HOW TO BUY CARS THROUGH AN ONLINE AUTO AUCTION: TIPS, TRICKS, STRATEGIES & LIVE BIDDING EXAMPLE

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BUYING CARS FROM ONLINE AUCTIONS:

Buying cars at the auction can be a tricky task at the beginning, but with practice you will develop your buying style and be comfortable in this environment. It’s loud, fast paced, very exhilarating, with a huge potential for profit and loss.

Here are some strategies that can help you make the most of your auction experience:

DO YOUR HOMEWORK:

Before attending an auction, research the vehicles that will be available via a run list, you can get this online or via email by contacting the auction and also research the vehicle market value. This will help you buy the cars that are going to be a good investment and avoid overpaying.


USE ONLINE APPS AND TOOLS FOR PRICING:

You can use Applications such as AutoNiq, Manheim MMR, JD Power, Kelley Blue Book, Black Book. vAuto.


CARFAX, AUTOCHECK + VEHICLE HISTORY:

Using Apps like CarFax, AutoCheck, NMVTIS to check vehicle history report to make sure it’s not Branded Stolen, Salvage, Airbag Deployment, Frame Damage, etc.



SET A BUDGET: Decide on the maximum amount you are willing to spend on a vehicle and stick to it. It can be easy to get caught up in the excitement of an auction and overspend, so having a budget will help you avoid this.

Example: leave yourself some room at least $1000 - $1500 below Clean Trade Value (JD Power). If Trade is $10,000 you want to buy that car for $8,000 - $8,500.


INSPECT THE CARS:

Take your time, Inspect the cars carefully before bidding on them. Look for signs of damage, wear and tear, and any other issues that may affect the car's value.



ATTEND AUCTIONS REGULARLY:

Attend auctions regularly to get a better understanding of how they work and what types of vehicles are available. This will help you become more comfortable with the bidding process and make better decisions about which cars to bid on. It will also help you build relationships with other buyers and sellers. Sometimes, it helps to be in the right place at the right time.


BE PREPARED TO WALK AWAY:

Don't get too attached and be prepared to walk away if the bidding goes too high or the car doesn't meet your expectations. Remember, there will always be more opportunities to buy cars at future auctions. DO NOT GET INTO A BIDDING WAR.


BID STRATEGICALLY:

When bidding on a car, WAIT until the last offer and be the last one to bid.. The auctioneer will start at a high number and drop down real low until buyers bite and start bidding up.


Tips: No Bidding Wars. Do NOT let the soda machine out bid you! ALWAYS run carfax, know your numbers!



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