If you have never attended an auto auction before, you should familiarize yourself with the process in order to make the process go smoothly. Vehicle auctions are public and private events where attendees compete to get the best price on automobiles. You need to know the bidding process at vehicle auctions so that you are prepared to pay for the vehicle at auction's end.
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Difficulty:
Moderate
Instructions
1
Register at the auction house where the vehicle auction is being held. The registrar will require that you provide your name and contact details. In return, you receive a bidding number to use for the auctions. You are also given an auction catalog with the specs of each vehicle that is available for bidding.
2
Inspect the cars available for auction. Before bidding, you should have an idea about the vehicles in the lot and know which cars you plan to bid on. Look in the interior and under the hood for any potential problems. Inspect the exterior for flaws. Keep in mind you won't be able to test drive any of the auction vehicles.
3
Determine the range you wish to spend on the auction automobiles. It's not a bad idea to bring along a copy of the Kelley Blue Book, a manual that provides used car values.
4
Read the terms and conditions of the auto auction sale contract. You might be subject to a surcharge that is 5 percent to 20 percent more than the winning bid. Also, you might have to pay in cash immediately after the auction ends or be considered in default and subject to legal action.
5
Decide when the best time to enter your first bid is. If no one else is interested in a car, you can enter the first bid or wait until later in the bidding process to enter the fray. You will use either hand signals or paddles to enter your bid on a car. The final bidder with the highest price is the winner.
Tips & Warnings
At some vehicle auctions, a mock auction is held before the actual event. This can be helpful to newcomers who have never attended a car auction and are unsure of how it works.
Unlike the fictional auctions you see in movies, real auctions offer simple and well-organized bidding processes. Before you attend one, familiarize yourself...
