Facts and Figures Of Repo Car Auctions

Repossessed car auctions
are great for people who do not have a lot of money or can not
afford to buy brand new, expensive cars. It has been proven over the years that you
can really get cars as almost the condition and feature of any latest vehicles featured in
advertisement. As a rookie bidder, you may want to ask some tips and tricks from your
friends or any acquaintances that have experienced participating car auctions before.

Types of auctions:

Public. Everyone can participate and join. You just need to present a valid photo ID.
Some have age limit, wherein you cannot join if you are under 18 years old.

Private. Only invited persons are allowed to take part in this kind of auction.

Government. Local government in your areas may open a seasonal auction. The cars
that are available on this auction are mostly seized from criminals involving in illegal
activities or drivers who did not pay their taxes. The also accepts repossessed vehicles
from lenders. This is under public auction.

Dealer-only. This mostly happened in repo car auctions. You have to be a
licensed dealer first so that you can participate. Vehicles are sometimes sold by set,
giving the dealers such advantage to purchase the car in low prices. Since they are going
to sell these cars, participating in this private dealer-only auction increases the dealer’s
profit as well as augment their inventory.

How are they auctioned:

Live. The most common and old-fashioned way of auction. People outbid people. The
price goes up until such time no one is going to bid higher than the amount of the
current bid. It mostly moves quickly so do not entangled with your emotional which can
usually cause you to bid more than what you have set.

Silent. This is a one time bidding. You don’t need to be hassle by bidding wars or any
emotional rise. Generally done with a sealed envelope, bidders have to place their bids
there. When the auction time runs out, all the envelopes are to be open. The one who
wrote the highest bid gets the car.

Online. Yes! The fastest way on bidding a car. You don’t need to worry about the bus
fares. Just turn on your computer and bid on the vehicles you like.

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