According to the National Automobile Auction Association, more than 9 million cars are put up for auction nationwide each year. While each auto auction varies in size, vehicle selection, and service, one thing is consistent: there is a huge market for auction cars.
In April 2022, Mecum Auctions held three live events for a record-breaking $300 million with the Houston event hitting a record-breaking $34 million in a single auction. By April 2022, Mecum had sold 1,047 vehicles and achieved a sales rate of 86%. One of the cars on sale this year is a Monkeemobile replica and the other is a Ghostbuster Ecto 1 Replica. They still sell a lot of other collectible cars that don’t stand out from the crowd. At another auto auction in 2021, Bloomberg notes that a $1.9 million Porsche was sold at the Towing Towing (BAT) auto auction, where you’ll find new cars. Best vintage and classic cars for sale.
While those sales numbers are impressive, most auctions aren’t for high-value collectible cars. The usual online auto auctions are for the common, everyday vehicles you see on the streets of your town. Online auto auction sites like A Better Bid auto auction run nearly 300,000 of these vehicles annually.
Where do auction cars come from?
collector
According to Hagerty Insider, a vintage car insurance company, there are 31 million collectibles over 30 years old bought and sold through auctions and individuals in the United States in 2020. That number is not entirely accurate. because there are many antique cars. Change owners annually but are not insured or sell incomplete vehicles.
However, while the numbers can’t be quantified, it’s indisputable that collectors bring their cars to auctions like Barrett-Jackson, Mecum and other vintage car auctions.
agency
Every week, auto dealers bring cars to auctions and bring cars home from the auction. These vehicles can be older vehicles that have come a long way that they no longer keep on their lot, or they can be vehicles that are outside their usual inventory, such as a car Italian sports car on lots that usually sell family cars or garbage cars.
If the car is something the dealer fears will sit on his lot for a long time, they will sell it in an auction to someone who has a market for it.
Banks and financial companies
Recalls end up at auto auctions because banks often don’t have a way to sell vehicles themselves. They don’t deal in cars, so they bring their cars to auction.
Many times they are trying to cover some losses from a bad debt. These vehicles can be in very good condition, which means you can make a lot of money buying a recalled vehicle with less mileage and less wear and tear. This can include cars coming from real estate.
Insurance companies
When an insurance company pays for a car, it can send the car to an auto auction with title to the salvage car. This may not mean that the vehicle cannot be repaired, but it could mean that the customer will have to pay more than the insurance company would pay them for the repair. In that case, the insurance company will settle with the customer and send the car for sale.
If you’re mechanically inclined, a salvage vehicle can save you a lot of money if breakdowns or repairs are something you can do for little money.
Government agencies
Police departments and other government agencies use auto auctions to remove excess vehicles and impounded cars and trucks. You can snag a bargain on old team cars or even impounded cars.
Also read: What is the main body type of an automobile?
Which auctions should I buy from?
If you’re ready to buy a new car, here are some great auction sites to explore.
Better bid
Better Bid online auto auction – a Copart broker – offers over 300,000 used, wholesale, salvage and repairable cars from 190 Copart locations nationwide. You can bid from your home on cars, SUVs, motorcycles, RVs, trailers, boats, trucks and industrial machinery. They’re 100 percent online and you don’t need a dealer license to bid on or buy a car from them.
Morton Car Auction
The Morton Automobile Auction is located in Morton, Illinois and is the XLerate Group Auction. They have four lanes and run nearly 1,200 cars per week. They only work with dealers, so no public buyers are allowed.
Barrett-Jackson
Barrett Jackson holds the world’s greatest collector car auctions. Their auctions are televised on channels like the History Channel and often feature some of the most interesting collectors’ cars. They have been in business for 50 years and hold auctions in several locations across the United States such as Scottsdale, AZ and Palm Beach, FL. These auctions attract a lot of celebrities and their car collections.
Transportation and trade
Carriage Trade Public Auto Auction sells more than 30,000 cars, trucks, boats and RVs annually, and their auctions take place every Monday at 3:00 p.m. EST. Their dealership auctions are not open to the public, but once a month they hold a GSA Fleet Car Sale, which is open to the public. They are located in Conshohocken, PA.
Other auctions to check out include Direct Auto, Capital, SCA, and IAAI.
Conclusion
As you can see, thousands of cars and trucks run through auto auctions every year. From classic cars to the SUV you’ve always wanted to own, you can find the right car for you at an auto auction.
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