Car auctions are super popular these days because consumers have the opportunity to get a great deal on a used car in good condition. And the best part is, you’re in control of the process and not at the mercy of car salespeople. However, not everyone knows how car auctions work, and there can be some confusion about pricing and the process in general.
Let’s take a look at the online bidding process, how it works and how to place an effective bid.
Registration and Deposit
Most online car auction platforms require you to register for an account. This account gives you access to all of the vehicles for sale. For example, RepoFinder offers members full access to our Featured Repo list for just $4.95 a month. You can make unlimited searches and place bids on the vehicles you’re interested in. Cancel anytime. No dealer license is required.
Choosing a Used or Repo Vehicle
Once you sign up for the online auction service you want, you can start looking for vehicles that fit your needs and budget. Choosing a car typically involves a lot of patience and diligence – it’s not like walking into a dealership and picking out a car on the lot. You’ll need to do your research, place your bids and wait to see if the seller accepted. Make sure you also download vehicle history reports on the cars you’re interested in.
Placing a Bid
Since these cars are sold through auctions, it’s important to know that their prices can change based on the bids they receive. Sometimes, there is a Buy Now option that allows you to buy the used or repo vehicle right then and there. But most of the time, you’ll place a bid alongside other people, and the seller will accept the best one.
Some tips for placing an effective bid are:
- Don’t bid too quickly. You have time, so do your research and know what you’re getting into. Repos often need some type of work and maintenance, so you’ll need to factor this into the overall cost.
- Consider shipping and delivery options. If the car is out of state, you’ll need to consider the costs of shipping the car to you.
- Don’t get too attached. Most people bid on several vehicles before they win. You must have patience and not overbid!
- Don’t sign anything until you inspect the vehicle. Before signing paperwork, make sure you have an opportunity to inspect the used car.
If you’re ready to start shopping for a used or repo vehicle that fits your needs and budget, start with RepoFinder. We have the nation’s largest database of repo trucks, cars, SUVs and recreational vehicles all at great prices. And for just $4.95 a month, you can view our full list of repos and place bids. Try us out today risk free!