By: Gov Auctions | 13 December 2013
Guide to Finding a Car Repo Auction
Car repo auctions are popular channels for buying quality cars at low cost. Repo car auctions feature cars that have been repossessed, and these auctions are typically held regularly in different cities. Here is a quick guide to find a car repo auction.
Repossessed cars are those that seized by creditors when the owners are unable to make the requisite repayments on their loans. As such, these vehicles may be in excellent condition; some may be near new. The creditors sell these vehicles to recoup their costs and bidders bid for the cars as they would in any auction.
Seized or repo car auctions offer lower prices because the auctioning party will rarely have a fixed big minimum. The aim is to offload these vehicles as soon as possible, so this presents a great opportunity for buyers looking for a good deal.
An Internet search is probably the quickest and most effective way of finding a car repo auction. Search for local auctions or contact government or police departments to find out if they are holding any ex-government and police-seized auctions.