subject: What you need to know about public salvage auto auctions Public Auctions [print this page] What you need to know about public salvage auto auctions Public Auctions
Public auctions are places where items are sold to the highest bidder. Public salvage auto auctions auto are usually held by insurance companies. Sometimes vehicles are wrecked, weather damaged, or stolen. In these cases the insurance companies have to pay out the claim amount once the car owners have paid their premiums. As soon as the claim amount is paid out these vehicles become the property of the insurance companies. The vehicles may be totally written off, or they may be new stolen cars recovered after the claim has been paid. The insurance companies in an attempt to recover the amounts paid out, will have public auctions in order to sell off these salvaged vehicles.
Public Salvage Auto auctions
The public auction procedure is simple. First you are asked to register for bidding at the auction. Then you are allowed to view the salvaged cars. Vehicles are usually sold as is, without warranty, if you are the highest bidder.
You may be asked to make a down payment, on the day of the auction, and the make the rest of the payment within a given time. Remember to take your driver's license with you as may need this in order to carry out your transactions. A good idea is to view the vehicles online before you get to the auction.
Tips and Warnings
At auctions it is important that you inspect the vehicle thoroughly. It may be a good idea to take your mechanic with you. A vehicle may look crushed up but may actually have a brand new engine. The vehicle may be scraped and the individual parts that are road worthy be sold. Good buys are new cars that can actually be bought from salvaged insurance auctions. When new vehicles are stolen and recovered they are given salvaged titles and are sold at good prices.
Ensure that you see the proper documentation before you purchase, and examine the title in detail. Note that bid cancellations are possible if the seller finds it uncomfortable to do business with the buyer. Also ask about your rights to retract, and the possibilities of losing your deposit if your wish to change your mind.
See if the caveat emptor applies at the auction. This means that you are responsible to examine, judge and test the automobile before you purchase. It means that the goods you are about to purchase may have defects or be unsuitable your needs. Of course you would not want to waste your money, so be thorough in examining your salvaged autos before you make your deposit.
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