If you’re like me, you’ve heard about a number of used car auctions occurring in your area. Their promoters claimn that they have super deals on repossessions, confiscated cars and vehicles that the dealers simply don’t want anymore. But if you’ve never been to a used car auction, you might not know what to expect. Here are some common questions about auto auctions and answers to make the process less intimidating in case you decide to visit one someday.
How can I find auction listings in my area?
Before you go to an auction, it might be helpful to know where it is. Your local newspaper will likely list the auctions held in your area over the next couple of weeks. You can also look in the Yellow Pages under “Public Auto Auctions” or similar headings to find more information.
Who is allowed at auto auctions?
The majority of auctions are only open to car dealers. If you know a dealer, sometimes he or she can bring you as a guest, but the dealer still needs to be the one to pay for any purchases. Some auctions, however, are open to the public. When you find the listing, it should say if it’s a public or private auction.
Can I finance a vehicle I purchase at an auction?
Yes and no. You can’t make a bid on a vehicle and then try to finance it with the auction company. You can, however, get a pre-approved loan amount through a bank or financing company before the auction. This way, you have an idea of the amount you can bid for a car that you want.
What if I make a bid that I can’t pay?
For whatever reason, bidders sometimes make bids that are over their spending limits. When this happens, the next highest bidder receives the merchandise. The overzealous bidder, on the other hand, must pay a penalty fee.
Are there any hidden fees?
Yes. When you purchase a vehicle at a public auction, you typically need to pay the auction company a fee of about five to ten percent before driving away the vehicle. Be mindful of this when bidding.
If the process of an auto auction still seems like too much trouble, come to our local dealer and get a great certified Ford vehicle. You can’t beat the price, and the best part is that you know exactly what you’re getting before you purchase it.
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