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Do car dealers get good deals at auctions?
Dealer-only auctions offer tremendous savings when compared to the “retail” prices at car lots. You are buying the same vehicles, at the same prices as the largest dealer in your area.
How much do cars usually go for at auction?
It depends on the type of auction you attend. If you purchase a car at an informal auction, you will find many vehicles with starting prices as low as $300. Typically, nothing sells for much more than $3,500.
Can I buy cars at auction and sell for profit?
The short answer is, “absolutely”. Yes, there are auctions you do not need a Dealer License to participate in (anyone can go). And yes, you can buy cars at below market prices and resell them for profits in the $500 to $4,000 range.
Is it cheaper to buy car from auction?
Typically you can expect the average car to be about $1,000 to $2,000 dollars cheaper than retail if you were to buy directly from the dealer auctions.
How do vehicles end up at auction?
Cars end up at auction for a variety of reasons. An insurance company has “totaled” a car, pays the owner, then has to get rid of the car. Dealers sell cars at an auto auction they couldn’t sell on the lot. If a car is repossessed by a bank, they may use auctions to get it off the books.
How do car auctions get their cars?
Auction cars come from a variety of sources, including: local car dealers, private sellers, police impounds, bank repos, trade-ins, tow auction cars, among others. These cars often arrive in large numbers, which is why they are sold for low prices.
How does buying a car at auction work?
How To: Buy a Car at Auction
- READ the auction catalog (or the online version, if that’s all you have) closely.
- ATTEND the auction.
- REGISTER early as a bidder and provide evidence you have the money to buy a car.
- EXAMINE each car closely.
- BIDDING is best done where you can be seen by the auction ringmen.