How to Bid with Confidence in Car Auction

November 30, 2014

How to Bid with Confidence in Car Auction

This can be problematic because bidding with confidence is an essential element of a successful auction. Even those who have taken part in multiple auctions may still get butterflies before they bid. Participating in a car auction for the first time can be an intimidating experience. They are getting started early, thoroughly reviewing the rules, eliminating stress, and knowing when to get out There are four primary tricks to bid with confidence at any auction. Confident bidding not only allows people to be more relaxed throughout the buying process, but also helps them stand firm on the limits they set for themselves. With all of the preparation necessary to spot a great deal, it is counterproductive to try and bid if you are not competent.

Get Started Early
Auction listings can be released up to a month before at auction; however they will change on a regular basis up to the day of the auction The only way to always be bidding with a purpose is doing the proper preparation. Bidding haphazardly is a great way to undercut your confidence. An educated better is significantly more confident because they know exactly what they are bidding on and how much they are willing to bid. This is a huge detriment over the course of several auctions because it becomes easy to second-guess yourself. You will immediately regret missed deals and probably bring home a few vehicles you are very happy with.

This is because everyone who wants this type of vehicle will have an opportunity to compete for one. It is important to pay special attention for multiple lots with the same type of vehicle. For example, if there are a handful of mid-2005 Toyota Camry’s then there will likely be one or two which will end up being a great deal. After the first few are sold, there will be very few, if any, competing bidders which leads to drastically lower winning bids During the early preparation stages, it is important to use the auction listing as a general guide to give you an idea of what types of cars will be available.

Take note of any accidents or major repairs which could affect its current condition Once this is been accomplished, take a detailed look at each vehicle to determine their value as well as an acceptable bidding limit. A week out from the auction, it is time to start looking at the listing more seriously. If this is the case, make sure to do a thorough background check on each vehicle. Many auction listings will include the VIN number. While it is impossible to accurately predict their condition without seeing them, gathering a foundation of background information will save time during the viewing period before the auction. Try to identify 5 to 10 vehicles which are particularly interesting.

Review the Rules
Knowing all of the rules is a simple way to immediately become more comfortable. Nothing is worse than taking part in an auction if you don’t know the rules. Pay close attention to issues such as: buyer premiums, the process of negotiating a sale if the reserve it is not met, and all of the payment options To bid confidently you must be comfortable in your environment.

Know What You Want
The easiest way to eliminate stress is knowing what you want. Using this list as a guide, you should not only know what type of vehicle you want but the lot numbers you will be focusing on. If you have done all of the necessary prep work before the auction there is no reason you shouldn’t already have a list of target vehicles. Not only does this ensure you target great deals, but it also eliminates the opportunity for randomly bidding on unknown vehicles

Eliminate Stress
Fortunately, there are a handful of different strategies you can use to minimize or eliminate stress during the auction Most people get a noticeable adrenaline rush any time they start bidding. Car auctions can be extremely stressful times. While this can help you be more confident, it can also make you start second-guessing yourself.