Whether you are a seasoned auction buyer or a first time attendee, it is necessary that you familiarize yourself with the auto auction process to enable you to experience a rewarding and enjoyable auction.
Typically, most auction houses each have several lanes at the bidding area going at once. Auctioneer will, at times, speak really fast that you may get confused as to what he is saying. But don’t worry about it. There are helpers nearby that will watch you while you bid. After a while, you will get used to it and you’d be able to cope up with the auction process on your own.
Once a car is available to be bid on, potential buyers will come to the car to inspect it. You wouldn’t want to such hassle so it is best that you come early to evaluate the vehicle before the auction starts. This way, you can fully inspect all parts of the car without ever having to compete with other buyers. Take note that it is important that you inspect all parts, as you are buying a second-hand vehicle and you don’t exactly know if it’s well worth your money.
But the auto auction process is still not over. Behind the auctioneer are three different lights that signify the status of the car’s title. These traffic lights should be indicated on your contract when the purchase is made or else you’ll have problems.
Once the red light is on, it would mean that the vehicle have issues with the title, has been rebuilt, and does not include the actual mileage and so on. Of course, you don’t need to pay a lot for a car that’s been in a wreck. Most buyers back off once they see a red light resulting to a drop in price. Cars who come with a swarming red light only means one thing: something very bad happened to this car, was rebuilt and was branded as a used car.
Yellow light signifies that the title of the vehicle is in transit. There could be few damages but not enough to brand the title. Usually, the owner of the vehicle is right there and they can settle the car with you right away should you choose it. The bad news about this is that since the title is most of the time in transit, you cannot have the title right there. Buyers would want to drive their new purchase along with its title and a vehicle with a yellow light would only mean additional trouble.
Meanwhile, vehicles that pass on the bidding lane with a green light mean that everything is okay with the title. The vehicle is in good condition and no major problems are detected.
As soon as you have chosen your vehicle and you have made your bid, you are informed whether your bid is above or beyond the dealer’s reserve price. If your bid is above the reserve price, you have already bought the vehicle except if someone else placed a higher bid than you. In an auto auction, the highest bidder wins.
Winning bidders must carefully inspect the vehicle. If you are already satisfied, the auction staff will assist you in paying and will then guarantee you a good title. It is best that you have an available cash or credit to avoid any more hassles. You will then get an invoice copy for your new vehicle.
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