Welcome to Day 4 of your "Step-By-Step Auto Auctions School"
- Day 1 - Covered a full introduction to all aspects of auto auctions. From Registering to successful settlement.
- Day 2 - Covered the important matters of full vehicle history, titles & condition checks.
- Day 3 - Covered how to secure the best price at an Auto Auction
If you missed signing up for your discounted gov-auctions membership join here now!
Day 4 - Special Coverage of On-Line Car Auctions
There are many advantages with government online auctions, such as they give you a much wider "catchment area" and also most online auctions offer you online searchability of available vehicles and makes.
The majority, approx 3,000, of dedicated Gov-Auctions registered auctions across United States are live (traditional) auctions. However, Gov-Auctions also links to many online government and federal online auctions. It's important to recognise that no private sales are taking place on these sites. So common (private) scams like false wire transfer requests have not been reported as an issue at any established online government auto auction.
Online auctions are not much different than any local government "live" auto auction. Generally the only differences are: You cannot inspect the car in person prior to bidding on it, unless you live close enough to the location of the vehicle; And, you will not be standing next to your competitors... they'll be located somewhere else in the world.
Government online auctions are indeed reputable online sellers and will make a full disclosure of the condition of the vehicle and provide many pictures detailing all the areas of the vehicle and trouble spots. Their online FAQ sections and customer service are usually excellent.
Make sure you read the online registration policy and online bidding rules before placing a bid as a "buyers premium" of 5% (on average) may be applicable. Government internet auto auctions are open to people residing anywhere.
Registration is free with majority of these online auction sites. However, some sites erquire that you deposit a fully refundable deposit before allowing you to bid.
Since online auctions can be held just about anywhere, you may have more likelihood of having the car shipped to you. There are several reputable shipping companies that can be found on the web or ask the online auction company for some shipping companies referrals. The shipping company will most likely have a website that you can checkout and verify their prices. Transporting your vehicle interstate is very practical, quick, safe and will cost you a lot less than you think!
Government auto auctions are probably the largest and most respected source of vehicles put up for auction in the US. Law enforcement officials may confiscate and sell property, including vehicles, from law-breakers to people who default on their taxes. Because storage space can be extremely expensive, these seized goods are often sold at very low prices as the Government want/need to get rid of them. Importantly, online auto bidding auctions include same the type of quality vehicles found at the "live" government car auctions.
Most Government online car auctions try their best to ensure that the cars, which are listed for online public auto auctions are high-quality, well-maintained vehicles. But always keep in the mind that no online car auctions give you a GUARANTEE or imply a WARRANTY of any type, kind, or nature on any purchase so make sure you know what you are bidding on. Ensure that any remaining factory warranty is transferable to you. You can extend your warranty for a reasonable fee with a few reputable third party companies should this be of interest to you. This is also addressed in tomorrow's tutorial (Day 5).
In brief, this is a wholesale exchange between, you, the buyer, and the seller, (the Government body auctioning off the vehicle). This is not a retail used car showroom. Please make certain that you are comfortable buying in the "AS IS/Where IS" arena.
During the online bidding process you can choose to place any bid, which is usually in incremental amounts and, if successful, you will receive a confirmation message/certificate. If during the bidding process your bid fails to outbid the current high bidder online you will automatically be offered the option to place a higher bid. If you have bought anything through eBay then you will recognise the online bidding process.
Purchasing vehicles either at online or at local Government auctions is probably your best chance to buy at the lowest price. Sure there is some work involved but you'll save thousands of dollars as compared to a dealer or even a "private party" newspaper ad. You'll find the small amount of effort will be worth it in the long run.
Sign up for a unlimited membership with Gov-Auctions.org, America's #1 trusted source for "live" and online Government vehicle auctions across the United States right here.
We look forward to seeing you again tomorrow for Day 5.
Day 5 - Final day! We will summarize the important lessons learnt. But importantly we will also look at important questions such as how you can obtain an extended warranty. We will also address the matter of favourable financing. You will also learn how to avoid the worst mistakes you can make as an car auction buyer.
