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Auto Auctions Key Terms

If you know what you're doing, auto auctions can be a great way to purchase a vehicle for your delivery business, a car for business travel or other company needs. There are several terms in auto auctions that you should know in order to make sure you don't get cheated, including the different types of auto auctions and vehicle description terms.

Types of auctions

There are several types of auto auctions you should be aware of. A public auction is, obviously, open to the public. Bidders can attend a private auction by invitation only. Preset auctions mean that even if someone bids only a dollar on a vehicle, the auctioneer must accept it. In the alternative, vehicles in a reserve auction must meet a reserve price to sell.
Try: Auto Beyond offers more information on the different types of auto auctions.

Salvage

If you're looking to purchase a vehicle and the auctioneer mentions it is a salvage title, buyer beware. A salvage vehicle is a car that was in an accident and totaled, but repaired.
Try: AutoCheck provides more details as to why you should be careful about purchasing a salvage title vehicle.

MSRP

MSRP stands for manufacturer's suggested retail price. If you own a car dealership and are attending an auction to supply your used car lot, be sure that you're aware of a vehicle's MSRP to determine if you can make a profit.
Try: Obtain more information on MSRP from Autotropolis.

Buyer's premium

When you purchase a vehicle at an auto auction, your bidding price isn't all you pay. You have to pay taxes as well as a buyer's premium. A buyer's premium is a fee the auctioning company charges for its services. It's either a flat fee or a percentage of the sale.
Try: Car Buying Tips explains the buyer's premium in its auto auction advice section. Scroll down to the section entitled "The price you pay for the car is always higher than what you bid!"

VIN

VIN stands for vehicle identification number, which is placed on a vehicle when it's manufactured and is as significant as a fingerprint. Every incident that a vehicle goes through attaches to the VIN, and you can research these things when looking to purchase a vehicle at an auto auction to make sure it's a worthwhile purchase.
Try: Auto Insurance Tips helps you understand and decode a vehicle's VIN.

Abbreviations

There are several abbreviations that may be listed on a vehicle's information sheet at an auction. Some of these abbreviations may include "ADJ" for adjustable, "BS" for bucket seats, "FI" for fuel injection and "LIC" for license.
Try: Go to GSA Auctions for a full list of abbreviations that auctioneers may use in written vehicle descriptions.

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Tips & Advice to help you make your decision on Auto Auctions

Are you looking for a good place to purchase a car at below average prices? Many car buyers find the car they are looking for at a price they like at auto auctions.

Auto auctions are a great place to find quality vehicles at prices that are often substantially lower than elsewhere. Many cars sold at automobile auctions have been impounded by the authorities or seized by the government. Others are former fleet vehicles that have been sold off to make way for newer models. Many automobile auctions take place entirely online which makes it easy to bid on a vehicle from your home or office. Some automobile auctions have registration or buyer's fees while others do not.

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