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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!

Hello i am looking to buy a repairable truck, im looking to find a yard where insurance sell there autos as salvage or auction them off. Does anybody know of a place where i can go to in California or a good website for salvage cars/repairable cars that is not EBAY?
Thank you!

An auto auction refers to a selling event that observes the sale of vehicles to buyers who bid the highest value for a particular vehicle or a fleet of motor vehicles. Auto Auction is a phrase that engulfs a range of auctions within itself such as car auction, seized vehicle auction, public car auction, used car auction, and car salvage auction, etc. The process of auction can be witnessed in some form or other in every part of the world with a slight difference in the course of events.

 

Auctions are the most sought after events by auto lovers as they can lay hands upon the best of vehicles available at the least possible prices. Yet most of the auto lovers can not attend every auction due to the distance factor.

 

The invention of Internet seems to have made this possible in the form of an online car auction. The format of an auction would truly depend upon the organizers. Whether it would be open to the general public or not depends upon the sole discretion of the organizers. They may decide to keep the auction as a closed event. This implies that only the invitees can participate in the auction and that it is not open to everyone in the general public.

 

For such auctions, the organizers issue formal invitations. To clarify this further, one may consider the example of a used car auction that should and would naturally be open only for the authorized auto dealers selling used cars. Other examples of closed auctions involve paid auctions that require the participants to pay a particular amount of money as the participation fee. The organizers of such paid auctions normally are either the government bodies or private liquidators.

 

Open car auctions are for anyone and everyone to participate. These auctions too imply certain guiding regulations upon the bidders. The main condition to partake is that the bidders necessarily are required to prove the fact that they possess all the resources required to bid on various vehicles presented at the event.

 

These proofs may include bank lines of credit of the bidder, income proofs, salary details in case of employed individuals, or any other document indicating the eligibility of the participant. These documents validate that the bidder has potential resources on hand and he/she can pay for the vehicle(s) acquired at the auction. Once these proofs are attested by the authorities, the bidder is admitted to the auction and is allowed to bid upon any vehicle.

 

Auto auctions can be conducted either as a profit making event or as a way to generate money for a social cause. If the former is the case, the auction normally aims at generating revenue for a government agency and levies participation fees as well. In the latter case, however, the process generally gets completed by a silent ballot. In this case, the highest bid submitted at the auction table is declared the as winner.

Irrespective of the type of bid and structure of the organizing body, the truth about auctions in general and auto auction in particular is the highest possibility of maximum gains for the bidder. 

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