You’re ready to score your next vehicle at a live auto auction, but where do you start? Don’t worry; we’ve got you covered.
In this guide, we’ll walk you through the whole process, from setting your budget to navigating the auction floor. You’ll learn key bidding strategies and post-auction procedures.
Stick with us, and you’ll master the art of live auto auctions in no time.
Preparing Your Budget for a Live Auto Auction
You’ll need to carefully plan and stick to your budget when preparing for a live auto auction. It’s not just about the winning bid; you’ve got to consider additional costs like buyer fees, taxes, and transportation.
Start by researching the type of cars you’re interested in, noting their average market value. This will give you a ballpark figure to work with. Then, set a maximum bid limit for yourself. This is the highest amount you’re willing to spend on a car, and it’s crucial not to go beyond this, even in the heat of the auction.
How to Register for a Live Auto Auction
To get in on the action at a live auto auction, you’ll need to register ahead of time with a valid ID. It’s not a cumbersome process, but it’s crucial to your participation.
Now, you might be wondering about the cost. At Speed’s Auto Auction, It’s $20 to register, a fee that’s effective for a full year, granting you access to multiple auctions. Don’t worry about breaking the bank; it’s a small investment for the opportunities you’ll have to snag a great deal. However, be careful not to lose your registration, as you’ll need to pay the fee again. So, keep it safe.
Registering for an auto auction is your ticket to finding your next vehicle at an incredible price, so don’t skip this vital step.
Key Strategies for Bidding in Live Auto Auctions
Now that you’re registered let’s dive into the key strategies for bidding in live auto auctions. Your success hinges on three main tactics:
- Study the value of cars you’re interested in.
- Inspect vehicles before bidding starts.
- Attend a few auctions as an observer to understand the process.
- Set a maximum bid for each vehicle.
- Account for additional costs like auction fees and repairs.
- Remember, it’s okay to walk away if the price exceeds your budget.
- Start low and increase gradually.
- Watch other bidders for cues.
- Be confident and decisive.
The Do’s and Don’ts of Live Auto Auctions
In the thrill of a live auto auction, it’s essential to remember the do’s and don’ts, as your discipline and strategy can make or break the experience.
Do your homework – research the cars you’re interested in, know their market value, and inspect them before bidding.
Don’t get caught up in the excitement and bid more than you can afford. It’s easy to get swept up in a bidding war. Remember, there’s always another car, another public auction.
Do set a budget and stick to it. Don’t forget to factor in additional costs like auction fees and potential repairs.
Do listen to the auctioneer and make your bids clear.
Don’t hesitate – if you’ve done your research and the price is right, go for it.
Navigating the Auto Auction Process
You’ve got three main steps to navigate the entire auction process and they’re researching the vehicles, bidding wisely, and finalizing the purchase.
Researching the vehicles:
- Check the vehicle’s history.
- Inspect the vehicle physically.
- Understand the market value.
- Keep your registered bidder number handy.
- Be aware of your gestures to avoid unintentional bids.
- Speak up if you’re not noticed.
Finalizing the purchase:
- Once the vehicle is announced ‘sold,’ bidding ceases.
- The auctioneer makes the final decision.
- Exit quietly if you’re not staying for the entire auction.
Post-Auction Procedures: What Happens After Winning a Bid
After winning a bid, you’ll need to handle the post-auction procedures, which include settling your payment and arranging for vehicle transport. Don’t forget, the auction house won’t do this for you.
You should also expect to receive a title, but it’s not guaranteed. If the vehicle was towed, most likely you’ll receive a lien certificate. If it’s a donation or consignment vehicle, a title is more likely. The auction list will clearly show what kind of title info comes with the vehicle.
It’s crucial to familiarize yourself with these procedures to avoid any unnecessary complications or delays. Remember, the key to a successful auction experience is preparation and understanding the process. So, get ready, set, and bid with confidence!
Speed’s Auto Auction Puts on Live In-Person Auto Auctions
With Speed’s Auto Auction, you’ll experience the thrill of live in-person auto auctions, providing a unique opportunity for buyers like you to snag a fantastic deal on a car. Each week brings a wide selection of vehicles, both American and foreign, at valuations that are a fraction of their market price.
Here’s what you can look forward to:
A massive selection of vehicles:
- Cars from local individuals and charities
- Vehicles sourced from banks and vehicle impounds
An exciting live auction experience:
- Dynamic bidding environment
- Quick turnarounds on successful bid auctions
- Vehicles sold for pennies on the dollar
- New deals are available every week
Get ready to dive into the exhilarating world of auto auctions with Speed’s Auto Auction!
Contact us today to inquire about registering for our live weekly auto auctions. We also do online auctions.
Visit our About Us page for more information about our auto auction company. View our Rules & FAQs about our on-site bidding.