Buying or selling your car at an auction will give you a headache if you have no idea what you’re getting into. Let me send you some answers regarding the most frequently asked auction questions. Find expert advice about Powell Auction & Realty, LLC read here.
Which is an Auction?
An auction is one of the first ways of doing business and sharing money. History books show that in the past, art, property, crops and even people were auctioned off. Yeah, it was auctioned even into the Roman Empire.
What about Auctions for Autos?
The ideal environment for car dealers to comment their vehicles is an auto auction. This is the ideal opportunity to make the big bucks and get the great offer you waited for. Once a vehicle is placed on an auction block, the true market value of the vehicle is also determined.
There are car auctions to sell cars. The main goal is to get the deal fast and accurate. It acts as the neutral trading floor offering participants protection and honesty. It also varies in size depending on how many workers, vehicles and how big the area they occupy.
Also, car auctions may offer various services such as maintenance, reconditioning, insurance, arbitration and a host of other services.
How do I get interested in an auto auction?
Find a trustworthy auctioneer to buy or sell your car to, as there are a range of auction houses available. Keeping in mind the type of car you want to sell or buy, the geographical comfort and the services offered by the auction operators, these considerations will decide the auction in which you wish to participate.
Be mindful, too, of whether the auction is open or closed. As the word suggests, open auctions are open to any enrolled dealer. Some sales are free, but can be customized to different types of vehicles, such as car fleets, leases, repossessed units or consignments from special dealers. A closed auction is limited to one single individual.
It is also best to search the auction houses websites where you wish to participate. Requesting for an Auction tour is a good idea. This will give you the opportunity to review their facilities and their activities. This is also the perfect time to ask and explain specifics such as the method of bidding, the services offered and other questions that come to mind as you examine the lot.
Once you have decided to participate in which auction house, get the necessary paperwork done and be sure to have an identification card and a bidder’s badge. If you’re buying, get a hold of the ‘race list,’ which is a computerized list of vehicles being auctioned off on a specific date, the company consignor and the like. It’s a good idea to get a parking lot sales package, too. Usually, vehicles are grouped together and the parking lot design will help you find which lane to take.
Which is a ‘precious floor’?
Also known as “reserve” or “low,” the price of the floor is the lowest price demanded by the seller. If the price is not reached then the seller may lower it to attempt a sale at the site. If the floor price is not yet met, the vehicle can be put in the “if bid” where the buyer offers to purchase the vehicle if the seller offers to his offer within a specified time span.
As should I rate the vehicles?
There are usually pre-sales checks where you can test the vehicles being auctioned off. Each vehicle is marked with a windshield where information such as the name of the seller, vehicle model, mileage, run number, and lane assignments are posted.
Post-sale checks are also available for a fee in some auction houses, where auction mechanics are available to inspect the engine, air conditioning, brakes, frame, transmission and the rear end.
It is also wise to take advantage of the services of free arbitration to protect the interests of both the vehicle buyers and sellers. When you show a valid I.D you can also test-drive the sold vehicle. To the Court of Arbitration. Many auction houses have test tracks, so make use of this service to make sure you’ve got the value for your money.