Car Auctions.
Car auctions are large auctions where vehicles are bought and sold. There is a general misconception that these sales are limited only to cars, which is absolutely wrong. The sales often hold mixed lots, with different types of vehicles on display. There are usually cars, motorcycles, boats, vans, trucks, and even occasionally an RV, a pop up camper, or other types of vehicles. Car auctions can be a tricky prospect because they may be opened to the public, or closed to invitation only. If the sale is held by invite only, it is important to wrangle an invitation as soon as possible. Those open car auctions are easier to find because they will be advertised at the local level. They are usually advertised in the newspaper, and depending on the size of the auction, it may be advertised on television or on the radio. Volunteer car auctions are usually what most people think of when they think of car auctions. These auctions use vehicles donated from the general public. Each individual who donates a vehicle is given a specific amount of money they can later write off on their taxes, usually the Kelly Blue Book value of the car. The different vehicles and automobiles are then gathered together, and auctioned off one at a time. The main problem with this type of car auction is that they are open to everyone. That means that individuals looking for great deals are forced to bid against dealers and wholesalers. Wholesalers visit volunteer car auctions to find cars, boats, trucks, and vans that they can then sell to dealerships for a profit. They may put a small amount of money into the vehicle first, which means they want to find the cheapest prices possible. Dealers who frequent car auctions are also looking for the best deal possible, but they may be willing to spend a little extra money. They know that if potential buyers are willing to spend $700 on a truck that doesn’t run, they will pay $1,500 for the same truck once it is in perfect condition. Dealers will often send several workers to the auction, to ensure that they do not miss that great deal. It is easy to spot the dealers in the crowd, as they tend to bid on multiple vehicles, and stop at a specific price. They know what they are willing to spend, and will stop bidding when they reach that amount. Car auctions can be a great place to find deals on used vehicles. The prices typically found at these sales are significantly less than the vehicle books for. Some of the vehicles may be in perfect working condition, while others require a small amount of work. It is important to check the policy of each specific car auction before making a final commitment to buy.
|