Car Auctions By Bank

Tips for Attending an Auto Auction

It doesn't matter whether you are bidding on auctions online or in person, it's always better to be well-prepared and informed prior to putting in an auction bid. Benefit from your next car auction by following these tips.

Look into Other Options

To ensure that you get the best price, take the time to research auctions prior to going. You should know roughly the amount certain models of cars are sold on the market. This will serve as a guideline against which you can evaluate each idea's potential competitiveness.

Plan out your budget for spending

Before you start shopping for cars, you should determine the amount of money you'll need and what kinds of vehicles you're looking to purchase. Include tax and registration costs in your budget estimations so that you don't have to pay for them later. Also, allow yourself enough time for paying for the car.

Take a Friend along

A knowledgeable friend can be useful when you are considering cars for auction. They can not only offer you a greater comprehension of the car's overall condition, but also also spot issues that you did not notice.

Inspect The Vehicle

Don't place a bid for a car until after you have had the opportunity to inspect it. This will allow you to know if there are any major issues that require attention or replacing components. Get a vehicle preview, inquire about any problems or maintenance requirements, and if anything seems unnatural or not in your comfort zone, have a mechanic with you before offering.

Car Auctions By Bank

Frequently Asked Questions

Public auctions provide no warranties or guarantees. Banks, on average, have the best inventory at the best prices. According to Edmunds, these are the vehicles to look for at public auction. They are usually repossessed cars and trucks that the lender simply needs to sell for a profit in order to make up for losses.

GREEN LIGHT: Indicates that the vehicle is subject to the auction's arbitration provisions. Any vehicle selling for $3,000 or less is sold AS-IS and cannot be arbitrated for any reason other than an odometer or title discrepancy, regardless of the light.

Most of the vehicles auctioned are government surplus vehicles. This happens when different government agencies purchase new vehicles, and they need to dispose of the old ones. Other vehicles in these auctions are also government-seized vehicles that have been confiscated for various reasons.