Are you excited about attending your first auto auction? You should be. Many undervalued deals are waiting for you at this event, but will you find a hidden gem or a classic clunker? This post unlocks the mystery and curiosity you experience when considering attending an auto auction.
Will You Find a Hidden Gem or Classic Clunkers at Auto Auctions?
Understanding Car Auctions
Auctions can include a variety of vehicles, ranging from modern models to classics. An auto auction is a fast-paced, exciting event. The auctioneer quickly presents the vehicle and requests bids from those in attendance. After settling the bid amount with the auction house, the highest bid wins and claims possession of the car.
Auctions can see hundreds or thousands of cars sold on the day. Some of them will be rare gems, offering you a great opportunity. Auto auctions can be traditional in-person or online auctions.
Auto auctions offer a wide range of vehicles. They sell for various reasons such as:
- Written off by insurance companies
- Owners defaulted on bank payments
- Part of someone’s estate upon their passing
Pre-auction Due Diligence Is Critical
Most auctions offer a viewing day before the auction. This allows prospective buyers to view the list of vehicles published by the auction house ahead of the auction date. Conducting proper due diligence on the car can save you time and money on auction day.
This is the best way to assess the vehicle properly before bidding on it. Ensuring you avoid making the mistake of buying a lemon.
Suppose you can’t attend the auction day and want to participate remotely. In that case, the auction house’s website will usually feature information on the available vehicles auctioned on that day. Look for information on the VIN, the vehicle’s condition, and other vital information to help you guide your purchase decision.
Understanding the Optimal Bidding Strategy For An Auto Auction
Set a budget for your bidding before the auction starts—and stick to it. The high-paced excitement of the auction can throw you into a bad decision-making mode if you don’t prepare properly for the event. Getting caught up in the excitement of the bidding process and paying too much is a surefire way to experience buyer’s remorse.
Consider attending an auction as an observer before bidding on a vehicle for the first time. This strategy familiarizes you with the process, helping you understand the bidding speed and atmosphere. When it’s time to bid, be assertive but avoid getting into a bidding war with other buyers—don’t let your ego trap you.
Create Connections and Foster Relationships with Auctioneers
Regularly attending auctions lets you network with people from the auction house and create useful connections for future auctions. Other bidders, auctioneers, or employees might give you a tip about upcoming lots.
These insights give you an edge on auction day. Join car clubs and enthusiast websites to determine which auction houses offer the best lots for a head start on your due diligence. The sports car you’ve dreamt about may be closer than you think.
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