How does an auto auction work?
Each auction will be conducted a little bit differently, but you’ll still be able to prepare in advance by understanding basic auction concepts. One factor that is the same as any other auction is the idea of bidding. Just because you’ve seen a vehicle you want doesn’t mean you’ll get it. Many bidders will try to get a single vehicle; you’ve got to outbid everyone if you want a specific car. How do I pay for the repo car? A bank will likely not lend to you in order to purchase a repo deal, so you must be able to purchase the car with cash. In some instances, the bank or lender will set up some kind of payment arrangement, but those are rare. When you are calling to find out more about the auction, ask what kinds of payments they accept before you attend.
