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Insurance salvage auto auctions are like a unknown and uncharted territory to most. While you can get some excellent deals there, you need to know how to properly use them to you advantage or you could end up getting burned. Use these FAQs as a guideline before even thinking about going to one.

1. What is a salvage auto auction? An insurance auction is basically a regular car auction that only sells vehicles that insurance companies have labeled as salvaged.

2. What are salvaged cars? Salvaged cars are those that have been in an accident, flood or fire and are considered totaled by the previous owner’s auto insurance. A salvage car could get that title for something as little as having the airbag deploy in a minor fender bender. Or be completely burned to a crisp.

3. Is there any risk involved? You’re taking more of a risk when buying from these type of car auctions because the cars are sold in as-is condition and will need repairs and/or body work done. Sometimes the repairs could be as little as replacing a bumper to something so serious the car can only be used for parts. The car could’ve also been in a flood which will cause the electrical system to go out sooner or later. So, know what you’re getting into!

4. Who can go to one? Because of the risk involved, insurance salvage auto auctions are only open to car dealers that have a valid license. But, you can become friends with a local dealer that might take you along with them to their next auction. 9 times out of 10 they’ll charge you a fee though.

5. Where can I find an insurance auto auction near me? You can ask your local dealer or find a car auction site online that will give you some locations near you.

So, now you know the real deal about insurance salvage auto auctions. They sell cars that have been totaled, so you’re going to have to make some kind of repair to it no matter what. You can find one near you by looking online or going with a used car dealer you know. But, you’re really better off going to a regular public auto auction that has cars that are generally in good condition. That way you don’t have to come out of your pockets to pay for repairs.

Not feeling too sure about going to a insurance salvage auto auction? I don’t blame you. Thankfully there are plenty of public, government and police car auctions you can go to that will still save you 00′s off your next car.

Find out local car auctions in your area by visiting MyCarAuctionReview.com for the best car auction sites around!

Flipping used cars is a great way to get away from your dead end day job. The more number of cars you buy, the more focus you need to put in to your flipping job. Identifying cars with wholesale price for the retail purchase leaves you with a good start. Auto auctions are the right place to start.

Why Source Used Car From Auctions?
Off-lease cars, off-rental cars, company cars, fleet cars, repossessed cars, trade in cars and salvage cars find their way in to auctions. The main purpose of auctions is to make a quick sale of the cars at a price to dealers who can further sell it off for a decent profit in the retail market. You always get something flip worthy at an auction.

There Are Different Types of Auto Auctions

Public auto auctions
Police and Government auto auctions
Seized auto auctions
Salvage and insurance auto auctions
Wholesale auto auctions

Some auctions are open only to dealers and you might have to procure a dealer’s license to source cars from there.

 

What To Expect At The Auto Auction?
You cannot simply walk in to the auction and say, “Good cars here today! I’m going to bid on this car and I’m going to buy the car for the price I wave my hand.” There needs to be an order and there is.

You have to register to bid for an auction
The auctioneers need to be sure that you have enough funds to back your bid
You need to sign a contract to bid in the auction.
You need to have a bidder’s pass or at least a complementary pass to bid in closed auctions.
You need to have a driver’s license if you should drive the car away after winning the bid

Registering for the Auction
You should present yourselves at the bidding office, register your details before you bid. Before actually registering, the desk person would want to know about how you are going to pay for the purchase. They need to ensure that you have bucks to back your bid.

 

It is a problem if you bid without registering. Almost every auction process requires you to be registered.

Most of the auctions permit you to pay with cash, personal checks, bank letter of credit, credit cards and some exclusive methods permitted by the auctioneer. Once they verify that you are pay worthy, they require a few supporting documents like your driver’s license, social security number and other paper works.

You will pay a membership bill fee and a buy fee that will be a certain percentage and it differs between auctioneers. They provide you with a form to fill in the required details and the data updated in the computer. They update your picture in the computer.

The sooner the registration is complete, they print out a bidder confirmation slip. They also print out a bidder’s pass for you. They let the ring men know of your registration to let them know that they can consider your bid.

Proceeding To Bid
After you get your bidding pass, you can inspect the cars put up for the sale, read the description sheets on the cars represented by the sellers, test them and decide on the buy. This is the first step to flipping used cars.

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