Are you new to the world of auto auctions? If so, welcome to the club! Auto auctions share similarities with other auctions, so you probably already have a basic understanding of how they work. To go a little deeper into this industry, however, here are 5 quick tips for auto auction success:
- Learn as much as you can about the auto auction company you’ll be using. After registering for membership with the salvage auto auction of your choice, browse any FAQs or tutorial videos you can find. Familiarize yourself with the whole bidding process, from pre-auction (what to submit before bidding, as well as how to bid), to post-auction (paying for and picking up your vehicles). Becoming educated about how salvage auto auctions work will dramatically improve your buying experience.
- Understand the business license versus public buying process. State laws restrict the purchase of certain vehicles, by title type and vehicle type, according to your business license status. If you have business licenses, you can submit copies of them directly to your preferred auto auction company. If you’re a public buyer without business licenses, you’re still in luck. You can bid on vehicles that don’t require business licenses, or you can bid with the help of a third-party Broker. Get help with business licensing here.
- Take advantage of auto auctions’ website features. It’s in the best interest of auto auction companies to give their customers helpful online tools to ease the bidding and buying process. Copart, for instance, provides Members Saved Searches, Watchlists and Vehicle Alerts, along with mobile apps to give you the freedom to bid and buy wherever you are.
- Research, preview and inspect vehicles of interest. Use every available resource at your disposal to investigate, prior to auction, the vehicles you’re thinking about bidding on. At Copart, that means subscribing to, or purchasing, vehicle reports like AutoCheck, Market Guides and EpicVin. It also means previewing vehicles in person or at least hiring an inspector who can check out the vehicles on your behalf. Learn more here about what you can do to prepare for a salvage auto auction.
- Follow your favorite auto auction companies on social media. Like most businesses, salvage auto auctions are active on social media, where they update their members, customers, followers and fans about everything from auction time changes to the openings of new locations. To stay up-to-date on all things Copart, like us on Facebook and follow us on Twitter and Instagram.
Whether you use Copart to purchase your next vehicle, or you go through a different source, getting acquainted with auto auctions in general will set you up for success down the road.