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Seized Auto Actions Step-by-Step Guide
Andrew Pier
http://www.strongbusinessoptions.com/car-auctions.html
The following is a guide for knowing what to do when you attend a seized car
auction. Great advise both for the beginer and the experienced.
1 If possible, have a friend or family member accompany you to the auction
event. They'll almost always spot something that you missed in the inspection
process, and your friend can save on transportation costs by driving your new
vehicle home. If that's not possible, check the list of local mechanics, who'
ll be glad to hear about an auction in your area. They may even help with the
inspection for free!
2. Upon arrival, go through the registration process. The registrar will give
you a bidder's badge, a copy of the rules and regulations, and if you ask for
it, a copy of the latest auction inventory (very important).
3. Examine the auction inventory for cars you wish to bid on. Hi-light these
entries you're interested in, and pencil in the low and high wholesale prices
you found from the Edmunds Used Car pricing guide.
4. Head out to the vehicle lot to start the inspection process. The vehicles
will be arranged in the exact order of the latest auction inventory list, so
just start from the top and work your way through ! It's important to stay
organized in this step, or you'll end up wasting a lot of time going back and
forth across the parking lot!
5. As you go through the list, inspect only those you've hi-lighted. It's
important to budget your time so that you get to inspect all the cars you hi-
lighted. You should also leave a 15 minute cushion at the end for reasons we'
ll describe later. As an example, if you have 20 cars hi-lighted and 3 hrs
for inspection that leaves 2 hrs 45 minutes for 20 cars or about 8.25 minutes
per car. Obviously, some cars will take more time than others, so use the 8.
25 minutes as a guide-line understanding you'll have to make up time on
another car if you're spending more than 8.25 minutes on a particular car.
carry a sportwatch with you or other alert devise and set a timer to beep
every 8 minutes (in this case) to keep you on track.
6. Use an inspection (search online for used car inspection list) for each
vehicle. Going through a checkpoint list will be much quicker than trying to
do inspection in an ad-hoc fashion.
7.Remember to start each vehicle and listen for strange noises, odors and
leaks. This is also a good time to check the air conditioning system and
electronics. The inspection sheet should have the complete list of check-off
items.
8.Finish your inspections at least 10 -15 minutes before the bidding starts
so you can place yourself at the front of the bidders line. This will allow
you to see each vehicle, as it's rolling down the aisle, and hear the
auctioneer along with the competing bidders. This is important!
9.The bidding process is usually held in a large warehouse garage, open at
both ends. The vehicles are lined up, single file, and driven through the
warehouse, then stopped for bidding. Once the vehicle stops, all the
prospective bidders usually gather around the vehicle on all sides for one
last look. The auctioneer reads out the vehicle year and make and asks for an
opening bid. Often times, the auctioneer will suggest an opening bid, which
is usually at, or a little below, the wholesale price. If there are no takers,
which is the majority of the time, the auctioneer quickly lowers the opening
bid significantly. This process will continue until someone indicates a bid,
usually by voice or hand gesture. Once the minimum opening bid is accepted,
the real bidding begins in earnest.
The auctioneer announces the minimum bid increase, usually $50 - $100 and
starts to raise the price of the opening bid, each time asking for a bidder.
The auctioneer is speaking very quickly and will keep jumping to the next
higher bid, until he sees no takers. This is not a good time to scratch your
head, unless you mean't to bid. At this point he/she will ask for final bids,
three times, and if no one accepts, the bid is final, and the vehicle sold to
the highest bidder. This whole process usually takes less than a minute,
which underscores the need for preparation. It's also important during this
process to stick to your plan. Only bid on the vehicles you hi-lighted, or
you may end up buying something for which you have no idea of it's condition
or worth.
10.The winning badge number is recorded and the bidder is ushered to the
records desk near the auctioneer. Vehicle information and final price are
confirmed here, along with some possible questions to verify the bidder. The
winning bidder will receive documentation that will be used for verification
during final payment and vehicle pickup. Most auctions give you till 6 pm the
same day to do both, even when the rules state otherwise - often 90 minutes.
Check with your auctioneer to be sure.
11.To pay for your vehicle, go to the main office where a cashier will be
available to take payment and give you four things.
1. A U.S. Government issued title transfer certificate.
2. A Damage Disclosure statement.
3. An Auctioneer's Receipt with odometer reading.
4. The keys!
Before leaving the main office, make sure the VIN (Vehicle Identification
Number) on the title certificate matches the one on your inspection report.
Also, check the damage disclosure statement and odometer reading for accuracy,
against your handy inspection report.
12.You will need to remove your new vehicle the day of the sale, so unless
you've pre-arranged with one of our transportation partners, you'd best have
your friend drive your vehicle home, or to a nearby garage where you can have
the vehicle taken through a professional inspection. Alternatively, you can
get a ride out to the auction house, assuming you have a ride back, if you
decided not to buy a car that day. You can pick up your new vehicle from the
original spot you inspected it and simply drive it off the lot through the
auctioneer's gates. Be prepared to present the paperwork you received from
the auctioneer, as you'll need it at the gate.
13.This is a good time to head toward the DMV (Division of Motor Vehicles),
where you'll present your documents for proper title transfer and get your
new license plate, and registration. Be prepared to pay about $200 - $300 in
taxes. You could also head to a nearby garage to go through a thorough
professional inspection. Don't know of any in the area ? Use our handy
mechanic finder under the Best of the Web tab, showing mechanics in the area,
rated by users like you.
14.Once you leave the DMV, you'll need to contact your auto insurance company
to add this vehicle to your policy. Some states, require pollution
inspections, or state registration in addition. Make sure to check with your
state requirements on these points. Cost for doing these is low, but it's
good to get them out of the way early, so you don't forget later.
15.Congratulations, you're now the proud owner of your new dream vehicle !
Instead of wheeling and dealing with the dealers, you've set your own terms,
and should have saved thousands of dollars in the process. Not bad for a day
or two of extra work, especially if you consider you'd still have to do much
of this if you bought a vehicle through some other source!
Article submitted Saturday, July 05, 2008
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