Sunday, February 08, 2009

Vehicle Auction FAQ

What Is A Vehicle Auction?

A vehicle auction is a type of auction that specializes in selling all types of vehicles such as cars, trucks, SUVs, and motorcycles.

Are Auction Houses Selling Vehicles 90% Off Their Current Market Value?

Buying a car 90% off its market value sounds unbelievable but it is actually true. An auction is a very volatile marketplace and the price depends on the willingness of the bidders to buy a vehicle for a certain price. If you're the only person interested in a certain vehicle, you can buy a car at the cheapest price. Competition can drive the price of the car higher that its current market value, though. Driving home your next car at a dirt cheap price may be possible but is not an everyday affair.

Where Are Vehicle Auctions Held?

Vehicle auctions are being held all across the country everyday. Auctions are held at the following places: police agencies like county sheriff departments, police departments, local police agencies, federal law enforcement agencies; different government agencies including but not limited to U.S. Bankruptcy Court, State Tax Department, Customs and Border Protection; and privately sponsored auction houses. Schedules of auctions are posted and announced on websites, brochures, newspaper listings, and agency offices.

Do I Need To Register?

Yes. Before you can participate in vehicle auctions, you must register and a registration fee is required. This is done at the auction site on the day of the auction.

Do The Vehicles Have Warranties?

Most auto auctions do not provide "in-house" warranty; however, if it is applicable, the manufacturer's warranty is transferable.

Can I Test Drive The Vehicles?

During the auction preview, potential buyers are allowed to inspect the condition of the vehicles but are not allowed to test drive the vehicles. However, bidders are allowed to check the condition of the engine, heater, air conditioning, and other accessories while the engine is running.

How Can I Pay For My Vehicle?

The following are the most common forms of payment: credit card, cash, credit union cashier's check, cashier's check, and traveler's check. However, you should consult with the auction house and ask for the accepted modes of payment.

Can I Back Out From The Sale After I Have Won The Vehicle?

When you win a vehicle, you are legally and contractually bound to pay at a specified period of time. If you fail to pay for the car, you will be obliged to pay for additional fees and penalties identified on the conditions of sale.

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