There are two types of car auctions, the auction opens only to car dealers who are licensed and the car auction which is open to the public. The notes in this article will refer mostly to public car auctions.
There are several kinds of public car auctions; the towing or salvage car auctions, the collectible car auctions and government auctions.
* Towing or salvage car auctions are recommended to savvy car buyers with mechanical know-how vehicles in this kind of auction are sold as they are without the privilege of a test prior to purchase.
It requires the buyer to get their own documents from the State Department Motor Vehicles, which not easy and needs timing.
* Collectible Car Auctions are as well sold as it is but you can have the chance to check out the car yourself or with a mechanic.
The owner can provide you receipts or vehicle history to consider.
* Government auctions can be a good way to buy a vehicle for daily use. It is normal in this kind of auction that vans, trucks, and also tractors are offered to the highest bidder regardless of the price.
Make sure however that it is a real government auction and not a seller ‘reselling’ cars bought from a government auction.
* The liquidation of an estate in the event of a car owner’s death, bank repossession, consignment auction, and closing business.
When in a public auction you will be required to identify yourself with a valid ID and prove that you are able to pay in the form of a bidder’s car deposit which will however be returned to you in case of non-purchase.
A bidder’s number will be given for you to use, do not let anyone use it and be responsible for the bids you make. There is no chance to get a second bid so make sure you are visible when bidding.
Always remember that NO bids can be rescinded so make up your mind and give the bid you are able to cover.
Lastly, the bidding in an auction is open so even if you bid against your friend, there is no worry as they can also bid against you.
In case you make the highest acceptable bid, your duty is to complete the purchase. Arrange to pay the taxes, transfer fees, and the tests required like the smog tests and additional bidders’ fee.
Significantly, you should make sure that you know what to do in an actual auction. Make sure you are well aware of the term and conditions as well as your financial capacity.
Some important reminders are mentioned below:
* Make sure you are aware of the car’s value, do some reading
* Understand the car’s condition, most people claim that their car is original because it has been restored to their previous specifications and features but a car can only be original when it has same specs as when they came out of the factory
* A restored car is the next best thing when you cannot find an original car, a perfect original car with low mileage will bring a premium but is irreplaceable
* Getting to the auction early is a MUST and is always advisable to bring an expert mechanic to check the car condition thoroughly
With these reminders and tips, you can have fun bidding in an auction and may even make a career out of it.