Hello , this is a detailed guide to buying and selling vehicles at auctions developed by experienced car dealers and auctioneers.
The course covers everything from registering at auctions to bidding strategies and how auctions work for post-purchase logistics and dealer financing. We’ll equip you with live phone support and the tools to navigate auctions confidently to avoid costly mistakes.
Instantly accessible after purchase in your Dealer101.com account.
Section 1: Introduction to Vehicle Auctions
Buying and selling cars at auctions offers unique opportunities, and understanding the nuances can benefit you financially. This section explores the differences between dealer-only and public auctions, the sources of auction vehicles, and the processes of registration and previewing vehicles coming up for sale. You’ll also get acquainted with key auction slang to ensure you’re fully prepared. With this knowledge, you can confidently make informed decisions and navigate the auction landscape.
This lesson focuses on the difference between buying from dealer-only auctions and public auctions. Dealer-only auctions give licensed dealers access to vehicles at lower wholesale prices, with thorough inspections and buyer protections. In contrast, buying at public auctions, which are open to anyone, often means higher prices and fewer guarantees. These distinctions are crucial for making smart purchases and getting the best deals when buying cars at auctions.
This lesson focuses on why vehicles go to the auction and where they come from. Cars go to auction for various reasons, including repossessions, end-of-leases, prior rentals, accident damage, retired fleets, dealer trade-ins, consignments, and even salvage-titled vehicles.
This lesson explains how license dealers can easily register online to buy cars at dealer-only auctions. Auctions require you to sign up directly with them or with a centralized registration system like AuctionACCESS.
This lesson covers how to join a live dealer-only auction, whether you’re bidding in person or online. Before the auction, dealers can access pre-sale inventory lists and detailed condition reports, which provide crucial information and help you buy confidently. On sale day, in-person bidders must check in to receive their bidder badges. In contrast, online bidders can log in remotely through the auction’s website to participate in the auction and buy vehicles in real time using their computer or mobile device.
This lesson introduces you to essential auction slang like Simulcast, Subject To, Run and Drive, MCO/MSO, and curb stoning. Knowing the lingo isn’t just helpful – it’s part of the fun. These terms will make the auction experience smoother and more engaging, helping you buy with confidence.
Section 2: Predicting Auction Prices
This section introduces key factors influencing vehicle prices at auctions, including how starting bids and final prices are set. Learn how tools like Kelley Blue Book and Manheim Market Report can be used to look up a vehicle’s value and the various fees involved in buying and selling vehicles.
In this lesson, we dive into how auctions set vehicle prices, starting with the reserve (minimum) price and how final selling prices are influenced. Factors include the vehicle’s year, make, model, customizations, geographical location, and previous damage. Also, learn how to estimate wholesale and retail prices before you buy.
This lesson introduces a range of tools for assessing vehicle values at auction. Explore key resources like Kelley Blue Book, NADA, and Manheim Market Report, which provide pricing data for both wholesale and retail markets. Additionally, learn how to analyze post-sale auction results to spot market trends and predict future values. We also list other valuable pricing tools to help evaluate vehicles effectively at auctions.
This lesson explains the fees for buying and selling vehicles at dealer-only auctions. Learn about common charges like buyer and seller fees, no-sale or re-run fees, and additional costs such as cancellation, storage, and oversized vehicle fees. These fees are a crucial part of the auction process, impacting both sides.
Section 3: Buying & Selling Vehicles
This section covers buying and selling vehicles at auctions, including setting reserve prices, understanding different bidding strategies, and navigating auctions with a live auctioneer. The lessons also explain how dealers can sell vehicles (consignments), including disclosures and setting floor (minimum) prices.
This lesson explains how reserve prices set the minimum amount a seller will accept at auction. You’ll also learn about “Subject To” and “If” bids, which allow flexibility if the highest bid is close to the reserve.
This lesson covers different bidding strategies at auctions, including proxy bidding, in-person and online live bidding, “Buy it Now” options, and sealed bids. It highlights the importance of sticking to your maximum bid and explains why buyers sometimes bid more than planned due to competition or emotional attachment.
This lesson guides you through the process of live, in-person bidding, helping you understand the auctioneer’s rapid speech and phrases. Learn various bidding strategies, like starting low or high and buying effectively at auction. The lesson also covers tactics to watch for, such as shill bidding and premature auction closes, ensuring you can buy confidently in the fast-paced auction environment.
This lesson explains how dealers can sell vehicles at auctions, known as consignments. We cover the selling requirements, such as having a transferable title and making necessary seller disclosures about the vehicle’s condition. The lesson also covers setting reserve or floor prices, the minimum amounts sellers will accept.
Section 4: Finding Vehicles at Auctions
This section guides you through locating vehicles at auction. We will navigate pre-sale inventory lists, understand auction run numbers, and use saved searches and alerts to efficiently track the vehicles you’re interested in.
This lesson teaches you to access and interpret pre-sale inventory lists, available online and in print, for each auction location and sale date. These lists help you pinpoint potential vehicles at auction efficiently.
In this lesson, you’ll understand how lane and run numbers are used to organize auction vehicles and how to decipher windshield decals and markings to track vehicles throughout the auction lot.
This lesson focuses on setting up vehicle-saved searches and alerts online to save time and avoid missing out on deals. This ensures you’re notified as soon as vehicles matching your preferences become available.
Section 5: Auction Condition Reports & Inspections
This section focuses on evaluating vehicle conditions before buying. Learn about the different auction lights, conducting your own inspections, and pre-sale and post-sale condition reports to make informed buying decisions.
This lesson explains the importance of auction lights and announcements signaling the condition of vehicles being sold. By understanding these indicators, you’ll know whether a vehicle comes with a guarantee or is being sold “as is.”
Learn how to perform thorough vehicle inspections before buying at auction. This lesson walks you through checking key areas like the powertrain, interior, and safety features to assess the vehicle’s condition.
This lesson explains what to expect from pre-sale condition reports, including what is typically included and excluded. You’ll learn how auctions grade vehicles and what this means for buying decisions.
This lesson covers post-sale inspections, which check key components like the engine and transmission after purchase. If issues are found, the auction will help resolve them, ensuring your vehicle meets expectations.
Section 6: Titles & Documents
This section covers the paperwork involved in buying vehicles at auction and the different types of titles, including clean and salvage. Learn about title guarantees and disclosures to ensure a smooth transaction.
This lesson explores the different types of vehicle titles, including clean, salvage, and other branded titles. You’ll learn how titles are verified and the implications of buying vehicles with these designations.
This lesson covers the importance of title guarantees and required disclosures when buying a vehicle at auction. We also discuss how to secure a clear title, what to look for, and how long it typically takes to receive the title after your purchase.
Section 7: Auction Policies
This section outlines key auction policies, including buyer guarantees, seller responsibilities, and the rules to follow before placing a bid. Understanding these policies ensures you navigate the auction process confidently and comply with all requirements.
This lesson details the guarantees provided to buyers at auctions, including typical auction guarantees and the arbitration services available for resolving disputes.
This lesson is about the obligations of selling vehicles at auctions, including required disclosures about the vehicle’s condition, such as water damage and other important announcements.
This lesson outlines the key responsibilities for buying vehicles at auctions, such as due diligence before placing bids and adhering to auction rules and policies.
Section 8: Paying & Transporting
This section addresses the final steps in buying vehicles at auction, covering payment options, financing methods, and the logistics of retrieving or shipping your purchases after the auction.
This lesson explains the payment options available at auction checkout, including ACH, bank wire transfers, etc. It covers how to complete transactions efficiently and securely.
This lesson covers financing options for buying vehicles at auction, including lines of credit and flooring options. Understand how dealers can manage payments effectively after purchasing, ensuring smooth financial transactions.
This lesson covers the logistics of picking up or shipping vehicles after an auction. You’ll learn about gate passes, shipping arrangements, and the timelines for collecting your purchases.
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