Five Frequently Asked Questions About Buying A Car On Auction
Buying a car on auction has become a trusted avenue for securing a car for a reasonable price. However, it isn’t unlikely for the processes to seem unclear and to have questions about buying a car on auction. If you are unfamiliar with the what’s and why’s of car auctions, here are five frequently asked questions about buying a car on auction.
What Is An Online Car Auction?
Online auctions are growing in popularity today. Ultimately, sellers have an advantage when showcasing cars at online auctions as they reach a much larger audience of bidders. Online bidding is open until a definite closing date and time, where after sellers will consider all bids that haven been placed within that time frame while buyers have the opportunity to bid from the comfort of their homes.
Is The Winning Bid The Highest Bid?
The seller has full discretion in deciding on the winning bid, choosing the bid that they deem the best. This doesn’t always mean the best bid is the highest one. The best bid is ultimately elected by the deposit amount paid upfront in relation to the total amount, with consideration for the buyer’s financial bidding history. This is for the purpose of ensuring that the bidder in question can in fact make the full payment for the auction car without any issues.
Who Owns The Auction Cars?
Ownership of the auction cars seldom falls under the auction houses themselves. Any individual or company wishing to auction a car may do so, and the car will be registered under the seller’s ownership until it is successfully sold on auction.
What Is Required To Participate In A Car Auction?
All bidders must register per auction before they can place any bids. This entails providing certain personal information as well as refundable fee per auction. Although this information is stored, it will not be used unless the bidder has given permission.
How Often Are Car Auctions Held?
Car auctions are held as often as there are cars to be sold, however the time between auctions depends on auctioneers. If you are interested in participating in a car auction, be sure to stay updated with your chosen trusted auction house on when auctions will be taking place. Once an advertisement has been launched, an auction will take place soon after.
That concludes our runthrough of five frequently asked questions about buying a car on auction. Hopefully this has clarified some of the confusing aspects of buying a car on auction, and offered some guidance in your future car auction endeavours. Get in touch with a Motus Auto Auctions consultant today for more on buying a car on auction.