5 Things To Know Before Attending Your First Auto Auction
Whether it is a live police auction, public auction or online auto auction, it's these types of automobile auctions that are ideal for consumers looking to buy a new car at a discounted price. However, if you're in the market for a new car and are exploring the possibility of going the auto auction route, there are a few essentials to know first before showing up to your first auto auction.
1. What exactly is an auto auction?
Auto auctions are essentially the selling of vehicles via bidding. For instance, a car will go up at a starting bid and the auctioneer will take bids from the crowd until a high bid is decided. While most cars that go up for bid are donated vehicles, bank loan, government fleet vehicles and dealer consignments, you may find exotic and classic automobiles at your first car auction as well.
2. How do the services work at a car auction?
Aside from the bidding detailed above, auto auctions generally all work differently. Some may allow potential buyers to preview the car before bidding. Some auctions may post vehicles online before going up for auction. If you win a bid, however, you'll almost always need the right amount of cash or an approved loan.
3. Why go to a live auto auction?
A live auto auction is ideal for someone who needs an automobile, but may not want to pay market value for it. While there is some risk involved in buying a car from an auto auction, generally you can get a used car at a price that’s cheaper than what you’d get at a used car dealership. You can also check out our inventory to find a specific make and model before attending your first auto auction.
4. Who benefits from a used car auction?
Multiple parties benefit from a used car option, notably buyers, should they strike a winning bid on an automobile they like for a below-market price. Banks are also winners, as they can recoup loses on repossessed vehicles. Used car dealers and other sellers also often benefit from used car auctions. Essentially, auto auctions are a win-win for all parties involved.
5. Why go the live auto auction route?
There are a few good reasons to attend a live auto auction, such as those hosted by Capital Auto Auction. First and foremost, it's a good way to get a quality automobile at a great price — and being that you're there in person, you're better able to scope out the vehicles. Secondly, there's the auction experience, where an auctioneer takes bids from attendees. This part of the auction can make for a fun time, especially if you walk away with one of the cars up for bid.
For more information on attending your first car auction or to find a location, contact Capital Auto Auction today.