Seized Vehicle Auction Key Terms

Learn the lingo of seized vehicle auctions
By Shannon Tani If you're interested in seized automobile auctions from the government, you'll want to understand a few of the associated words. This will help you to know what you're getting in to. You can get a good deal at a government auction, especially when there is no reserve price, but you need to be aware that all goods are sold in as-is condition. Buyer beware. Start with the following terms and you'll be well on your way to seized auction success.

Sealed bid vs. live auction

In a sealed bid auction, bidders place their bid in an envelope. The envelopes are then opened and the highest big wins. This does not offer the best deals because you don't know what others are bidding and simply have to go with the highest you are willing to spend. A live auction is the more traditional style, where bidders bid in person and compete with each other.
Try:  Learn more about sealed bid and live auctions at Tranzon.

Reserve price

The reserve price is the lowest amount that the seller will accept for a product. If the reserve is not met in the bidding, the seller is not obligated to sell the item. This is a measure to protect the seller from being forced to sell a high priced item at a low price.
Try:  Auctus Development, Inc. describes a reserve price in addition to other auction terms.

As-is

Seized vehicles are sold in as-is condition. This means that the buyer is not assured that the vehicle is in good working condition. There could be significant mechanical damage. This is a risk that one takes for the low cost of cars at government auctions.
Try:  Learn more about what as-is condition means from the Lemon Law Center.

Asset Forfeiture Program

The Asset Forfeiture Program is the program that seizes assets in the case of a crime. It is sponsored by the U.S. Department of Justice.
Try:  Visit the U.S. Department of Justice to learn more about the program.

Online auctions for seized vehicles

Not all seized vehicle auctions take the traditional live format. It's also popular to hold auctions online.
Try:  PoliceAuctions.com offers auctions of seized vehicles and other goods.

U.S. Marshals Service

The U.S. Marshals Service is an official source of information about seized vehicle auctions. This is one of the best starting points if you are interested in purchasing a vehicle at a government auction.
Try:  Visit the U.S. Marshals Service website to learn about upcoming sales.