Buying a car can be exciting, but nothing is more thrilling than participating in an online car auction in a city like Las Vegas. Everything is bigger in Vegas, and car auctions are no exception. From the big car auction names like Mecum and Barrett-Jackson and their annual events to the smaller auctions like SCA and Copart, bidding on a car really gets the blood pumping. Even if you’re not in the market for a car, it can be very entertaining to view online car auctions in Las Vegas for fun.
If you’re ready to participate in an online car auction in Las Vegas then keep reading to learn about the steps you need to take:
Check out the online auctions in Las Vegas and read their terms and conditions. Their “about” page will tell you who they are, how long they’ve been in business, what types of auctions they hold, and where they’re located. Some auctions are for dealers only, so look for auctions that are open to the public, like SCA Auctions, Copart, Insurance Auto Auctions (IAAI), and other auction sites. These sites auction off more than just cars; you’ll find trucks, heavy equipment, surplus, government vehicles, boats, and motorcycles for sale.
Create Your Account
Once you decide on the site you like, open an account with them. They’ll probably want information such as your name, address, phone number, and a copy of your ID. If you’re signing up for a public auction, you won’t need a dealer license, but if you plan on buying cars to sell, you can look at dealer-only auctions that cater to people who resell cars.
If you want a dealer license though, you need to check with your state’s DMV website and read all the of the rules and regulations.
Depending on which auction site you choose, you may need to further verify your information with proof of address or other documents. Register before bidding so that the auction site has time to verify your information.
Understand The Auction Site Terms
Read over all of the terms and conditions on the auction’s website so that you understand the bidding rules, buyer fees, the payment methods they accept, and how long you have before you need to pick up the vehicle you won.
There may be a registration fee you need to pay, and you may need to give them a credit card number or bank information.
Check Out The Inventory
You don’t have to register to view upcoming auctions or watch live bidding. Most sites give you a week to review the cars available before the bidding starts. The listings should have the car’s basic information like make, model, year, and mileage, but there should also be a section for the condition of the car and seller information.
If you see that it’s an insurance company selling the car, there may be damage that will need to be repaired. If a financial institution offers the vehicle, it may have been repossessed, and the car may not need any repairs at all.
Look at the photos carefully, and don’t be afraid to ask questions.
By researching the car thoroughly, you’ll know what the vehicle might be worth, what money you might have to put into it, and whether or not it’s within your budget.
Set A Budget
Once you know how much money you want to spend on the car, determine how much you will need to pay. There will be a buyer’s fee, taxes, registration, and transportation fees on top of the cost of the car, not to mention any costs to repair the vehicle.
Now is an excellent time to get a few quotes on transportation rates from several transport companies. The auction site may have a list of recommended drivers available, so check them out too.
When you know how much you are willing to spend, you can keep within your budget and not overpay for a car. If the car you want is a popular make and model, the bidding may go higher than you want to spend, so don’t get into a bidding war that costs you too much.
Some sites let you set automatic bids that will keep you under your maximum bid. You simply set your top bid, and the system will bid for you while the bidding is live. Once your maximum bid is reached, the system will stop bidding on your behalf.
Since bidding is fast, it can be hard to monitor the auction. The site may have a system to notify you that you’ve been outbid, and then you can decide whether you want to increase your bid or not. The best thing to do is watch the auction once it starts, so that you know whether you want to continue to bid.
Winning And Payment
If you win the auction, congratulations. From here, the auction site’s system may send you a winning email or a notification with instructions. The auction will tell you how to pay for the vehicle, what arrangements you must make to transport it, and other important information on finalizing the paperwork.
Once you complete the payment, arrange for the transportation of your vehicle from their designated pickup spot. This is where having a transport company familiar with the auction is a plus. They will already know where to go and when to be there.
Participating in an online car auction has some risks, so you need to understand the rules, learn as much as you can about the car, and know how much money is needed before you bid.