When most people think of auctions, images of antiques, art and other vintage goodies usually come to mind. However, vehicles are another popular auction item that captures a crowd’s attention. Car auctions come in different varieties, and these varying auctions typically depend on the kind of vehicle you’re seeking. These auctions can present an opportunity to find a used car for an even better price, find a vintage car you’ve had your eye on, or even be the place for a dealer to acquire new vehicles for their used car lot.
Regardless of your reasoning for seeking out a vehicle auction, you’ll need to know the ins and outs of the business to find the perfect car and the perfect deal. No matter if you’re searching for “car auctions near me” or you already know a place, this article will be your guide to the world of car auctions, so you can make your next experience the best.
How Do Car Auctions Work?
If you’re planning on shopping around for cars at the auction, you’ll need to know how they work. First, all the vehicles are brought out one by one before bidding begins at an in-person auction. Then, the auctioneer presents the individual cars and describes their details and features so bidders can make an informed decision. During this time, you should pay close attention so you can decide which cars you’re interested in bidding on, as the descriptions are legally binding selling statements. These vehicles typically have a starting price as well.
Once a vehicle is brought on-stage, the bidding begins. You can always expect multiple bids to be made for each car and the price to go up as a result. To bid, you usually just need to raise your numbered catalog so the auctioneer can see. This process continues until people stop bidding.
What Are The Types Of Car Auctions?
There are a few different types of auto auctions out there. You’ll need to know the differences if you plan on bidding yourself. We’ll be looking at three kinds of auctions: closed dealer auctions, public auctions, and online auctions.
Closed dealer auctions are just as they sound: auto auctions that are closed for anyone but car dealers. You have to show proof of your dealer’s license to participate in these auctions in most cases. Dealers usually attend these auctions to restock their inventory. You can find everything from used cars to like-new cars to new vehicles at closed dealer auctions.
Public auctions are open for anyone interested in buying a vehicle. These auctions can include anything from new to used cars. Public auctions typically consist of vehicles that private sellers, law enforcement, and dealerships don’t want or need any longer. Public auctions will usually have some wrecked vehicles that insurance companies have declared a total loss, too. However, it’s not uncommon to find a diamond in the rough at a public auction.
An online car auction involves finding an auction website, registering with it, and bidding on the cars listed. Online auto auctions are growing in popularity due to the convenience of not having to take time to attend an in-person auction, and you can bid on vehicles in other cities or towns. These sites will list their cars with pictures and complete details of each car so bidders can make an educated decision.
It’s Time To Start Bidding!
Now that you understand the vehicle auction process and the various types of auto auctions out there, you have all the info you need to start bidding yourself. Remember to bring someone knowledgeable about cars if you’re not yourself so you can be sure you’re buying the right car for you.