Repossessed car auctions information
Bidding For Repossessed Cars At Auction
When attending a car auction, there are certain techniques which can be
implemented to ensure you get the bargain repossessed car that you have been
looking for:
1. Take a Trial Run
Bidding at auction is not necessarily straightforward for a first timer. We
advise going on a trial run by attending the auction to observe and see how it
works. This will give you an idea of how much time you have to view the cars,
registering and getting the catalogue and most importantly how the bidding
process is carried out.
2. Look for Quiet Auctions
Auctions attended by a large number of people are often the hardest to pick
up a bargain. It doesn’t take a genius to see a bargain and the more experienced
car traders will be looking to snap up those cars too. British Car Auctions and
Manheim Car Auctions are both well known auctions all over the UK selling
repossessed cars, so attending these would be the best option for the
inexperienced. We would advise to check the auction times and go for a weekday
which will tend to be quieter. Buying right at the end of the year is also
recommended as car dealers tend to slow down on their buying during this period,
so the auctions tend to be quieter.
3. Check the Car
We advise taking a mechanic with you or someone who knows about cars. Check
the car you are interested in properly but remember that time is limited and you
probably won’t get as good a chance to check the car as bca-auction thoroughly
as possible. Look for any signs that the car has been in an accident, our guide
for buying repossessed cars at auction will help you. When they bring the car
forward look for any signs of smoke when the engine is started, or listen for
any abnormal noises.
4. Look Like a Car Dealer
This may sound trivial but always remember that genuine car dealers are
extremely experienced and attend auctions regularly. They see the same faces and
so can recognise a new one. Often they can use tactics of bidding with no
intention of buying in order to get newcomers to keep increasing bids and end up
paying more. There is no need to attend dressed up looking like Del Boy but then
its always important to know that its rare to see a car dealer in an expensive
suit either so try and find some middle ground.
5. Bidding
This is the most important part of the process. We would advise standing in
the trough with the other car dealers, rather than the stand seats where the
private buyers usually sit. When bidding, raise your catalogue for your first
bid to get the auctioneers attention, a nod will be sufficient for further bids.
If you attend the auction with someone else, make sure you don’t accidentally
start bidding against each other, this happens more often than you would
imagine, so its best to decide on one person for bidding.
6. Have a Maximum Price and Stick to it
When attending auctions, it is very easy to become interested in other cars
and forget the one you went for. Make sure you stick to the car you like and
also stick to the maximum price you set yourself. Anyone can win an auction, you
just have to keep bidding, the secret is knowing when to stop, after all there
will be more auctions so don’t feel upset if you are outbid, the nxt auction is
only a few days away.
7. Fees
Remember that when you buy any repossession car, auctioneer fees will also
need to be added to the price. These are usually set at 3% of the sale value and
are payable upon purchase. Car auctioneers usually don’t accept credit cards but
debit cards are allowed. Inform your bank beforehand that a large payment may be
leaving your account on that particular day. This will save you hassle while the
bank authorises the transaction. Cash is the preferred method of payment but
there is usually a cash limit of around £10,000 due to money laundering laws.
8. Remember There Are No Refunds
Its important to remember when buying repossessed cars at auction, that there
are no comebacks if there is a problem, so although you may be able to pick up a
bargain, its important to follow these steps and not end up buying a lemon.
For further free information on repossessed cars and car repossession visit
Repossessed Cars By: isxrc