Seized Vehicle Auctions - Bidding Strategies You Can Use
Seized Vehicle Auctions - Bidding Strategies You Can Use
Police departments, Federal agencies such as the DEA, FBI, IRS and U. S. Customs, are constantly seizing vehicles and sending them to auction. Seized vehicles are often desired because many of them are luxury late model cars. They are owned by people who make a lot of money committing crimes, or those in trouble with the IRS. The cars are, for the most part, in good condition because their owners value appearances and status.
The type of cars seized are usually high-end models such as Lexus, Mercedes, Ferrari, Jaguar, Infiniti, BMW, Acura and Cadillac. Also, they are not driven for very long, and replaced with later model cars on a regular basis. They are normally bought with cash, so you wouldn't find them with repossessed cars.
Police or law enforcement auctions include impounded vehicles due to an arrest. Often, once the person has been released, they cannot afford to get their vehicle out of storage. The daily charge for impounded vehicles can be between $50 and $100 per day. The vehicles are held for a certain amount of time, around 30 days, before sending them to, most likely, a local auction.
Basically, getting one of these luxury vehicles through an auction could yield substantial savings; as long as you stick to your bidding strategy. As you can imagine, the competition could be high.
So, what bidding approach can you use to increase your success? Yes, you want the vehicle, but at a huge discount. Otherwise, what's the point? Planning is key, and you can start with the following strategies.
1. Set a limit and stick to it:
Remember why you're there; to practically get the item at a "steal".
Use merchandise price guides to research item's retail price.
Set maximum bid at 20% lower than the value of the item.
Do not go a penny over this number.
Keep maximum bid in mind as the bidding heats up
Avoid catching bidding fever to avoid over bidding.
2. Don't let the auctioneer control your bidding:
The auctioneer saying, Do I hear $500?" Or "Can I get $750?", should not influence how you bid.
The auctioneer is trying to control the bidding's flow.
Bid whatever you feel comfortable with and not what is being asked for; even if your number is lower.
3. Bidding on items in the beginning and end of auction is a good strategy
Get to the auction on time and stay until the end to take advantage of opportunities.
Studies show items auctioned in the beginning and end have lower bids.
Why? Many bidders come to the auction late, and others leave early. Some bidders have exhausted funds by the auction's end, so it's less competition.
Still bid on items in the middle of the auction, if you've been keeping an eye on them.
Your online auction site will list starting times of each auction.
4. Bidding Against Professionals
Used car dealers, jewelers and other professionals attend auctions regularly.
You can gauge the value of an item by the way the pro is bidding.
For business reasons, professionals or dealers usually drop out of the bidding at a certain point.
Never go above your maximum, but when the dealer drops out maybe you can offer a bit more and get the item at a bargain.
Keep in mind, the people who get the best deals at auctions go with a strategy and you should too.
For up-to-date listings and auction information services, get reviews of the top 3 auction sites.
Seized Vehicle Auctions - Bidding Strategies You Can Use
By: Lauren Wayne
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