Car Auctions

Find great deals at car auctions!

Car auctions are a form of public sale during which vehicles are sold to the highest bidder. Auctions can get quite competitive, so it's important to not get too carried away and end up spending more on a vehicle than you had planned! Familiarize yourself with the different types of auctions and car buying tips so you can get the best deal on your vehicle purchase.

Types of car auctions

Although some auctions are not open to the general public, most are, and will give you the chance to find a used car at a bargain price. Types of auctions include:

• Online auctions - You can find great bargains at online auctions (such as eBay car auctions) and find the perfect vehicle from the comfort of your own home. Look for online auctions without reserves - this means the dealers don't have minimum prices at which they must sell the cars. Online auctions involve risk because you can't see the vehicle in person before you buy it.

• Public car auctions - These car auctions are open to the general public and are a great place to find vehicles at wholesale prices. Some of these auctions are run by banks and lending institutions, or are auctions of repossessions by Credit Unions. Some public car auctions also auction off police and local county vehicles.
• Dealer auctions - Dealer auctions are one of the best places to find cars at below wholesale prices. However, most of these auctions require you to have a dealer's license. The cars include trade-ins, lease cars, fleet vehicles and rentals.
• Government auctions - These are great auctions if you're looking for bargain vehicles. They auction vehicles from the FBI, IRS, DEA drug raid seizures, Department of Defense, U.S. Customs Auctions, Resolution Trust Corporation, General Services Auctions, U.S. Postal Services and the Department of Housing and Urban Development.
• Estate and bankruptcy auctions - These auctions supply vehicles at wholesale prices. They are advertised in newspaper classifieds or organized by Probate Estate Auctioneers.
• Rental car company auctions - These auctions are run by rental companies who are selling their fleets of cars. Rental cars are usually well maintained and only have one or two years of use.

Tips for getting the best deals

Attending your first car auction? Here are some helpful tips to ensure you have a good auction experience and walk away with a great bargain vehicle:

• Buyer Beware - Cars are usually sold at auctions "as is," with no warranty. You don't have time to take the car to a mechanic before the purchase, so be aware that there is always some risk involved.
• Run title and history checks - Get to the auction early and look over the vehicles. Sign up for a monthly service with a car check resource such as CARFAX, and run the VIN (vehicle identification numbers) of the vehicles that interest you. You can do this by phone or email, so bring your cell phone, pocket PC or palm pilot with you to the auction. Now you'll have the history of the cars at the auction to protect against scams or frauds.
• Research prices beforehand - Bring a Kelley Blue Book or Edmunds book with you so you'll have a general idea of the market value of the vehicles before the auction begins. This will prevent you from paying too much.
• The price you pay is always higher than your bid - Remember that on top of your winning bid there is usually a buyer's premium. Sometimes the premium is only a couple hundred dollars, other times its 5 or 10 percent of the winning bid.
• Don't get caught up in a bidding war - Don't get caught in a frenzy and end up paying too much for a car. Just walk away if you can't get the vehicle at a comfortable price below market value. Remember, the goal of attending an auction is to get a bargain.

It used to be we could depend on the reputation and reliability of North American cars to meet our standards - but could it be the times are changing? Here in the U.S., overseas models are continuing to rise in popularity. Find out why!

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