How to Sell a Salvage Automobile at an Auction

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After Wall Street, which is the other place where the highest numbers of items are sold at bid? It might surprise you, but the answer is-at auto auctions! These auto auctions are highly popular, especially in the USA. Why is it so? This is because these auctions are a win-win situation for buyers. Firstly, such auctions allow people to buy vehicles at highly affordable prices. In fact, salvage auto auctions let people buy vehicles at 60-80 percent less than their market value at times. Secondly, one can find a wide range of vehicles to choose from, at an auction. Whether it is a car, an SUV, a truck or a motorcycle, an auto auction has them all.

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These auctions are much awaited by dealers and general public. In monetary terms, salvage auto auctions are more popular. Here, every vehicle still has value, regardless of the amount of damage—whether it’s working or totally burnt.

Pick the right auction

A damaged car rejected by an insurer or customer is valuable for a salvage dealer. The resale price of the salvaged automobiles is determined by the fact that which part in intact and working and their value in the market. Before that, a seller needs to go through his state’s salvaged auto requirements. Every state has different rules, some more stringent than others. For instance, in Utah, all sellers are required to give a written notice to any potential buyer or lienholder about the title status of the vehicle even before price discussions.

If you want to sell any salvaged car, choosing the right auction is important. Generally selling a car is relatively simple. You just need to contact the auction organizers and they will put your car on sale. The reputation and popularity of the salvage auction will lead to rush of more potential customers and consequently, more chances of car selling at profitable prices. An auction specializing in salvage automobiles would always be beneficial in attracting large volume of like-minded customers. These buyers will appreciate salvage cars and would be ready to pay appropriate price for them.

The online way

Automobiles can be sold in either open auctions or through sealed bid. In an open bid, as the name suggests, all participants point out and bid on what they feel is the right value of a particular vehicle. In sealed bids, bids are sealed in envelopes that are later reviewed by the sellers.

The third way is the online way. These public online auctions give a benefit of convenient time and comfortable atmosphere to place the bidding. All bids from across the world are relayed online in real time. This allows a virtual bidder to stand at par with a bidder who is actually attending the auction.

Increase your car’s value

First impression is the primary thing in these auctions. A shining, painted and clean car will attract more buyers. Hence, it must be as clean as possible. Many salvage companies clean the car and charge a nominal fee, but they need to be instructed specifically for that. More bidders will come to your car if the tires are properly filled up and the batteries are fully charged.

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How to Sell a Salvage Automobile at an Auction, Seekyt
General Contributor
Janice is a writer from Chicago, IL. She created the "simple living as told by me" newsletter with more than 12,000 subscribers about Living Better and is a founder of Seekyt.