Auto Auction: What Is It?
An auto (or vehicle) auction is a kind of auction that worries itself only with trucks — often cheap used trucks — as well as cars, motorcycles, and SUV’s. Millions of vehicles are sold every year through auto auctions. Sadly, only a certain few are open to the walk in public. Most concern themselves with dealerships looking for new product. Online services, like eBay, have started offering auto auctions.
Ludicrously Low Prices: Urban Legend Or Reality?
You can definitely find some remarkably low prices at auto auctions. You can bag some cheap used trucks and drive them off the lot for up to 90% off the original price — these are inevitably going to be repossessed vehicles, but hey, any port in a storm, right?
That being said, most dealers go out of their way to make sure this happens as rarely as possible, typically through the use of “reserve pricing.” What this term means is essentially that dealers will only consider winning bids if they meet or exceed the reserve price, which is determined prior to the auction.
On the flip side of the coin, car prices can zoom skyward just as easily as it can drop through the floor. Picking up your dream car for bargain basement pricing isn’t impossible, but it doesn’t happen often.
Where Can I Find An Auto Auction?
Auto auctions are held all across the country almost every day. Most of the time, they’re held by Federal and government agencies, police departments, or privately sponsored auction houses. The schedules of auto auctions are frequently posted online on websites, in the offices of the agencies taking part in the show, company brochures and even in your local newspaper. Find one near your location, visit and see if you can find that cheap used truck you’ve been looking for.
One downside to vehicle auctions is that you need to pay a registration fee to get started. This fee is paid at the site of the auction on the same day as the event.
Bare Bones Manufacturer’s Warranty
Most cheap used trucks you’re going to pick up at an auction are not going to come with a dealer “in house” warranty like in other car sales departments. Any manufacturer warranties that may still be good will remain up to date, though.
Do These Vehicles Actually Work?
Good question. If you’re interested in a vehicle, you can’t actually test drive it like you could at a dealer’s location, but any bidders who would like to can test the engine, air conditioning, heat and numerous other accessories while the engine is running. At least you’ll know the engine turns on when you twist the key.
Vehicles sold at auctions must be paid for, and fortunately they’re paid for the same way you’d buy a car anywhere else: credit card, cash or check. Just to be on the safe side, double check with the auction house and figure out if there are any special rules for your auction.
Honesty Is The Best Policy
If you can’t afford to pay for your cheap used truck, then don’t try to win the auction as you will be bound legally to cough up that cash. If you do win, and can’t pay, you’ll be stuck with additional fees and penalties that will make life more difficult for everyone involved.
If you’re interested in finding used trucks to help you expand your business, the have a look at truck and lorry auctions, but also search online. You can find even more options out there by taking a look at all the genuine sellers out there looking to leave their vehicles with a new home. Make sure your dealer has a good history of sales for the best results.