Did you know that many auto auctions are open to the public? Our editors do, and they have worked diligently to determine which sites offer the best resources for you. Below, you will find their reviews of many auto auction sites which will provide you with the knowledge you need to find and bid on auto auctions in your area.
How does it work?
Auto auctions are provided with vehicles by banks and police agencies that repossess vehicles, governmental agencies that declare them surplus equipment, lease ends, dealer trade-ins and donations. Most auctions are open to the public, but these are kept a big secret by auto dealers who don’t want to let you in on their little gold mine. Have no fear, this is 100 percent legal. In many cases, the auto auction is offered by federal, state, county, or local governments.
Why buy from a used auto auction?
Most autos in these auctions average only 2-3 years in age and have traveled 40,000 miles or less. These gently used vehicles can be purchased for up to 95 percent off of retail prices. With all of this in mind, the better question is “Why not buy from a used auto auction?”
Sweetening the deal is the fact that you don’t have to deal with used auto lots and their salesmen who specialize in the high pressure sale. You don’t have to deal with private sellers who will tell you anything you want to hear (but the truth) in order to make a sale. You are in charge with a used auto auction. You decide what you want to pay, but you are under no pressure to make the sale. You can walk away at any time.
How do I know the auto I’m purchasing is worth the price?
Most auction houses offer a pre-sale inspection period a few days before the auction. At this time, you are allowed to learn about the condition of the vehicle, its mileage, obtain the VIN number, and receive a Carfax report. You can arrive early on the day of the auction to revisit the auto and make sure it is the same as the one you saw at the pre-sale. Finally, you can take advantage of arbitration services most auction houses offer.