Whats The Scoop On Car Auctions?
The vehicles that are up for auction are seized cars and have been obtained through several different Government agencies such as the IRS, DEA, FBI and Police Departments. These cars have been repossessed because of a default on the car loan or lease payment. The financial institutions want to get rid of these cars as fast as possible to get some of their money back. These autos are then auctioned off to the public for as much as 95% off of the retail value. The bidding on some auctions start as low as $100. Other vehicles you can bid on at the auto auction are Government pre-owned or surplus vehicles. Due to policies, the Government sells their vehicles after a certain amount time. These vehicles have been well maintained and are usually only 2-3 years old and will have approximately 25,000-40,000 miles. Many will still have the factory warranty that can be transferred to the buyer. Many will also have a full service history and a “Carfax” report included.
