For many people throughout the world, we are looking to get the best deal on our next vehicle. Most people will either visit dealerships or try to buy privately, not knowing how much money they could save at car auctions.
Millions of cars, bikes, boats and more are bought the auto auctions every year. Motor dealers buy most of their wholesale inventory through auction, so it’s no surprise that car auctions are the best place to save money.
Car or Auto Auctioning is a method of selling cars based on an auction system. An Auction System is one where a car is put on the market for a certain limited period of time and where the highest bidder takes it.
There are basically two types of car auctions, those that are open to the public and those that are dealer only auctions.
At Motor Dealer Only Car Auctions, all Bidders must be licensed car dealers. Im the old days most auctions were dealer only, but in the recent years this has dramatically changed. Private buyers can access vehicles side by side with the wholesale businesses.
Public Car Auctions can take place both physical and on online platforms. Physical auctions that are open to the public are held at specific times with buyers coming in to inspect the cars and to place their bids.
Auctions are also held by Government institutions looking to sell their used fleet cars, or repossessed cars auctions that sell vehicles that have been seized by law enforcement.
Online Auto Auctions have also become popular in recent years given the ease with which one can bid for a car and also how easy it is for potential buyers to filter through vehicles from all over the country and different price ranges.
Cars sold at auctions are can have repairs, or registration needed. However, motor auctions usually include pre-sale inspections and information in order to give customers peace of mind that the cars they are buying have been vetted and selected to be in good condition.
Millions of cars are sold over the world every year through auctions, however, in some cases, the process can be quite overwhelming for first-time buyers. It is, therefore advised to do some research before buying at auction.
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