Auto Auctions Are Tricky Business!
Although, information regarding automobiles are given on the market page of a car or truck, pre-inspection is always a safe proposition. A bidder can either inspect the auto himself or send a representative, before the market goes live. All the cars on market are sold “As Is-Where Is” basis and all sales are final. Repo auto auctions can be differnet. Check with each dealer.
Parameter Needed To Decide The Bid Amount For Vehicles:
In order to strike a profitable deal, it is imperative to go for an examine and be realistic about the actual worth of the vehicle. Other than the bidding price of the autos, the amount estimated for repair, maintenance and replacement of parts should also be considered. For instance, in case of heavily damaged cars, one should always check the bid amount that should be less than 50 percent of the actual value of the car.
Generally, the online vehicle auctions covers the global audience, so the bidding displayed at websites has to be realistic to engage the customers. One must always look for market locations that are close to their residence to avoid the heavy shipping charges. The bid is the highest amount that one is ready to pay for a vehicle. The highest bidder in the preliminary bidding gets to place the sum in the main market and is being represented by the registered broker at the live market. The bidder should pay the actual sale price of the vehicle and not the entire bid amount.
Once a bid is won, several formalities follow like the car or truck release authorization, payment and documentation and more such things. You need to plan for transportation of vehicle in advance, to avoid paying of huge storage fees. The longer a vehicle will be in the auction house, the more will be it`s storage fees. After purchasing a vehicle, the buyer has to make the payment within two days, after which a late fee will be added.
One should also go through the payment details, before placing a bid. International bidders should look for cars having “Title” or “Certificate” ownership documentation, to be able to ship the vehicle out of the save you yard.