Buying Cars At Auction

Monterey car auctions set a record -- $301.9 million in sales

While it's often just as exciting making the rounds to your local dealer and hunting down your ideal ride, an auction adds an element of the unknown and that underlying sense of competition amongst you and your fellow auction goers. While the concept of an auction process is not entirely complex, many of us shy away from the excitement it can be quite intense at times. But, don't dismiss the idea entirely you'd be cutting yourself out of a great automotive market. There are several points you should keep in mind if you do decide to purchase at auction specifically what rules and regulations apply to specific types of auctions so read on and get ready to bid. Government auction Government auctions offer buyers the potential to bid on vehicles with unique histories, and are open to the public with registration available for free. Following a near-identical format to typical auctions, government auctions are held in about 40 locations across the U.S. and are open to the public. A bidder can expect to see two types of vehicles at a government auction: 1) Government-seized property (taken by police and law enforcement agencies, the IRS, as well as customs and; 2) Car and trucks used by various government services. While a Bonnie and Clyde special is unlikely to be moving across the auction block, the condition of these seized vehicles can vary significantly and you should be wary of the cars you see up for bid. Government service vehicles are sold by the United States General Services Administration (GSA) after their leases end, and they can range from full-sized pickup trucks and police cars to commercial passenger buses. As opposed to vehicle seizure auctions, cars and trucks sold by the GSA are generally well-maintained and in good shape. Source:

Failed super cop car goes to auction

Event organizers said an estimated 10,000 people traveled from as far as Norway and Brazil to see the sale in person, and more than 3,800 had registered online to bid at an auction website by mid-day Saturday. The auction of more than 500 old cars and pickups was expected to continue on Sunday. Organizers said they hadn't yet totaled the bids for the roughly 50 most high-profile, low-mileage classic cars and trucks, which were auctioned on Saturday. As of midday, six of the most valuable models had sold for a combined $545,000. The collection belonged to Ray Lambrecht and his wife, Mildred, who ran a Chevrolet dealership in downtown Pierce for five decades before retiring in 1996. Unlike most dealers, Ray Lambrecht stashed many of his unsold cars in a warehouse, at his farm and other spots around town if they didn't sell in the first year. The first vehicle sold a sky-blue, 1958 Chevy Cameo pickup driven 1.3 miles secured the largest bid at $140,000. Another bidder spent $97,500 on a red and white 1963 Impala with 11.4 miles (18.4 kilometers) on its odometer, the manufacturer's plastic on the seat and a yellow typewritten window sticker displaying its original price: $3,254.70. Lyle Buckhouse, a retired farmer from Hankerson, North Dakota, poked his head Saturday into a 1963 Chevy Corvair with 17.2 miles (27.7 kilometers) on the odometer. Moments later, the self-proclaimed "Corvair guy" was hunting eagerly for the bidder-registration tent. Source:

Chevrolet dealer's old, undriven cars auctioned off

The E-7 was supposed to be the first car of its kind a vehicle built especially for law enforcement. According to the company, the E-7 can run on bio-diesel fuel and features an automatic license-plate-recognition system, touch-screen computers, shotgun mounts, and cutaway seats that make room for a police officer's heavy belt. It has a top speed greater than 150 mph and can go from zero to 60 in 6.5 seconds, according to the company. But the vehicle isn't likely to appeal to the average driver it's not street legal. "It's a very unusual motor vehicle," Efroymson said. "It's a prototype created solely for sales purposes and not to be driven on public streets. The likely interested parties would be collectors of (visit site) cars that would only be driven on private streets." No starting bid price has been set, but the auctioneer is authorized to spend up to $20,000 to market the car. Carbon Motors plans to pay those expenses with the sale proceeds. It's a shame. That won't make a dent in what they took us for. David Devor, former Fayette County, Ind., commissioner Carbon Motors filed for Chapter 7 bankruptcy in June, listing $21.7 million in liabilities and $18,976 in assets. Source:

Car auction for Joshua's

The opening bid is $5,000. The non-profit pantry provides free food to low-income local families and individuals in need of short-term hunger relief. The car is blue, with a white top and a 429 cubic inch V-2 engine. It includes four original wheel rims and new tires. For more information, call Jay Martin, CEO of Joshuas Storehouse, at 265-0242, email or send a fax to 265-0253. Copyright 2013 All rights reserved. This material may not be published, broadcast, rewritten or redistributed. Source:

These auction companies are good at finding the cars that they think will fit the audience, said McKeel Hagerty, founder of Hagerty Insurance. With the weeks events drawing a huge international audience, its a perfect opportunity for the auction houses to capitalize, Hagerty said. PHOTOS: Highlights from Pebble Beach car week Five auction companies held sales this year: RM Auctions, Gooding & Co., Bonhams, Mecum, and Russo & Steele. Demonstrating their increasing ability to match cars with the target audience, 71 vehicles sold for $1 million or more. Thats up from 57 in 2012 and 31 in 2011, according to Hagerty. RM Auctions was the big winner among the sellers. It sold a rare 1967 Ferrari 275 GTB/4*S N.A.R.T. Spider for $27.5 million on Saturday night. That figure, which includes commission, makes it the most expensive road car ever sold at auction. Source:

Buying Cars at Auction

Not only are these auctions usually undiscovered by other potential bidders, it is also likely that the condition of the vehicles featured in the auction will be much better than those sold at various other auctions. Online Auction More efficient and far-reaching than conventional auctions, online auctions are strongly embraced by mainstream consumers these days -- hey, who doesn't want to buy a car from the comfort of their own home? While there's many online auctions selling automobiles, eBay Motors quickly rose as a front-running alternative for used car classifieds. With just a scroll and click of a mouse, bidders can view ranges of vehicles, from early '90s Chevy Cavaliers to a classic Chevrolet Corvette. There is no limit to the make or year of cars available online; you just have to be willing to lend the time and effort to perusing through the entire lot to find what you want. Another major advantage of buying a vehicle in an online auction like eBay Motors is that bidding is free and there are no additional costs or commissions to the buyer. The only fees are paid by the seller, totaling $90, which are the lowest fees of any auction we came across. Because online auctions are so simple and straightforward, anyone can get in on the action, and it's that fact alone that can make this type of bidding so problematic. Misrepresentations -- such as the seller trying to pass off a lemon as a great buy or failing to list an accidented vehicle -- have left numerous bidders with a sour taste in their mouth. And While eBay Motors provides some protection coverage from fraud, you might want to opt for a prior inspection of the vehicle that may save you headaches in the future. Source: