Website design By BotEap.comEvery year there are numerous cars sold at auto auctions. These auctions go by different names depending on their background i.e. salvage car auction, police car auction, seized car auction, damaged car, car dealer auction, etc. However, for the most part, these auctions are only offered to car dealers and the public is not allowed to attend. The current exception to this is the introduction of web-based auctions like Car Auction Inc, where these vehicles are made available to the public via the Internet.
Website design By BotEap.comThe selling price of cars sold at auction is always less than what the dealer would advertise on their lot, because the specific seller needs to liquidate their inventories quickly and smoothly. There are several groups from which these unwanted cars come: expired leases, fleets of vintage rental cars, vintage company cars, repossessed and impounded vehicles, and trade-ins.
Website design By BotEap.comBanks and financial institutions with vehicles with expiring leases use closed auctions (private, not open to the public) to sell the cars. Off-lease vehicles are good specimens for auction participants, as they are generally in good condition due to limited mileage, regular maintenance, and fines for neglect and excessive wear. Likewise, the banks choose to settle them in a timely manner and thus, they commit themselves by accepting lower sales prices.
Website design By BotEap.comCar rental companies like to change their vehicles every year to make room for the new ones. This creates a substantially large number of late model cars on the market. They also rely on auto auctions for a quick sale. Bidders demand these cars because they are well maintained and are generally less than a year old. Despite that, they frequently have high mileage and rough use from a wide range of drivers and driving conditions.
Website design By BotEap.comBusinesses of all sizes often have fleets of cars, trucks, or vans for their employees that they choose to replace every two or more years. This is another example of the need for a car auction. The company vehicles driven by the top level are usually luxury cars and are generally driven with care. Therefore, they tend to be in good overall condition. By contrast, trucks and vans typically see more use and abuse. All types are properly maintained, so this is not a problem.
Website design By BotEap.comFinance companies faced with defaulted car loans have to repossess or repossess the vehicle. When this happens, an auction is your only option to remove the car from your possession. Buyers can get great deals on repossessed cars because banks are only looking to offset loan losses. The condition of the car is another issue here, as there is a higher chance of neglect and possible sabotage by the defaulting owner. Repairs and maintenance could also have been ignored.
Website design By BotEap.comWhen a dealer accepts a trade-in for a new car, they don’t typically keep these old cars on the lot to resell. Retaining old vehicles is unfavorable for dealers because the costs are high and can negatively affect their reputation. If they have a lot of cars of this nature on the lot that don’t sell, then it could be bad salesmanship. Therefore, it is advisable to remove these exchanges from the inventory. At auction, they can usually yield a little more than what they offered in the exchange. The condition of these vehicles is different as some have aftermarket additions and some may be older and out of warranty.
Website design By BotEap.comMany in this category of cars will be high quality and recent models still under warranty. Federal law states that full disclosure of any major mechanical problem can void warranties. Cars with a troubled history are classified as salvage and are primarily auctioned by the insurance companies that underwritten them. So, in addition to these car dealer auctions, there are salvage car auctions and police car auctions that may also include government cars.
Website design By BotEap.comBefore online auto auctions were common, most auctions were closed to the public and reserved for car dealerships only. Now, with Internet services like Car Auction Inc, that doesn’t hold up. With access to the World Wide Web, the general public can join the party and share in the great deals offered by auto auctions that were previously enjoyed by only a few.
