What is an Auto Auction?
Buying or selling a car can be a daunting task. Most people think that buying or selling a car is a complicated process that requires a lot of time and effort, but it doesn’t have to be. An auto auction is a great solution. Many people are not familiar with the process of auto auctions and may be hesitant to participate, but if you’re in the market for a new or used car, you may want to consider attending an auto auction! Here’s a guide that will explain what an auto auction is and how it really works.
There are two main auction types:
Public Auctions:
Public auctions are most often open to anyone who wants to buy or sell a vehicle. The vehicles are sold on a first-come, first-served basis. This means that when someone arrives at the auction site, they’ll be able to see all of the available vehicles and decide which one they’d like to bid on. The person who bids the highest amount wins the vehicle.
Closed Auctions:
Dealer auctions are a bit different. A closed auction is similar to a public auction, except that only dealers registered with the National Association of Automobile Dealers (NADA) can attend. In addition, each state and auction company has its own rules regarding who can attend their specific auction. Some companies may offer passes at an additional cost or something similar.
Why Go to an Auto Auction?
Auto auctions are a great way to buy and/or sell cars. The process is simple and secure, and you can find the perfect vehicle for your needs at a fraction of what a dealership might sell it for. Buying or selling a car is easy; however, many people don’t know where to start. There are so many factors to consider when purchasing a car, such as price, location, condition, mileage, etc., that it can become overwhelming. When you go to an auto auction, you won’t need to worry about any of these things because you’ll be able to choose from a large selection of vehicles. You can also save money!
How do Auto Auctions Work?
You can often attend an auto auction in-person or online. Most people have a hard time figuring out how auctions work. They assume that they require a lot of time and energy, but this isn’t true. It’s actually very simple. Here is a basic walkthrough of how auto auctions work:
Preview Vehicle(s):
There are often limited periods of time when you can preview vehicles before an in-person auto auction event. This is usually a 2-3 hour window before the bidding begins.
If you’re attending an online auction, pictures and descriptions of the vehicles will often be posted ahead of time, before sale days.
Place a Bid:
Before you can place any type of bid, you will have to register. You might want to read over the auction details ahead of time to ensure you are registered correctly, as rules can vary. Most auctions will require a credit card number even before bidding starts, which will be charged automatically with every winning bid (this may vary depending on the auction).
Depending on the auction, bidding can usually be done through various different gestures. A simple nod, hand raise or out loud blurb can count, so please be mindful of your hand, head or other body motions. You don’t want to be mistaken for placing a bid when you meant to just scratch your ear! If you are the highest bidder, the auctioneer will yell “sold!” and you will be required to make full payment before taking the vehicle.
Pay and Find Mode of Transportation:
After you get your payment settled, you will need to find a mode of transporting the vehicle you just purchased. If it’s in working condition, you can simply drive it away, but if it’s not, you may need to call a tow truck. Some auctions have discounted tow trucks on-site and will be able to help you. You may want to discuss this with the auction beforehand. Also, keep in mind that most auctions give you a certain amount of time to remove your newly purchased vehicle off their lot, so be sure to familiarize yourself with the rules beforehand in order to prevent any headache.
Call Speed’s Auto Auction!
If you’re in the Portland area and have been wanting to experience an auto auction, call Speed’s Auto Auction! We offer in-person and online auctions for your convenience. We care about our clients and go out of our way to ensure they have a positive auction experience. Call us or visit our website for our auction location and all future auctions or if you have any other questions. We’re happy to help!