What Are Government Repossession Auctions?
If you have ever heard the terms government auction
, or police auction, and have not been sure what they are, you are not alone. To explain, various federal, state, and local government and law enforcement agencies regularly auction off surplus, unclaimed, and seized property, including automobiles, equipment, and even real estate.
These are collectively known as "government auctions," or sometimes "police auctions." They can actually be of great benefit to those who participate!
Who holds government auctions? The General Services Administration (GSA) is one of the largest-then there's the FBI, IRS, DEA, U.S. Marshals, Department of the Treasury, Homeland Security, and Border Patrol, to name a few.
Included are state police, DOT, city and county law enforcement, city and county administrative departments, and fire departments. Some government auctions are surplus property auctions and sell everything from computers, furniture, forklifts, to vehicles.
Some specialize in selling cars, trucks, vans, and SUVs. Banks and lending institutions also repossess property and automobiles from non-paying customers, and sell the goods through public auctions.
In most cases, government and bank auctions are handled by private auction companies under contract. These auctions are real.
They take place almost every day in various parts of the country. In most cases, anyone can attend and participate, and it is possible to find good deals; however, most people don't know they exist.
Government seized-property or surplus auctions are held all over the country at various locations and on various schedules. Typically an auction is held at a particular location on a regular basis - usually monthly or quarterly or annually.
Local and national newspapers often have listings and details. Usually these are more than just car auctions-all kinds of property are included, including real estate.
All vehicle types, makes, and models are sold at such auctions - SUVs, coupes, sedans, vans, minivans, even convertibles. Obviously, these government agencies and lending institutions are hoping to get as much money as possible for their goods.
However, good bargains and cheap cars can be had. Otherwise, the auctions wouldn't be as popular as they are and no one would participate.
To buy at auction, you must be at least eighteen years old and have a valid driver's license. Some auctions are restricted to licensed car.
Many auctions have a preview period of about two days preceding the auction in which you can look over and inspect the vehicles. However, in most cases, you will not be able to drive the vehicles although you can start them and check them over as much as you like.
And there are no warranties or guarantees, which is no different than most other used-car sales. For most government-run auctions there are no buyers fees or registration charges.
The price of the vehicle is all you pay. There may be fees for auctions run by professional auction companies.
As we've already mentioned, there are always some risks in buying at government or repo car auctions. However, you can significantly lower your risks by knowing what you're doing, knowing about the car(s) you want, researching your pricing, and understanding how the auction process works.
Auctions typically move very fast, so you should attend a few just to learn the pace and bidding techniques. If there's a "catch" to government car auctions, it's that there's competition in the bidding. If the car you want is popular and in great condition, you can expect other people, including used-car dealers, to be just as interested in it as you are.
Competition and heavy bidding will drive auction prices up - sometimes beyond the real value of the vehicle. Don't get caught up in the frenzy and overpay.-set a spending limit on each car you're interested in.
The best bargains are usually on the older less-than-perfect vehicles that dealers don't want to spend time and money on. Dealers go for the relatively late-model higher-priced vehicles.
Since dealers want to make a profit by buying low and selling high, you might be able to pick up a good car by bidding slightly higher than a dealer is willing to pay. Or bid on older vehicles that dealers don't want.
You must be willing to bid and lose in any kind of auction. You must also be willing to bid and win, and be prepared to pay cash or finance within the required time set by the auction company.
In summary, if you can find the right kind of auction and do your research beforehand, you could end up with a deal you could never get anywhere else. Go online to check out when the next government auction is in your town today!
by: Tommy Greene
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