You should know some basic information about auction before you go for it, if not you would face many problems. Here are the basic things to be known.
Auction is where you get lots of profit on purchase/sale of you art, land crops, in past even people were auctioned and even the Roman Empire was auctioned.
What is automotive auction?
Automatative auction is a place for car dealers to remarket their cars. This gives the dealers the good opportunity to get cars a high profit which they are looking for. The auction is made for market cars. This auction may vary in size according to the employees, car or the depending upon the space available to conduct the auction
How to participate?
Before going for an auction confirm whether it is a open auction or a closed auction. In open auction any participant or dealers can participate but in closed auction only the registered dealers are allowed. Before going for the auction also is clear about what type of vehicle you need this save time and is going to be very useful.
If you need complete information about the auction then you have the facility to search the information online. If you have any doubts then it would be easy to find a solution online. The biding process, services offered and other questions are taken care when you are inspecting the details. After identifying the information make sure to get the bidder’s badge. The vehicle may be placed on different lane, so get the idea from he person who is aware of it.
This is the way of purchasing the vehicle at the lower price. It is also known as ‘reverse’ or ‘low’ price in which the participant has the chance to bid for the less value. If the seller is satisfied then he may agree to sell the car on specified period of time.
How to estimate the value of the vehicle?
You have to inspect the pre-selling inspections where you will find the seller’s name, model of the vehicle, mileage, run number and lane assignments are posted .In some auction houses post sale inspection is available where you can check the engine, air-conditioning, brakes, frame, transmission and rear end.
This helps to protect the interest of the buyer and the seller of the vehicle. If you need to test drive the car you need to just present the I.D. which is valid to the authorized person.
Next step after you won the bidding
After you have won the bid go to the front office and provide your bidding card and the card provided after you won the bid. Then they will arrange for payment. Then they will transfer the title to you and a pass will be issued to the vehicle you have purchased.
Cyberlots or cyber auctions allow the sellers to advertise their auction on the website. This includes the information about the buyer, information about the vehicle they want to sell with a photograph. But these auctions have only limited time frame and these are the new techonologicies which help to make a bid even in internet