Government Car Auctions 101: Your FAQs Answered
Automobiles, just like property and equipment, are often auctioned off by the government and its appointed agencies for various reasons. You may at some point or other received an invitation to such auction that lists the items that are put up for auction on the day.
You may have attended a car auction but do you know the why were those cars put up for auction in the first place? What goes on from the time the cars were seized? Read on.
• What is sold? Why are they sold? Where do they come from?
Those cars that you see at auctions were either seized most likely from loan defaulters or are unclaimed or excess vehicles. Instead of being left to rot, they are seen as a source of income and are thus sold off through public auctions. Not only sedans are put up for auction. There are also trucks, SUVs, vans and even forklifts. Anyone can attend these auctions as long as you are more than 18 years old and have a valid driver's license. On some occasions, the auctions are open to only licensed car dealers.
• Who conducts the auctions?
These government auctions are conducted by several government agencies. In the US, the General Services Administration (GSA) performs most of these auctions. There is also the Department of the Treasury, Border Patrol, Federal Bureau of Investigation (FBI), Drug Enforcement Administration (DEA), Homeland Security, U.S. Marshals and the Internal Revenue Service (IRS). Local, state and county governments conduct auctions too from time to time. For vehicles that are seized due to law infringement, city and county law enforcement, fire departments, state police and the city and county administrative departments will be the one selling off those vehicles. Banks and lending institutions will be the ones auctioning off cars that were seized from loan defaulters. In most cases, these auctions are usually conducted by a private auction engaged by the government or the bank. This facilitates the process while ensuring that all rules related to public auctions are noted of and are complied with.
• How do these auctions work?
The auction is held at a particular location at regular intervals, either monthly, quarterly or annually depending on the organisers and the availability if vehicles. These would be advertised and notified to the public through notices placed in the local newspapers. Sometimes, brochures are given out to the public too.
There are no warranties or guarantees for vehicles sold at auctions. The price that you have to pay is just the vehicle price, unless you purchase the vehicle at a professional auction companies. Government-run auctions do not charge any buyers fees or registration charges.
Questions and Answers
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In this economy everybody is searching for inexpensive vehicles to drive. I hear people asking all the time were they can find a good deal on a car. Car dealers can not afford to give the good deals they use to. Since they have to hold cars longer you are not likely to find yourself a good deal
If you want to purchase a relatively new car at an cost-effective price, then you ought to visit govt automobile auctions rather than going to utilized car dealers. The main reason could be the variety of alternatives that you would get in these authorities auctions. Other than automobiles, vans, boats, and also trucks are sold at unbelievable prices.
If you are on a budget and looking to buy cheap used cars online, then one of the best ways is to buy government seized cars at government auto auctions. Many times, you can often buy a cheap car at more than 70% off the current retail market price. It is even cheaper than buying from used car dealers.
Most people do not know you can buy cheap seized and repossessed cars at online government auto auctions. There are many sites available where you can bid for the cars that you want to purchase. This can also work to your benefit, like for example, you are a parent and you want to give your kid a car as a graduation gift – you can buy your gift online and there is no way your kid will ever find out about it.
Learn more about Government car auctions and how you can benefit from them.
Government seized car auctions can work for you if you understand how they function and learn how to make use of them to buy cheap vehicles. While it is really a disadvantage to the government to sell the cars at dirt cheap prices, it is great gain to you as a potential buyer.
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