Repossessed Car Auctions – Where Can I Find Them?

Buying at repossessed car auctions is now a popular way of making money. At least that is for the few that get to know where they are held and what to do when they get there.

There are two main methods of finding where they are and that is by searching the newspapers – usually at your local library and/or doing an online search.

Method #1

It’s a fact of life that some people don’t have access to the net at home and ironically it tends to be the age group between 45 and 55 who are the main ‘customers’ at auctions.

The method involves going to your local library and seeing the local newspapers for your County or region and noting the date if you come across any. Many General auctions are held regularly but not necessarily repossession auctions and if it’s a repossession auction that you are specifically looking for you may have to delegate more than a few hours research.

What you will also find in the general reference section of your library, or at least you should if it’s big enough, are directories. If you’re in luck you may be able to find several auction companies in the yellow pages. If you do it’s a good idea to ring them individually and ask them if they hold repossessed car auctions, when they are held and where. If possible get on their mailing list, however most will now only put you on an email list – so if you haven’t got a computer or email address then you are immediately at a disadvantage.

Method #2

As you have probably seen from the previous method there can be a lot of time, energy and uncertainty involved in finding out where the next auction is to be held. I have taken the lazy way out and perhaps the more effective!

My attitude has always been about ‘choice’. I joined a membership site because I needed the information fast and believed that spending the $35 was worth more to me in saved time and hassle. I wanted a choice to see as many auction sites as possible and their times so as if there wasn’t a bargain to be had at one of the auctions I would have another option straight away.

I found that this relieved some of the ‘pressure’ that many buyers feel at an auction to come away with something as they don’t know when the next repossessed car auctions are going to be held!

On joining I had the added benefits of being exposed to other types of auction where I could make money including seized goods and impound auctions!

Five Steps To Selling A Home Through An Auction

Have you considered auctioning off your home? Even though auctions are traditionally more popular with paintings, antiques, and real estate foreclosures, auctions are growing in popularity among sellers with solvent, good condition homes as well. Here are a few reasons why an auction could be a good idea for you and what to consider when starting the process.

Why Some Sellers Like Auctions

In today’s market, auctions are not just for the sale of foreclosures anymore. Auction professionals have been selling conventional homes on more regular basis. Why? The reason is because sellers are finding out that they can receive just as good of a sales price on the auction as with a traditional sale, but an auction is a faster, more efficient form of selling. According to Williams and Williams, one of the largest auction firms, about 10% of their auctioned homes are sold at an even greater profit than what the seller had marked as the listing price on a previous traditional sale.

If you use an auction you will show your home over a period of weeks, in which the prospective buyer can look at the home, and then the auction will take place and in minutes the house will be sold and the closing will typically take place in about a month. If you are selling a home through an auction you can save a lot of time and hassles.

1 Pick the Right Auctioneer

Any auction is only as good as the auctioneer in charge of it. In this type of sale they are like your marketing agents that bring in the right person with the right bid. So what do you look for in an auctioneer? The first thing you need is one that is experienced in your house. You will find auctioneers that specialize in everything from antiques to multi-million dollar mansions, and everything in between. You need to pick the right one that specializes in your type of home if you want to have a fast home sale.

2. Figure On A Pay Arrangement

Different auctioneers have different forms of payments. Some, like real estate agents, will charge between 6-10% of the closing sale price, while others will do a flat 10% auction premium that the home buyer must pay. Still others will favor splitting the difference between both buyer and seller.

3. Which Method Of Auction, Absolute Or With Reserve

If you go with an absolute auction you will not have any price that has to be met in order to sell the house. In this type of auction the highest bidder will be the one that wins, no matter what price the house sells at. A reserve auction is one that has to meet a minimum price before the house is able to be sell. Most of the time an absolute auction is more dramatic and will also end with a higher final sale price. A reserve auction is much safer but will not usually yield the same final sale price. Also keep in mind that if you do an auction with reserve and you are not able to get a bid high enough to meet the reserve you will still have to pay the auctioneer fee, and it is sometime as much as if the house had sold.

4. How To Qualify Bidders

There are variations but generally auction companies require letters of credit from bidders stating that they can complete the sale. On the other hand, some companies just ask for 10% of the expected sale of the property up front, in which those who do not win will receive this money back.

5. How To Accept Bids

Are you going to have all of the bidders gather on your lawn? Will your home just be one of many other homes and everyone involved will gather in a central location? Are you going to allow people to bid via the phone and the internet? Many people will opt for the yard sale, and it does work, but central location auctions will typically end up with a higher final bid.

As you have discovered there are quite a few things that you need to keep in mind when you are planning an auction but once the auction is actually underway it is a lot less of a headache then if you had sold your home privately through the traditional way.

How You Can Find Deals at Police Auctions

If you have never been employed by the police or an affiliated organisation it’s fairly improbable that you would have come across Police Auctions, until now. They happen all over the place and are a method of the police disposing of abandoned, thieved and reclaimed items inside of their possession. They can also be an avenue for them to sell off their ex-fleet cars. These auctions are often shrouded in mystery – many people in the wholesale industry hear stories of crazy deals – like low-cost ex-police cars being sold off and retrieved necklaces being auctioned off at half their true value. But these are not just tales, they are based upon actuality. Have you ever imagined finding a 10 year old top spec Beemer for just £3k? How about a Specialized Mountain Bike for just one hundred pounds? These buys may sound improbable but we have witnessed them move through these public auctions using our own eyes. Ranging from digital cameras to electronic goods, there’s an extensive product selection available and the bulk of it gets purchased for much less than the corresponding merchandise being sold on comparable auction sites like eBay.

There are several logical reasons this auction segment appears to provide under-valued goods consistently, and the lack of public information about their existence is certainly a factor. For reasons unknown police constabularies do not manage to advertise the auction merchants they do business with to sell their goods which results in police auction sessions at most of these outlets becoming badly visited. Insufficient prospective buyers, not surprisingly, means low competition for products and cheap merchandise for anyone prepared to buy it. But these auctions can be unpredictable – there is absolutely no guarantee that specified things might be available on each occasion because the inventory is dependent on what the police are discharging in a specified time frame. If you are a distinct segment trade seller only keen on a very targeted market section this intermittent supply may discourage you. But to make the best of the possibilities you should attend these auctions by having an open mind plus you need to have a desire to obtain goods from any market variety.

What types of items are found at police auctions?

The easy response to this question is close to just about anything! That’s the remarkable thing about these types of auctions. Police auctions give you the opportunity to bid on a varied selection of items not really seen during general auction days. Robbed and recovered auction lots range from road bicycles and children’s motorcycles to cell phones and bracelets. Fundamentally, anything you can imagine turning out to be missing or stolen and ending up in the ownership of your respective police force, may be on auction. Police group motor vehicles can also be forwarded off and away to auction as soon as they have gotten to a specific age range or usage – often once they are nearly three years old. They can prove to be a particular bargain too as some automobiles available go for twenty per cent less than their counterparts being sold via the traditional trade platforms like Autotrader. The cops do operate some interesting motors on their fleet too – leading spec Mercedes diesels, Skoda Octavia RSs and Volvo T5s can be bought at price points that might make virtually all automobile vendors over the moon.

We’ve researched this sector for the past several years racking up an abundance of knowledge on the way and will say undoubtedly that there are bargains to be had regularly.