Public Car Auctions
Public car auctions refers to any auction that is held to the general public. There are a number of auctions that are considered “closed”, or private. Individuals wishing to attend and bid, are required to first receive an invitation, or pay a fee to attend. Those auctions are generally reserved for wholesalers and dealerships. Individuals who want to find different vehicles for sale can instead try one of the public car auctions in their area. Public car auctions is sometimes a term given to auctions that are held by the government and by specific police forces. These auctions list vehicles that have been repossessed, or seized for different reasons. For instance an individual who owes several hundreds of thousands of dollars in back taxes may have a lien placed against their property. They may also find their property including vehicles seized. The money raised for the sell of those vehicles will go to the government to pay their back taxes. Public car auctions may also be held when an individual’s car is repossessed due to not making their payments. Some dealers will give the owner a specific amount of time to catch up on their payments. Once that date has passed, the car may be sold at auction. This applies not only to cars, but trucks, boats, vans, motorcycles, and even campers. Individuals who attend public car auctions should make sure to bring along some information on the different vehicles they are interested in purchasing. Many times the auction organizer will list the different vehicles including their condition and any work that may be needed. Shoppers can research the vehicle in advance, and bring along that information to the sale. Public car auctions are often a place where the frenzy of buying can lead to some foolish mistakes. A shopper may intend to pay only $1,000 for a motorcycle, but end up dropping more than $2,000 once the bidding takes place. Bringing along research, and knowing what the vehicle sells for outside of a public car auction, can often keep their buying and bidding in check. It may also be helpful to bring along a Kelly Blue Book value guide when shopping at public car auctions. Public car auctions are notoriously bad for dealers and wholesalers who want to find better deals. These dealers will often stop buying long before the other sellers because they know exactly what they are willing to pay. Individuals can still find excellent deals and prices at public car auctions, especially if they do their research in advance. This gives them a chance to comparison shop, and see exactly what value the vehicle has. They can then focus on bidding on vehicles that are worthwhile, and not making a bad decision.
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