How to Use Auto Auctions to Maximize Your Return When Selling Your Car
What are the benefits of selling a vehicle at an auto auction?
Selling a car at an auto auction comes with a number of benefits. Perhaps the best of these benefits is the speed at which the sale closes. It is entirely possible for you to register your vehicle for auction on a Wednesday and have it sold to the highest bidder on a Saturday. This means no more waiting for weeks to sell or dealing with flaky private party buyers. Instead, any interested buyers will compete with each other for your vehicle. This competition can drive the price higher - meaning you will likely enjoy a better return than any dealer will be able to offer you.
How does selling a car at an auto auction work?
The process of selling a vehicle at an auto auction is relatively straightforward. Your first, and perhaps most important step, is to find the right auction house to sell your vehicle. For example, if you drive an exotic sports car, try to find an auction that specializes in sports cars. Once you have found the right auction house for your car, the auction team will be able to walk you through the rest. Generally speaking, you will need to complete some paperwork, set a reserve price (if desired), and deal with a few other administrative details.
On the day of the auction, make sure that your vehicle is in fantastic condition. This means that you should have it running smoothly (no strange noises), and have it looking fresh and clean by stopping by Fast Freddy's first for a wash and free vacuums. Some auction houses will help you with the prep work, so make sure you ask your auctioneer what their policy is.
With your car looking and running well, the auctioneer will begin the auction. At this point, buyers inside the room, as well as buyers communicating via phone or online, will be able to make bids on your vehicle. All you need to do is wait for the gavel to fall.
When the auction has concluded, you will need to sign over the vehicle to its new owner, pay the auction house fees, and then pick up your check.
Though the prospect of selling your car at auction might seem a little strange at first, it is actually quite simple. Indeed, if you want to receive a good return in a hurry an auto auction may be just the ticket.