How Online Auto Auctions Work

Online auto auction

If you’re looking to buy a new or used car, there are plenty of ways to go about doing so. Of course, there are the in-store purchasing options where you can head to a car dealership. Car dealerships are great in the sense that you can test drive the car you’re interested in right away without having to purchase it first.

You can head online to Craigslist and other local listing sites and purchase a car that way, or you can even drive around town looking for “For Sale” posters on car windows in the front lawn of homes.

Yet if you don’t have the time and want an option way more convenient, an online auto auction is the best option for you. An online auto auction works the same way as other online auctions: There is a starting asking price and then interested potential buyers bid. The highest bidder gets the car.

How does an online auto auction function? Behind the scenes, there is an elaborate system of online auto auction software. This software helps facilitate the bidding process and gives the general public the opportunity to electronically bid on a car.

Car auction software comes in many forms. GSA auctions, for example, offers a great solution for car auctioning surpluses. It is also an electronic solution for forfeited and exchange/sale personal property, all done through the federal government.

Benefits of auto auction software: The software is so complex and efficient that users will be able to bid on not just one, but multiple items they are interested in within specified timeframes.

What to expect from an auto auction: An online auto auction will generally features used rental cars, cars returned after their lease has expired, and any cars that haven’t sold in any other way. Hot-selling cars can also be seen on online car auction sites that are often sold higher than the suggested price.

How does the auction work? Even though you can purchase a car at auction from the comfort of your home, many car buyers will still have their Kelley Blue Book on hand that lists most of the makes of cars, the models, and the selling price according to what condition the car is in.

Normally users will want to purchase a car that is less than what the Kelley Blue Book lists. This means they’ve made a good purchase and the car was bought on a good deal, saving the buyer money. Even though the process is now online, the car will still be sold “as is.”

Word to the wise: It can be a great thrill and experience buying a car from an online auction, but be careful! Make sure the car is in working condition and that there are pictures or videos posted before making any type of big. Some cars have received water or salt damage that may not be seen in the photos. Proceed with caution. Research more like this.

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