Police Auto Auctions
So it’s about that time. You need a new car for the family, but money is a little tight and not exactly growing on trees. This is not a big problem and shouldn’t concern you. It’s definitely not strange to see people saving as much as possibly can on their purchases with the prevaling economic situation
We’ve all heard of the savings one can make at a police auto auction, but the question remains: Are they really as lucrative as many folks make them out to be.
Perhaps you can best answer this question by looking at the origin of autos sold at police auctions. These are all vehicles that have been seized from criminals. This simply imples that, compared to a financial institution, police departments don’t have any motivation to achieve high prices at the auction events. For prospective buyers this is heaven. The reason is because you are dealing with someone selling a product and doesn’t necessary want a high, market related price.
So the idea of these police auto auctions seems attractive to you. What’s the next step then?
The easiest thing you can do is to get in touch with your local police station. There’s a really good possibility that the first person you speak to doesn’t know how to assist you. If you’re a little luckier they may actually transfer your call to a relevant asset management department. Get the information from these guys and go to the very next auction – really simple.
You also hear of these events through flyers, newspapers, online advertising platforms, etc.
Now that you know the auction dates, really only about fifteen to 20% of your work is done. A wise next step is then to procure a list of the cars that will be put up for sale at the next auction event. This catalogue is made available by the auctioneer. Working from this list you will be in a position to identify the cars that you wish to further pursue for potential purchase.
After having obtained this list allocate your resources and time in doing the ‘auction homework’, i.e. vehicle inspections, market valuations and other relevant background checks. This will position you to highlight the cars you wish to bid and potentially purchase and identify the ones that you won’t wish to. Arguably the top tip and number one rule to keep in mind is not to let your emotions run away with you. Your bidding strategy should be guided by the hard prep work you’ve done beforehand. If you follow this particular ‘blueprint’ you will purchase your next vehicle for significantly less than what you intended!
