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How You Can Buy a Used Car and Save Money in a Dealer Auction

Date: 08/03/2017 |Category: Car Auctions, Used Cars

Buying a vehicle of any stripe, even a used one, is always an expensive proposition. That’s why auto buyers try to use every tool at their disposal to get the best deal possible.

In recent years, there’s one tool that’s become used more and more by auto buyers: dealer auctions. If you’re unfamiliar with these auctions and how they can help you to save thousands, we’ll explain below. In the end, you’ll see why countless auto buyers are now using these auctions to buy cars rather than going to dealerships.

I Thought Dealer Auctions Were Closed to the Public?

You’ve likely heard about dealer auctions before. They take place across the country each and every day, with numerous cars being auctioned off at a time. If you have heard of these auctions, then you likely believe that they’re closed to the public… For the most part.

It’s definitely true that the vast majority of car auctions across the country aren’t open to the public. But, online dealer auto auctions have changed all of this! Websites that provide this service allow their users to take advantage of the website’s dealer’s license. Because of this, these users are now able to enjoy the same level of selection and savings as dealers have long enjoyed.

Signing Up for Online Dealer Auto Auctions

Online dealer auto auctions work much the same way as a site like EBay. In order to get started with your search, you merely need to create an account. To create this account, you’ll only need to provide very basic information about yourself.

Things are a little different, though, when you decide you want to start bidding. Online dealer auto auctions require that you make a deposit in order to establish your buying power. Typically, the size of your deposit will equate to 10% of whatever your maximum bid (and purchase) can be. For example, if you deposit $400, then you can bid up to $4,000 on used, salvage and like-new cars!

Things to Know in Order to Save the Most Money

Buying a used car in a dealer auction is obviously much different than going to a dealership. These difference, though, are what make these online auctions so much better! You get an incredible degree of choice, with thousands of cars to choose from each of which can be bid upon from the comfort of your own home.

But, in order to get the most out of online dealer auctions, you need to know how to save the most money. To help with this, you’ll have access to an auction specialist. This person can help you with everything from your search to setting a bidding strategy.

Overall, though, your biggest assets for saving the most money will be preparation and research. Be sure to get a handle on auto prices, and also thoroughly research the history of any vehicle upon which you intend to bid. By doing these things, you’ll discover why online dealer auctions are the best way to save money on used and salvage cars.

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  • 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?
  • 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?