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Can I Flip Cars I Buy in an Online Car Auction?

Date: 06/11/2017 |Category: Car Auctions

Those with the entrepreneurial spirit and mechanical skill often find themselves interested in the idea of flipping cars. No doubt, if this is something that you can do, it can easily become a way in which you can gain your financial independence.

If you are going to flip cars, though, you need a means of purchasing vehicles for the lowest price possible. This is why entrepreneurs have been turning their attention toward online car auctions. Through these services, it’s possible to browse an inventory of thousands upon thousands of vehicles, looking for ones that make attractive targets for flipping.

So, if you’re interested in using online car auctions to flip cars, then read on. We’ll explain how you can get involved and what you’ll need to know about the process.

Buying Used or Salvage in Online Car Auctions

Online car auctions function in much the same way as other auction sites with which you might be familiar – like EBay, for example. To get started, all you need to do is provide a bit of basic information about yourself in order to create an account. After that, you can begin taking a look at what’s out there.

One way in which these sites can differ from other auction sites, though, is with the deposit. Given that cars require a not insignificant outlay of cash, online car auction sites require a minimum deposit to establish buying power. Typically, this deposit will equate to one-tenth of whatever your maximum bid can be. So, a $400 deposit would entitle you to bid up to $4000, with that deposit being applied to the final bid price of any cars you win.

Considerations If You Flip Salvage Cars

In online car auctions, you will find both used and salvage vehicles. If you’re interested in flipping, it’s salvage cars that should warrant most of your consideration, as they can be purchased for the lowest prices.

However, it’s important to remember that every state has different laws when it comes to rebuilding salvage cars. While most states allow private individuals to conduct repairs, there are a few that do not. Regardless of this, though, all states require that thorough documentation of repairs be kept and that the vehicle be inspect prior to a rebranded title being issued.

Finally, it is important to remember one thing about salvage titles. Once a car has been branded as salvage, it must always carry that designation. Put another way, it is a crime to rebuild a salvage car and then pass it off as an ordinary used car. For this reason, many states require that ‘rebuilt from salvage’ be etched into the car itself before a rebranded title is granted.

Online Car Auctions for Starting a Business

If you’re interested in creating a business by flipping used and salvage cars, then online car auctions are a great place to begin. By simply signing up for an account, you can take a look at what’s out there and assess your abilities and potential for profit.

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  • User Registration
    • Do I need to register to bid?
    • Do I have to pay to register?
    • What information do I need to provide to register?
    • What are the rules regarding new customers and customers not in good standing?
    • I do not have a dealer license; can I bid or buy a car?
    • Can I just buy one car?
  • 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?