Online Salvage Car Auctions- A Little Insight

  • Added:
    Mar 21, 2014
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    1310
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Online Salvage Car Auctions- A Little Insight Photo by Denis Lilleus

Buying a used car can be a great investment and can save one a lot of money. With the internet available to one and all, the online market for used cars is flourishing like never before.  People are saving thousands of dollars, invaluable time and effort to buy cars at very cheap prices.

These days, people are showing a keen interest in online salvage auto auctions. Such auctions are held online and one does not need a dealer’s license to participate in them. One can search online and join a reputed auto auction website.

Steps to participate in an online auction:

Joining

Interested buyers are usually asked to become a member on the auction website. A simple online form is to be completed and after confirming personal information, one can be a member. Some websites offer more than one type of membership.

Security Deposit

Registered members are required to place the required security deposit online, which enables them to bid online. The deposit amount is usually about 10% of the allowed bidding limit. Once the amount is deposited online, registered members may start bidding online.

Bidding

Online auctions work in two phases-

Preliminary bidding followed by a live auction. Preliminary bidding flags off once a vehicle has a sale date assigned to it, and ends about 1 hour before the live auction is to start. One can place a bid 24 hours a day during the preliminary auction. The vehicles which are being bid on are moved to the live auction once the preliminary auction ends.

At live auctions, bidders can submit a real time bid. This is an exciting part; thousands of people across the world watch live auctions.

Once a bid has been placed, bidders cannot withdraw, lower or cancel the bid amount. The highest bidder is under obligation to buy the vehicle or face forfeiture of the security deposit.

Buying

The winner of the auction is notified by an email with further instructions, including shipping arrangements. Most online car auction in the U.S.A. accept only wire transfers as the payment method.

Shipping

Most auto auction websites arrange shipping of the vehicle by experts as per pre-set terms and conditions. Since state auto auction rules define that a salvage vehicle cannot be driven out of the auction yard, it has to be transported or towed out. Most auction websites offer domestic as well as international shipping of sold vehicles.

Online auto auctions include thousands of vehicles from different locations. Sitting at home, one can browse through various vehicles and make a choice. In fact, some auction companies inspect a vehicle on behalf of interested buyers, if it is not possible for them to visit the auction yard and check the vehicle. Further, the listing of vehicles is complete with a lot of information and images of vehicles taken from different angles. This gives a fair picture of the listed vehicles for the benefit of interested buyers.

It is best to search online and join a reputed online live auctions website to buy a salvage car. Especially for those who have the expertise and tools to overcome the challenges a salvage vehicle poses, online salvage auto auctions are a good option.

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