Auto Auction Basics | What to Look For
The term auto auction generates huge excitement amongst car lovers, as it raises the perception of getting the best car models at the cheapest prices. In auto auctions, the cars are sold to the highest bidders during a public auction amongst the bidders at the best revealed prices, thereby protecting the consumers from getting cheated. Although to participate in the bidding, sometimes one has to pay a fee, yet in some auctions, this fee payment ensures that the car comes with a 30 day guarantee of the body and engine. In such auctions, one should never blindly rely upon the oral assurances of the seller because it could later prove to be unsubstantiated by facts, resulting in a possible financial loss for the purchaser. Caveat emptor or buyer beware is the guiding principles to be kept in mind by the purchasers who have nothing more to rely upon except their gut instincts and keen eyesight while appraising a car while bidding at an auto auction.
However in an auto auction one should not throw caution to the winds but be very careful while choosing the car model on which to bid for because in such auctions the basis of the bidding is ‘as is on the spot’. And in case the car brings with it unpleasant surprises in the future such as engine defects or frame/body damages, then the bidder cannot turn around claiming fraud and seek return of the car. This is a fail safe because in auto auctions the bidders do not have the option to taking the car to a mechanics garage and get it checked for any existing mechanical problems or other defects.
The auto auction does guarantee against defects in title of the car which is not present in case of private sale and purchase of cars in which the purchaser has no protection both under criminal or civil laws, such as if a stolen vehicle is palmed off by unscrupulous criminals posing as genuine sellers. Thus checking of the vehicle history report assumes vital importance in the sale and purchase of cars. Before participating in an auto auction for first time, it is very important to check the license credentials of the auctioneer to ensure that the bidders are not subjected to fraud. Though the object of auto auctions is to enable the purchaser to get the best car models at the cheapest price, but many times, if the buyer is too trustful, then racketeers masquerading as auctioneers do take the bidders for a ride by dumping rotten cars which are not even worth the sale price paid for them.
