Buying Trucks at Auction - A 'How-to' guide
If you are new to truck buying at auction, it can be a daunting task
. The allure of quality commercial vehicles at low prices can be strong and on the odd occasion some people forget to observe the basic principles of auction buying that minimises their risk. This can sometimes result in purchasing a vehicle that does not fully fulfil their needs.My first piece of advice is to know what you need. Treat the process in the same way as you would when purchasing your own car or holiday. Make a list of exactly what you want out of your vehicle, once you have made this list consider how your business will grow. This way you can see how the business's growth might affect the vehicle's future usage.
So now you know what you need. Anything fitting these specifications should in theory serve you well for years to come. All you need to do now is find something that fits these requirements.
This is where research comes into play. You will need to get a good idea of which particular vehicle models will serve this purpose and get an idea of their retail price and their price at auction. Once you have these, you can monitor price trends and buy when a particular vehicle really stands out as a great deal. You can scour online vehicle auction sites and used automotive sites to get a good handle on typical prices.
Once you have found a suitable vehicle at a great price, or with a low reserve at auction you will need to go and buy it. You should however, observe some basic principles when you do.
First off, have you found the vehicle in an online auction or a real life auction? As the buying process differs significantly between the two types of auction.
Online auctions: In an online auction, you will often find an in-depth description of the vehicle as well as photos and other bits of helpful information. This should give you a good idea of the vehicle's history and its cosmetic condition. There are also some auction sites that will carry out an inspection of the vehicle and will report their findings as part of their value-add. This is great as it means that you will not have to worry about doing this yourself, especially if you are not mechanically minded. Further to this, some of these auctioneers will also provide their own vehicle warrantee on particularly splendid vehicles.
On sites like these you need only to out-bid your competition to secure the vehicle. All that is left then is for you to visit the seller and pick it up in the time outlined in the terms and conditions. If the vehicle does not match its description you are entitled to dispute the purchase
Real-life auctions: In a real life auction, the onus is more on you as a buyer to make an informed decision as typically, auction lots tend not to be checked by the auction house and this responsibility is instead passed on to potential buyers. You will need to visit the auction lot wherever it is parked and carry out your own inspection with the limited access that you are granted. Based upon this inspection and the brief five minutes the vehicle spends driving in and out of the auction hall; you will have to decide whether or not you want the vehicle. This is tough as there may be faults that do not make themselves felt during a short, unladen drive. As the vehicle moves through the auction hall, it has its description read out. This is where you have to keep your wits about you as some of the terms auctioneers use are not always self explanatory. Remember to ask questions of your fellow buyers in case you are not sure and note down what you learn, this is all part of your research.
All you need to do then is bid on the vehicle your research has led you to and hopefully, you will get just what you were looking for at a great price.
As you can see there are different methods of purchasing at auction, each with its own unique merits and challenges. Ultimately, if you want to minimise risk but do not have the time to check out all of the vehicles yourself, online auctions from reputable auction houses are probably more suitable for you.
For more information on truck and commercial vehicle auctions visit http://www.truckauctionworld.com
Buying Trucks at Auction - A 'How-to' guide
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