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Bidding Tips for Car Auctions 

Date: 10/19/2015 |Category: Buyer Tips, Car Auctions

If you are going to buy a car at an auction, make sure you understand the basics of car bidding. You can learn a lot from the way that the dealers make their bids, which can help keep you under budget when you are buying. The following are some simple tips that you can employ when you are going through the auction.

Learn the Vehicle’s Value

How much is the car you are bidding on actually worth? You can’t simply look up the make and model and go with the figure you find. You have to consider everything that may be wrong with the car and the repairs it may need. This may reduce the value of the vehicle. Find the actual value of the vehicle, or as close to it as possible. Some auction sites will provide you with an estimated value for the car, as well as estimates for the repairs costs. Use this information in your car bidding.

Do Not Overbid

The temptation of getting the “car of your dreams” can be great, and for some people, that means they bid more than they should. They bid too much too soon, and they end up overpaying on a vehicle that might not be worth it. You have to do your best to temper your excitement and think about it from a practical point of view. Have a budget in place and bid in smaller increments. If you see that someone else is bidding too high, you have to be willing to walk away and wait for another car. It might be difficult, but you will be much happier in the end.

This tends to be easier when you are bidding online, as you will not be competing against others face to face. However, you shit still be careful, because there is always the risk of overbidding even at an online auction. If you are bidding in person, watch for the others in the crowd bidding against you. Look for their reactions. It can help to let you know where their mind is and whether they are going to keep on bidding against you.

Let the Brokers Do It for You

If you are going through a dealer-only auction, you will need a broker to take care of bidding for you. This makes the whole process much easier for you. The broker will let you know how much a vehicle is worth and do the bidding for you. This eliminates the possibility of you overbidding, as the broker will respect the limit you have set in your budget.

Car bidding at an auction, whether it is an in-person public auction or an online auction, can be an intimidating experience, especially if you have no prior experience. Use the tips presented here and make sure that you are prepared to stop bidding before things get out of control.

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  • User Registration
    • What are the rules regarding new customers and customers not in good standing?
    • Can I just buy one car?
    • I do not have a dealer license; can I bid or buy a car?
    • What information do I need to provide to register?
    • Do I have to pay to register?
    • Do I need to register to bid?
  • Auction Process
    • Do you offer live bidding?
    • What is the difference between, “auction” car, and a “buy now” car?
    • What is a Reserve Price?
    • What does the bid amount include?
    • How does the auction process work?
  • Deposits and Pre-Bidding
    • Is the security deposit refundable?
    • How do international customers make a deposit in their account?
    • How does the security deposit process work?
    • Can I cancel a bid?
    • Can I inspect vehicles prior to auction?
    • Is automatic bidding or pre-bidding available?
    • What is the total bidding amount?
    • What is a bid in active status?
    • What is a bid in pending status?
    • What is the best way to win an auction?
    • How do I search for a car available at auction?
    • How does the auction process work?
  • Post-Auction and Payments
    • What does a customer need to do to get the title to a vehicle?
    • How do I pick up the car I purchased?
    • Are there storage fees if I cannot pick up my vehicle immediately?
    • Do you Issue Temporary Plates?
    • Can I pay in cash?
    • Are there late payment penalties?
    • What are the payment terms?
    • How do I pay for an auction?
    • What if I fail to may a payment as required?
    • When is the balance due on a purchase?
    • When will I be notified of the results of the auction?
    • Bidding has ended. Is my bid the highest?
    • Why did I receive notice after bidding ended that my bid is no longer the highest?
  • Shipping and Delivery
    • How will it be mailed to me?
    • When will I receive the title?
    • Can I have the title mailed to an address/name different from the address/name on my account?
    • I have an agent working on my behalf can this person pick up my vehicle?
    • Do you offer delivery?
    • When can I pick up a car I have won at auction?
  • Understanding Salvage Titles
    • What is NMVTIS and how is it used?
    • Understanding the salvage title/rebuilt title distinction
    • What are the different types of titles a vehicle may have?
    • I received a different type of title than the one in the description. I received an equivalent title from a different state. Why?