How to Find Auto Repo Auctions
Auctions are effective for finding automobiles that would typically cost more, yet may cost less based on the number of bidders and the selection of vehicles available. Quite a few auctions are available in local areas that serve various purposes. Specifically, some auctions sell off repossessed vehicles. The lien holder of the car may want to recoup his investment as quickly as possible; auctioning off the car allows him to liquidate quickly.
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Instructions
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Contact local car dealerships. Know that this can be challenging, considering the car salesman will want you to purchase the car directly from the dealership. In some cases you can contact the dealership and ask about any trade-ins they sent directly to an auction. Try to build a good rapport with the salesman, as she may be able to give you information.
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Contact your local police department. Sometimes auctions may include not only repossessed cars but also cars that were seized by police. Sometimes these seized cars have lien holders who decide to auction the car off. Your local police station may be able to tell you specific auctions with which they deal.
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Contact local towing companies. When car owners do not pick up their cars after being held for a certain amount of time, the tow company now owns the car. Typically the company will auction off the cars. Check with the tow truck company to see if it sends these cars to an auto auction.
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Use third-party auction location services. These companies may send you a list of auctions in your area either daily, weekly, or monthly. Sometimes, they even have a listing of specific cars that will be auctioned off you if receive the publication in an ample amount of time. These third-party brokers typically charge a monthly or yearly fee for this service, but the investment may be worth it as sometimes these auctions are not widely publicized.
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Tips & Warnings
When dealing with third-party auction location services that are providing you with any publications, be very careful with whom you decide to pay. Some of these publications can be scams. Check with the Better Business Bureau to see if there are any complaints with these companies.
Sometimes people allow their cars to be repossessed because there may be damage or mechanical issues with the car that they do not want to fix. Take a good mechanic with you to look at these cars to determine if you are buying the best deal.
