Automotive Auctions – What are they?
Government and Police agencies and even banks and investment houses repossess and confiscate thousands of vehicles each year. The majority of these vehicles end up at public auction where anyone can bid on them. Buying from an automotive auction can be a great way to save money and at the same time be a fun experience.
Because of these auctions, individuals who may not be able to afford a car have a fighting chance of owning one. The auctions have provided these people the small window of opportunity since many of the cars sold at automotive auctions are sold for as little as 10-20% of their true market value.
But one must always remember that at seized automotive auctions, it is basically every man for himself. It is therefore important to arm yourself with the knowledge and skills necessary to identify a good deal when you see one and to avoid those cars that have not been well maintained.
As a winning bidder in a automotive auction, or in any kind of auction for that matter, you should remember that you may be required to pay a buyer’s premium on the winning bid price. So beware of all fees ahead of time. You might end spending more than you intend to.
A buyer’s premium varies depending on the auction and on the car. It is normal that buyer’s premium in seized automotive auctions be 5% of the winning bid but at times it reaches 10%. So you need to find out before the bidding war begins just how much the buyer’s premium will be.
Do your homework ahead of time and know how such things as mileage, vehicle options and condition affect price. Use one of the many online or printed resources such as Kelley Blue Book or Edmunds to help you determine these numbers.
When you need a quick answer about a particular vehicle coming up for bid, use these resources to gain the confidence needed to make sound decisions quickly. They will provide pricing information on makes, models, options and condition.
Before heading out to the local automotive auction be sure to get your money in order. Bring a bank statement along with your check because you may be asked to show both. Show up early to evaluate your prospects and plan your bidding strategy. Stick to your numbers and don’t chase the bid. With a little patience you will end up with your dream car for a great price!
Looking to find the best deals at Automotive Auctions, then visit thsi auction review site to find the best advice on Automotive Auctions before the bidding begins.
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