What to Expect at Auctions Selling Repossessed Cars

If you are making the auction rounds to purchase repossessed cars, you may not know what to expect. Very few people have experience purchasing large ticket items at an auction. But it is simple and straightforward to purchase things like repossessed cars, boats, trucks, even houses at very affordable prices.

Learning what to expect from auctions selling repossessed cars will really depend on a few things: where you are located, what you are trying to buy and what kind of auction you are buying from. There are two main types of auctions available. One is a live auction where you can go and view the items that are for sale. There are auctions that you can sign up for and place bids online.

What Type Of Crowd Attends These Repossessed Car Auctions?

These auctions can be very popular especially these days as more people are trying to save money wherever possible. The news is getting out that these can be a great way to save a huge amount and get more car for less money. Cars that have been repossessed by banks or other lending institutions are normally quite new, usually within a few years of the current model year, but are sold at up to seventy percent less than you might pay if you were purchasing the car from a car lot. In fact, used car dealers often attend car auctions in order to replenish their inventory. They are attracted by the wide range of vehicles to choose from since they can maximize their profit by purchasing cars at a very low price.

Live Auctions

Have a great time going to auctions they are exhilarating. You can have fun no matter what type of live auction you attend. Whether it is a live bid where everyone keeps trying to outbid the other. Or a closed or “sealed “bid where you place one bid and hope for the highest.

Live bid auctions can be quite interesting to watch and be a part of. They are the traditional style of auction that most people are familiar with. An auctioneer calls out bid amounts for the various repossessed cars and people indicate that they are willing to pay that amount for the item in question. The highest bidder will win the item, but you know what the bids are.

A closed or sealed bidding system is different. You place your bid in a sealed envelope. When the auction is complete, the envelopes are open, and the highest bid wins. However, under this bidding system you don’t know what the other bids are.

Internet Auctions

Online auction are also a better way to go because you don’t just see one car you have a vast selection. These auctions too can be watching the bid rise or placing a bid and hoping it is the highest. If you do win all required paperwork can be completed online.

Whether you choose to attend a live auction or bid on cars as part of an online auction, repossessed cars can be the best way to find great deals on quality vehicles and stretch your buying dollar that much further.