BUYING CARS AT ONLINE AUCTIONS:

Buying a car at auction can be a tricky business at first, but with practice you will develop your buying style and feel comfortable in this environment. It is loud, fast, very exciting and with huge potential for both profit and loss.

Here are some strategies that can help you make the most of your auction experience:

DO YOUR HOMEWORK:

Before attending an auction, research the available vehicles. You can obtain this list online or by email by contacting the auction. Also, find out the market value of the vehicles. This will help you buy cars that are a good investment and avoid paying too much.

USE ONLINE APPS AND TOOLS TO DETERMINE PRICING:

You can use applications like AutoNiq, Manheim MMR, JD Power, Kelley Blue Book, Black Book. vAuto.

CARFAX, AUTOCHECK VEHICLE HISTORY:

Use apps like CarFax, AutoCheck or NMVTIS to check the vehicle history report to make sure the vehicle is not marked stolen, used as a salvage vehicle, has an airbag deployed, has frame damage, etc.

SET A BUDGET: Set the maximum amount you want to spend on a vehicle and stick to it. It's easy to get carried away by the excitement of an auction and spend too much. A budget will help you avoid this.

Example: Leave at least 1000 – 1500 wiggle room under the Clean Trade Value (JD Power). If the trade is 10,000, you want to buy the car for 8,000 – 8,500.

CHECK THE CARS:

Take your time and inspect cars carefully before bidding on them. Look for signs of damage, wear and tear, and other problems that could affect the car's value.

VISIT AUCTIONS REGULARLY:

Attend auctions regularly to better understand how they work and what types of vehicles are available. This will help you become more familiar with the bidding process and help you make better decisions about which cars to bid on. It will also help you build relationships with other buyers and sellers. Sometimes it helps to be in the right place at the right time.

Be ready to walk away:

Don't get too attached to the car and be prepared to walk away if the bid is too high or the car doesn't meet your expectations. Remember that there will always be more opportunities to buy cars at future auctions. Don't get involved in a bidding war.

BID STRATEGICALLY:

When bidding on a car, WAIT until the last bid and be the last to bid. The auctioneer starts with a high number and lowers the bid very sharply until buyers bite and start bidding.

Tips: No bidding wars. DO NOT let the vending machine outbid you! ALWAYS run Carfax, know your numbers!

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