Whether you’re a dealer looking to stock your inventory, a mechanic looking for salvage vehicles, or merely the average person trying to get a great deal on a used car, auto auctions are a great place to start. Automobile sell-offs are happening all over the United States and probably in a town near you, so let the bidding war begin.
Even though sell-offs are a great way to get the best deal on used vehicles, you have to prepare for the experience. With all the mechanics, car dealers, and enthusiasts likely to show up, it’s imperative that you line your ducks in a row to improve your chances of success. Continue reading to get some tips to optimize your car auction experience.
Salvage doesn’t mean garbage when it comes to cars.
One of the first things you’ll notice when you go to auto auctions is that there will be a bunch of patrons with their eyes on vehicles with salvage titles. When a vehicle is damaged and the repairs cost more than the vehicle is worth, the vehicle is considered a “total loss” and given a salvage title. However, sometimes people can find salvage vehicles that are relatively cheap and easy to repair. Sometimes, dealers even repair then resell them.
Some companies even buy service vehicles with salvage status. By using predictive analytics and the vehicle history report, they’re able to predict when their fleets will need maintenance and plan accordingly, so there’s no fear for them in taking a chance on a salvage vehicle.
There’s no better place than an auction to find salvage vehicles for sale. Salvage cars also make great first cars for high schoolers. It gives them the chance to learn basic car maintenance and own a car outright instead of having to make monthly payments. You can also end up saving a great bit of money on car insurance.
You won’t be bidding against average car buyers.
When you attend a sell-off, you won’t be bidding against ordinary car buyers—you’ll be up against pros who use business intelligence to get insights that help them to make decisions about which used cars, trucks, SUVs, and motorcycles to buy. They employ data scientists who apply intricate data mining processes to extract raw data which through visualization can be turned into infographics that aid business decisions. Who knew business intelligence plays such a major role in the car-buying process?
With big data business intelligence capabilities, you can gain a competitive edge over your competition when it comes to buying and selling. If you want to take your dealership’s supply chain management to the next level, you need to start getting the in-depth real-time insights that only data analytics can give you.
Bring cash for a deposit.
When you purchase a car at an auction, there are usually financing options that allow you to pay for the vehicle over a short amount of time, but you still have to pay a deposit before you can leave with any vehicle. Your deposit has to be at least 10% of the amount you intend to bid, but you can put more into your deposit if you want to lower your car payments. The purpose of the deposit is to make sure that all transactions are fair to buyers and sellers alike.
As you can see, there’s a big difference between buying a used vehicle at a dealership and going to an auction. It’s important to take some time to learn the ends and outs of auctions before you start bidding. You should also always review the vehicle history report of any automobile before leaving the auction with it. As long as you pay your deposit, bid to win, and stick to your budget, you can drive away from the sell-off as a winner.