how do you buys cars from auctions?
04-23-04, 10:01 AM
#1
how do you buys cars from auctions?
I know that you need a dealers license or I think you do but does any one here know exactly whats needed to be able to buy car from auction.... I bought my car through a broker who went to an auction to pick up my GS4 and I bought my car for low blue book + tax & lic which was a pretty good deal now I know he made $ cuz he got got it cheaoer than that so how can i start to do this what do I need to do to get started
04-23-04, 10:14 AM
#2
Lexus Fanatic
Be CAREFUL
Different auctions, of course, have different policies, but in general, auction buys can be VERY risky. Often you are not allowed a test-drive, or even a preliminary inspection. At many auctions, the cars are simply brought out in public, and the bidding starts. The auction itself usually provides no warranty...it is buy at your own risk, though sometimes the balance of a factory waranty still applies if it is transferable from the first to subsequent owners.
And why are those vehicles up for auction in the first place? Many times ( not always, of course ) , they are bank repros from people who couldn't (or wouldn't ) make the payments, or vehicles that have been impounded by police or Government agencies for their use in crime, drugs, etc.....
That's NOT to say that you can't find some excellent buys at auctions....you can, and sometimes do. But my point is...be careful. You can get stuck with some real junk that nobody else wants.
And why are those vehicles up for auction in the first place? Many times ( not always, of course ) , they are bank repros from people who couldn't (or wouldn't ) make the payments, or vehicles that have been impounded by police or Government agencies for their use in crime, drugs, etc.....
That's NOT to say that you can't find some excellent buys at auctions....you can, and sometimes do. But my point is...be careful. You can get stuck with some real junk that nobody else wants.
04-23-04, 01:07 PM
#5
in ny, you need to have access to a lot, where you can display cars to the public. Im assuming it will be like that in CA as well. Depending on where your lot is located, you may be able to obtain a retail license to sell cars. You should check with local dmv, etc to get the exact info.
04-23-04, 01:31 PM
#6
Lexus Fanatic
Oops!
LEXISM, did your first question deal with just buying cars at auctions or actually getting into buisness operating one? Seems unclear....but if my reply dealt with the wrong subject here, my apologies.
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