Physical And Virtual Car Auctions

One would imagine auto auctions to be assemblies of the wealthy, often represented by competent attendees or experts from reputable auction firms, bidding on ownership of rare and very expensive vintage automobiles. For those ignorant of auctions, it is almost unthinkable that used cars are auctioned.

In most countries, used cars are commonly auctioned. But sometimes new cars are part of the auction items. There are auction processes and laws that auctioneers follow to ensure fairness and order in conducting auto auctions.

In Japan, while the public can easily access information about cars and car auctions, individuals cannot simply attend and participate in these auctions. Being a member of the auction is a precondition for participation. By law, only car dealers can become members of car auctions. It is done to maintain harmony and order in car auctions, since only “professionals” participate in real auctions.

The cheap used cars that are in abundance, especially in most third world countries, are the product of the efforts of a small percentage of Japanese used vehicle importers who are obviously members of their used car auction groups. cars, which number more than 30, the main sources of used vehicles. These auto auctions are held regularly at more than 200 locations across the country.

Car auctions in the United States primarily cater to used car dealers as they are considered the largest sources of the used vehicle wholesale market. While most of these car auctions are generally not known to the public, some are openly advertised and held to dispose of unwanted inventory, such as those repossessed or seized by banks and finance firms for non-payment of leases. or write-offs, seizures by the police, IRS, DEA, FBI, and other government agencies, and may include new cars in inventory. Car auctions in the salvage market are the last frontier.

Auctioned “totaled” vehicles, or those that are damaged beyond repair or where the costs of restoration efforts exceed current value, still get a small salvage value.

The UK has very similar processes and auctioneers to the US, but the general public, small and large car dealer groups are involved. Most of the auctioned vehicles belong to company fleets and are therefore in satisfactory, if not excellent, condition relative to their mileage.

Car auctions in the rest of the world follow a similar pattern to the countries mentioned above, the most significant influences in the global car market.

Relatively new to the market, online car auctions are all the rage. eBay makes a splash at car auctions, for very small fees charged to sellers. The process is very simple. It’s about creating an eBay account that becomes your passport to becoming an online car auctioneer. Not surprisingly, prospective buyers prefer to buy from sellers within their locality so they can get an optical and physical inspection, a smart prerequisite before concluding any car purchase transaction.