How do car auctions work?
I’ve been to an auction………. you’re better off searching for your next casr @ autotrader.com. But this is what happens…. You arrive in the morning or the previous day and you can check out all the cars that will be auctioned off. You can sit in it and start the car, but can’t drive it. You can also look under the hood. Then they bring each car to a viewing area where every bidder sits…. then they start the bidding. People that want to bid raise their hand while holding a sign with numbers. They keep going until no one outbids the previous bidder. My dad bought a Cadillac this way…… and as we were driving off the lot, the brakes locked up and the car wouldn’t stop. And of course, all sales are final and as-is, so he was stuck with it. It cost over $500 to fix this. It would simply have been discovered if he had test driven it, but they don’t allow that. Also started having electrical problems which would cost over $1000. So he just junked it.
There are quite a few different kinds of auto auctions. Some are open to the public, others are dealership only, and would require you to know someone in the business to get you in. You would not be able to finance through the auction house, you’d need cash, or certified funds from your bank, in most cases. You *can* save a lot of money, but its best to know what you’re doing extremely well. Most auctions will have rules that cars need to announce issues such as “odometer rollback” or “structural damage” or “flood damage” and such things. Auctions prices will typically reflect “wholesale” or trade-in value on most vehicles, but that can vary widely. Again, you can find a great deal, as a lot of decent cars are sold at auction. But lack of experience can be a killer. You’d need to be able to know how much to bid on the specific vehicle you’re looking for in relation to the private seller and dealer retail prices, not to mention what to look for in terms of wear and tear, damage, and suc
