Daily, many Americans fail to pay their car loans or leases and, as a result, their vehicles become repossessed cars. Since financial institutions want to recoup at least a portion of their money and avoid storage fees for their car repos, they try to sell these vehicles at used car auctions and online car auctions as soon as possible. While many auto auctions are available to car dealers only, car repo auctions are often open to the public so you can take advantage of the discounted prices.
A repo auction runs just like a typical car auction, except that the seller is the bank, credit union, or finance company that owns the repossessed auto. If you’re in the market for a good deal on a used car, repo auto auctions are excellent places to look! A repo car auction offers a fast-paced, fun environment coupled with the prospect of finding a great vehicle at a reduced price.
Auto Repo Reminders
As with any public auto auction, it is always a good idea to be familiar with the rules, procedures, and bidding guidelines before attending. Auction car sales policies will be similar from place to place, but not identical. Follow the guidelines below to help make your auction day a success:
• Many car liquidation auction sites will have run lists available before the auction begins, so you can get an idea on which of the vehicle(s) you might like to bid. Many even offer an online car auction so potential buyers can bid online via simulcast auctions for added convenience.
• Take advantage of any opportunity to preview or inspect the cars before the repossessed car auction. Also, request a vehicle history report or VIN for any cars of interest so you do not end up with any surprises.
• Educate yourself on the retail value of the repossessed cars that you might like to bid on at the auction. Make sure to bring along a few pricing guides or use the car auction sales catalog (if available from the auction house) so you can research specific vehicles before you go.
Find Local Repo Car Sales
One of the easiest ways to find car sales auctions is to contact nearby banks and credit unions and ask how they handle repossessed car sales. If they sell the repossessed cars through auctions, they can give you the auction company’s information. The Internet also makes it easy to find car auction sites near you. You can also contact nearby auction sites, like BSC America, and ask if they handle repo car sales. While you are getting information, be sure to ask if the repo auction is open to the public or if it is for dealers only.
Instead of buying a car new and paying an inflated price, find an incredible deal at a repo auction. If you do your research and exercise a bit of patience, a great deal is sure to be waiting for you! Contact us today to get more information on the BSC’s upcoming repossessed car auctions.