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Are these claims true? Government car auctions. Repossessed cars and trucks. Seized and surplus vehicles. Sounds like a terrific way to get a bargain car. How does it work? Are these real deals? Is there a catch?
Government seized auctions – The Basics
In short, various federal, state, and local government and law enforcement agencies regularly auction off surplus, unclaimed, and seized property, including automobiles, equipment, and even real estate. These are collectively known as “government seized auctions.”
Who holds government auctions? The General Services Administration (GSA) is one of the largest. Then there’s the FBI, IRS, DEA, U.S. Marshals, Department of the Treasury, Homeland Security, and Border Patrol, to name a few. State, county, and local governments also have regular auctions.
Included are state police, DOT, city and county law enforcement, city and county administrative departments, and fire departments. Banks and lending institutions also repossess property and automobiles from non-paying customers, and sell the goods through public auctions.
In most cases, government and bank auctions are handled by private auction companies under contract. These auctions are real. They take place almost every day in various parts of the country.
In most cases, anyone can attend and participate. And it is possible to find good deals. However, most people don’t know they exist.
Government seized auctions – How they work
Government seized-property or surplus auctions are held all over the country at various locations and on various schedules. Typically an auction is held at a particular location on a regular basis — usually monthly or quarterly or annually.
Local and national newspapers often have listings and details. Usually these are more than just car auctions. All kinds of property are included, including real estate. All vehicle types, makes, and models are sold at such auctions – SUVs, coupes, sedans, vans, minivans, even convertibles.
Obviously, these government agencies and lending institutions are hoping to get as much money as possible for their goods. But good bargains can be had. Otherwise, the auctions wouldn’t be as popular as they are and no one would participate. To buy at auction, you must be at least 18 years old and have a valid drivers license.
Some auctions are restricted to licensed car dealers, but most are not. Many auctions have a preview period of about two days preceding the auction in which you can look over and inspect the vehicles. However, in most cases, you will not be able to drive the vehicles although you can start them and check them over as much as you like.
And there are no warranties or guarantees, which is no different than most other used-car sales. For most government auctions there are no buyers fees or registration charges. The price of the vehicle is all you pay.
To become a good auction buyer, a little practice and self-training can help tremendously. This web site has an auto auction finder that could save you thousands of dollars.
So, What’s The Deal?
As we’ve already mentioned, there are always some risks in buying at government or repo car auctions. However, you can significantly lower your risks by knowing what you’re doing, knowing about the car(s) you want, researching your pricing, and understanding how the auction process works.
Auto Auctions for Public typically move very fast, so you should attend a few just to learn the pace and bidding techniques. If there’s a “catch” to government car auctions, it’s that there’s competition in the bidding. If the car you want is popular and in great condition, you can expect other people, including used-car dealers, to be just as interested in it as you are.
Competition and heavy bidding will drive auction prices up — sometimes beyond the real value of the vehicle. Don’t get caught up in the frenzy and overpay. Set a spending limit on each car you’re interested in.
The best bargains are usually on the older less-than-perfect vehicles that dealers don’t want to spend time and money on. Dealers go for the relatively late-model higher-priced vehicles.
Since dealers want to make a profit by buying low and selling high, you might be able to pick up a good car by bidding slightly higher than a dealer is willing to pay. Or bid on older vehicles that dealers don’t want.
Winning and Losing
You must be willing to bid and lose in any kind of auction. You must also be willing to bid and win, and be prepared to pay cash or finance within the required time set by the auction company.
You can apply for a pre-approved used-car loan at your bank or credit union and be prepared in case you win a bid. Personal checks are not usually accepted, although credit cards, money orders, certified checks, and traveler’s checks are accepted.
How do I find government seized car auctions?
Auto and property auctions of all types and sizes are held all over the country virtually every day. You have essentially two ways for locating these auctions in or near your area.
The first way to find government or repo auctions is to do the legwork yourself. Contact your local federal, state, county, and local government agencies to determine if they have auctions, where they are, and on what schedule.
Contact banks and financial institutions for their auctions, if they have them. Contact auction companies who handle auctions for banks and other clients. Most official government auctions are regularly announced in national newspapers (such as USA Today) or local newspapers as part of the legal requirements for conducting the auction.
These ads usually appear on a particular day of the week or month. For local or county auctions, notices and listings will appear in only one local newspaper. Find out which one.
Many government auctions and sales, both federal and state, are listed on the FirstGov.gov web site, run by the U.S. government.
Auction directory services
The second way of finding government car auctions is through an online auction directory service that does the legwork for you — for a fee. Fees vary but average about $40, usually a one-time charge for unlimited online access to listings of auctions.
An example of such a company providing this type of service is Gov-Auctions.org. This service provides directories of auctions all over the U.S., showing locations, descriptions of goods to be sold, schedules, and other details.
Times and locations of auctions can change, so make sure you check before setting out to attend one.
What to expect
When using an online auction directory service, don’t expect a full list of specific vehicles, descriptions, and prices for each auction because this information changes daily— although some services provide more detail than others.
A catalog of vehicles for a particular auction will be available on the day of the auction, or a few days prior, from the auction administrator.
One last thing
If you don’t plan on taking a mechanic around with you to car auctions (to inspect the vehicles), there is an excellent ebook, “Inspect Before You Buy”, on how to do inspections yourself, with checklists and details of exactly what to look for — and how to do it. It’s written by an experienced ASE certified mechanic, Jerry Ellingson.
Good Luck!
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– What’s the Deal?.
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