How to Find Auctions
Local car auctions can be found by calling lending institution, car rental agencies, or used car dealers. Ask if they handle vehicle auctions and when and where they occur. Ask for names of companies that do if the agency you are taking to doesn’t. You can also contact banks and credit unions that tend to give out car loans to ask who handles auctions of their repossessed cars for them. Various government agencies periodically run auctions to sell surplus and seized cars.
Get Auction Details
Besides time and location, you want to find out about the auction procedures and requirements. Unless you are a licensed dealer, you will need to find public auctions that are open to everyone rather than just car dealers. You also should ask how the auction will be run (usually live rather than silent), when the cars will be available for inspection (sometimes a day earlier or just hours before), and what types of payment are accepted (it may be only cash, though most also take cashier’s check).
Prepare Beforehand
Make sure you have the money readily available to complete your purchase. Many local car auctions require a deposit at the end of the bidding, and the rest soon after that, usually around 1-3 days later. You want to have everything in order before you go. Also, it is a good idea to have thoroughly researched the cars that you are interested in. Plan for at least a couple hours at the preview time so you can thoroughly look over the cars. Subtract the cost of the repairs needed from how much you would otherwise pay for the car.
Bid Smartly
During the auction, be certain to keep in mind your highest bid for each vehicle. You don’t want to overbid, which can be a temptation. Keep in mind that waiting to buy another car is better than paying too much.
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