made to order.
If you want to sound pretentious and have the literary high ground, Shakespeare coined a phrase still used today (probably) that applies to making any of the mistakes above:
Hoist by his own petard.
It comes from Hamlet, and means to be blown up by your own bomb. I prefer to think of it as slipping on my own banana in Mario Cart. It’s the best Shakespearean phrase.
Use these tips so you don’t end up hoisted by your own petard in the arbitration department.
