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Buyer Tips

5 Things to Know Before Attending Your First Live Auto Auction

By Femi Amisu Updated: 05/23/2019 Posted: 12/10/2018

Attending a live auto auction or buying cars from online car auctions is a delicate process. It requires your attention and due diligence. Dealers buy their cars from live auctions because they get the vehicles at really cheap prices. Most of the times they only have to fix minimal damages and in the end, they get to sell these cars and make high margin profits.

Private buyers seem to enjoy having a variety of cars to pick from, the cheap costs and the access granted by AAM to dealer-only auctions. With the “Buy Now” and “Bid” buttons, it may appear as if you can just register and start bidding; but it doesn’t really work that way.

If you’re new to car auctions, you need a guide and even if you are familiar with auctions, when you try a new platform, it is a good idea to understand the company/platform’s terms and conditions so you’ll understand what you’ve signed up for, and avoid irrevocable mistakes that could hinder your participation or cost you money.

Below are five things you need to know before your first live auto auction.

You Must Know What An Auction Is

First, you must know the basics. What an auto auction means, the different types of auctions, the terminologies used at auctions, and finally the terms and conditions of the auction company you’re subscribed to. You’ll be shooting yourself in the foot if you don’t know these things.

Research!

Different auto auction houses have different protocols or proceedings that you’d have to follow. You need to know how the company works, the fees you need to pay, the requirement for subscription, if any and if they have what you want. For auto auction mall, visit the learning center for the FAQ’S via www.autoauctionmall.com or call 08025307997 for telephone assistance.

Further Reading

  1. Used Ford Car for Sale: How to Choose the Right One 
  2. Everything You Need to Know about Buying Used Cars
  3. Securing Car Financing with Bad Credit
  4. How Much Auto Financing Can I Get with Bad Credit?

Understand The Payment Procedure & Terms

As there are difference auto auction companies, there are also different payment plans for them. Some would prefer cheque payments, credit card payments, cash payments or any other options. So you need to be sure of the payment plan they employ and pay through it. Do not attempt paying with credit cards when they only receive cash payments. This could delay your purchase or hinder it entirely. At Auto Auction Mall, buying power deposit is via your credit or debit card through our website and payment for your purchase is through bank wire transfer only.

Make Sure Your Budget Covers All Fees

Having a budget for your car expenses is a good idea as helps you streamline your options and gives you time to raise the money. There’s just one thing you need to do while making your budget. After researching on the different auction fees required, make sure your budget is large enough to accommodate ALL FEES and affordable enough for you to pay.

Have a Way of Making Payment

As a first time private buyer, it is possible that you don’t have a bank account that permits large withdrawals or international bank transfers. This could cause complications with your payment. To prevent this from happening, please contact your bank, inform them about your intending transactions and take the necessary steps that will permit you to make such transactions without any complications.

For more information, please visit www.autoauctionmall.com.

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