You’ve probably heard a lot of buzz about online auto auctions. And if you’re here, there’s a big chance you’re interested and want to learn how the process works. Don’t worry, we’re giving you all the buyer’s premium details you need so you’re ready to buy your next used car and save thousands by skipping the middle-man.
First thing’s first. Whether you’re buying your car at an online car auction or not, you always need to be prepared. We recommend you know exactly which type of vehicle you want. But most of all, you need to know exactly which type of car you need. Because chances are you have a budget that you need to stick to. So, if you don’t know what will fit your needs, you’re probably going to spend more than necessary.
Take into account variables such as safety and reliability. Also, if you have a big family or if you need to commute every day. These are buyer’s premium things that will help you know which type of car can give you the most benefits out of the price you pay.
Benefits of Buying at Online Auto Auctions
There are many benefits of buying at car auctions, but here we’re going to focus on three that we think are the most important for buyers.
- Save Time. You won’t have to deal with the hassle of going to different dealers and look at the cars they have. This will help you save time and energy from the comfort of your home.
- Save Money. When buying at auto auctions you are saving the money that you would spend on price mark-ups found at dealers or with other sellers.
- Find Great Deals. At online auto auctions you can find cars you only dreamed of at very affordable prices. Even after doing minor repairs, you’d still save money on them. Variety also includes motorcycles, SUVs, depending on your personal use.
Drawbacks of Buying at Online Auto Auctions
As like with any other business, not doing appropriate research is one of the major drawbacks when buying at online auctions. If you don’t know how the process works, and don’t know the different fees, you could face setbacks or surprises when finalizing your purchase. Whereas, if you investigate and know what you’re doing, then online vehicle auctions are a walk in the park.
One of the main things you should know about these type of live auctions, is their clause ‘As Is Where Is’. This means you agree to buy the car in the state it’s in, without any changes or repairs done. With this in mind, you know which type of car to look for.
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Buying Through Auto Auction Mall
As Copart’s authorized representative, Auto Auction Mall gives you dealer-level access to every major used, salvage or clean title & insurance (IAA) vehicle auction house in the US. You’ll have instant access to over 150,000 auctioned vehicles. This will allow you to save thousands while purchasing, financing, and shipping your vehicles through one convenient portal.
Auto Auction Mall was built on one simple premise – The public should have access to dealer-only auctions that it would not otherwise have access to in order to save thousands on their car purchase. It’s kind of a buyer’s premium. Think about it, dealers attend these dealer-only auctions to purchase cars at wholesale prices, then they clean up the car (including possibly making minor repairs) and then sell these cars to you, the public, for thousands more than what they paid.
It’s very simple. All you need to do is register for an account, make a security deposit, and start bidding hoping you make the better bid.
How To Register
Registering to Auto Auction Mall is very easy. You can start by clicking here to provide your information for the account. You will only be asked to enter your full name, email address, and phone number.
What is Buying Power?
Once you have registered and have you account, you need something called Buying Power in order to start bidding. You can obtain Buying Power by making a security deposit to your account. The security deposit acts as an assurance that you will complete the purchase of the vehicle if you are the winner of the auction, if your offer is accepted or if you used the Buy Now option.
The deposit must be 10% of the amount you wish to spend on the car, with a minimum deposit amount of $400. If you wish to buy a car for $8,000 you will need to make a deposit of $800. However, if you wish to buy a car for $3,000, the deposit amount must be $400 because $400 is the minimum security deposit amount.
Buying and Shipping your Car
Now that you have your account, and have Buying Power, you can start bidding for any car you want. Whether it’s used, salvage or clean title, or insurance (IAA), Auto Auction Mall has an inventory of over 150,000 vehicles available for auction, including campers and ATVs. There are also auction agents available to assist you in the process of buying and shipping. Shipping costs will vary by where the car you’ve purchased is located.
For further information you can check www.autoauctionmall.com at any time.