With car auctions, people have the opportunity to walk away with a great vehicle on the cheap. Remember, the highest bidder wins, and if no one surpasses your bid, then you will go home with a good car without necessarily spending a fortune. But you will need to understand how car auctions work in order to have an easy time at the point of auction. Here is how it works:
Registration for the Auction
To be eligible to participate in a car auction, you will first need to register. During registration, you will be required to provide your driving licence. You will need to show proof of authority if you are acting on behalf of someone else.
Issuance of a Buyer’s Number
Once you have registered to take part in a car auction, a buyer’s number will be assigned to you. This number permits you to bid on a certain car. No buyer is allowed to bid on a car whose buyer’s number they don’t have.
Once you have successfully bid for a car, you will be required to make a partial payment the same day and complete the payment the following business day. If you fail to complete the payment as required, chances are that you will not get the car. That means you should not participate in car auctions unless you have the money readily available.
Withdrawal of Bids is not Allowed
Once you have placed your bid, you will not be able to withdraw it. That is why it is advisable to bid only when you are ready to buy.
Conditions of Sale Apply
Typically, an auction house will have the so-called conditions of sale, which bidders must read carefully. Conditions of sale contain all the information that bidders should know before bidding on any car. Such information may include such things as taxes and extra fees (if any), and it helps to understand what the car will cost in full.