When you’re looking for a great deal on a car, wholesale auto auctions can be the perfect place to start. These auctions let you buy cars at prices way below what you’d find at a used car dealership.
But did you know that there are two types of wholesale auto auctions? You can either go to an in-person live car auction or try your luck with an online car auction. Both options have their pros and cons, so which one is right for you?
I want to share my experience and thoughts with you about online car auctions compared to in-person live car auctions held locally. I’ll talk about how they work, what you need to know before going to each type of auction, and even some tips for success. It’s vital to understand the basics of public car auctions before going in.
My Own Thoughts on Online Car Auctions
Buying a used car through an online auction is now easier than ever, with options available for both public and local buyers.
I’ll never forget the first time I tried to buy a car online. It was a classic Ford Bronco, and the pictures made it look like it was in mint condition.
I was so excited to win the auction that I didn’t even bother to read the inspection report. Big mistake. When the Bronco arrived, it looked like it had been driven through a war zone.
The paint was peeling, the engine was sputtering, and the interior was full of rust. I learned a valuable lesson that day: never trust pictures alone.
My Pro Tip: Always, always read the inspection report before you bid.
Online car auctions, like most things, have both good and bad points. They’re becoming more popular as another option besides the usual in-person car auctions.
Online car auctions for public bidders have become increasingly popular in recent years. They offer convenience and accessibility to a wider audience. Auto auctions online allow bidders to bid from the comfort of their homes or offices, eliminating the need for travel and accommodation expenses.
Online car auction websites usually provide detailed vehicle information and VIN history reports. However, some drawbacks exist as well.
In an online environment, bidders cannot physically inspect vehicles before bidding on them or hear them run. This lack of tactile interaction may lead to buyers overlooking potential issues that could be spotted during a physical inspection.
However, there are some online wholesale used car auctions that allow bidders to inspect the cars in person on certain days and then holds the auction online.
While they offer many advantages, such as convenience and access to a larger inventory of vehicles at competitive prices, potential buyers must also consider the risks associated with not being able to see and touch the auction vehicles in person before bidding on them.
Ultimately, it is up to each individual bidder to determine if online car auctions are worth the extra risk vs buying at wholesale auto auctions locally.
My Thoughts on Live Car Auctions Held Onsite
With live car auctions held onsite, there are some advantages and disadvantages you should consider. One of the major benefits of attending these used car auctions is that you can see the auction cars in person.
This allows you to inspect the vehicles closely and get a better idea of their condition. Being able to hear the engine running and even test drive the cars can help you make a more informed decision when bidding.
There are also some drawbacks to attending public car auctions held at a physical location. It may be difficult to find an auto auction open to public buyers in your area or one that suits your schedule.
Onsite auctions can be overwhelming for first-time attendees, as they may not be familiar with how everything works. In comparison, flipping used cars at auto auctions (click to read my guide) offer greater flexibility in terms of timing and location, allowing users to bid in wholesale car auctions online from anywhere with an internet connection.
While both options have their pros and cons, it ultimately depends on your preference when deciding between online and live car auctions.
If you prefer being able to examine vehicles in person before placing bids, then attending an onsite auction may be a better choice for you. However, if convenience is more important and you’re comfortable deciding based on photos and descriptions provided by sellers, then participating in public car auctions through online platforms could be the way to go.
How Does A Live Onsite Auto Auction Work?
If you’re interested in buying a car at a live onsite auto auction, you’ll need to register first. You’ll need to provide your name, address, and valid ID. Once you’re registered, you can start the bidding process.
You’ll get to check out the cars up close and bid on the one you want. To make sure the process is fair, the auctioneer will call out the bids until the highest bidder is determined. Once the bidding is over, you’ll need to make your payment. This can be done in cash, but some I see some auctions that will take credit cards. Always ask first.
Car Auction Registration
The process of registering for an onsite auto auction is generally easy, but it’s essential to do it correctly to ensure you don’t miss any bargains.
To register, you’ll typically need to provide some basic personal information and possibly pay a small registration fee. Some auctions may also require proof of financing or a deposit. The most important thing you’ll need is a valid driver’s license.
Once you’re registered, the fun begins! Arrive at the auto auction lot early to give yourself plenty of time to browse through the available cars and make a list of your top choices. I suggest a shortlist of a least three or four and never “fall in love” with just one auction car because you might end up bidding too much.
Don’t forget to bring any necessary paperwork with you, such as your driver’s license and proof of insurance. And remember – bidding can be fast-paced and competitive at live onsite auto auctions, so stay sharp and focused on getting the best deal possible.
Bidding Process
Now that you’re fully registered and have narrowed down your top car choices, it’s time to get ready for the exhilarating bidding process at a live auto auction. Before the auction begins, make sure you’ve got a suitable spot where you can clearly see and hear the auctioneer.
I like to watch and learn from the experienced bidders around me when joining an auto auction for the first time. You should not just show up at auction time and start bidding, because you are likely to make mistakes.
During the bidding process, the auctioneer will start by announcing the opening bid for each car, and interested buyers will raise their bidder cards or shout out their bids.
Most public car auctions will have “ring men” that are trained to take your bid and pass it to the auctioneer so that the auction does not slow down. These ring men (and sometimes women) are trained to interact with first-time bidders so do not worry, it is their job to help you.
The auctioneer will continue to announce increasingly higher bids until there are no more takers. They’ll declare the highest bidder as the winner of that vehicle.
Keep in mind that things can move pretty quickly during an onsite auto auction, so be prepared to act fast and know the auction rules before bidding. In my experience, public car auctions tend to be a bit slower paced than dealer car auctions so do not worry.
Payment
Once you’ve successfully placed the winning bid on a car, it’s time to take care of the payment process. At most live onsite auto auctions, you’ll be required to make a deposit or pay for the vehicle in full on the spot.
They usually accept various forms of payment, including cash, credit cards, and cashier’s checks. Be sure to check with the auto auction before attending to confirm their accepted payment methods.
When making your payment, don’t forget that there may be additional fees on top of your winning bid amount. These might include taxes, registration fees, and car auction buyer’s fees – which is a percentage added by the auction company as their fee. Sometimes it will be a sliding scale instead of a percentage.
Make sure you’re aware of all these extra costs so that you can stay within your budget while paying for your new ride. Just remember that it’s important to stay patient and focused during a live onsite auto auction.
Are Auction Cars Good From Used Car Auctions?
Auction cars from used car auctions can be a good option for potential buyers, depending on the individual’s needs and preferences. Vehicles at wholesale used car auctions, which are sometimes open to the public, come from various sources such as trade-ins, lease returns, police seizure vehicles, tow impounds, rental fleets, and repossessions.
Auto auctions offer a chance to snag a used car bargain, but buyer beware! Vehicle quality runs the gamut, so close inspection is helpful before you raise your paddle.
Now, let’s get real. Not all auction cars are equal. Some may have cosmetic issues or minor mechanical problems that can easily be fixed, while others could be hiding serious issues beneath their shiny exteriors.
Deciding Between a Online Car Auction or Live Car Auction
Choosing between online and live car auctions is like picking your favorite flavor of ice cream – it all depends on your preferences and needs. Online auctions offer convenience and a wider selection, while live auctions provide excitement and the chance to inspect vehicles in person. They are popular with those looking to export cars from USA car auctions.
Last updated on February 9th, 2025 at 02:45 am
