FOX Carolina 21Bargain shoppers flock to Upstate auto auction
24.05.12
Wolfenbarger said the mileage may be too high on the cars, they may have similar cars on their lots or there may be issues with the cars that they don't want to fix themselves.
The auction begins 6 p.m. every Thursday. It's held in three lanes in a garage. The bidding process takes about 45 seconds per car.
The average car sells for about $3,800.
"A car is worth what people are willing to pay for it," Wolfenbarger said. "So if you got four people there bidding on the car, the guy with the highest figure he'll pay for it is what that car is worth."
Charles Frierson, a resident of Spartanburg, bought his car from the auction a year ago. He came back to buy his daughter, Natasha, a car.
Frierson and other potential car buyers spent about an hour-and-an-half before the auction looking at the cars on the lot.
"You check the oil to make sure someone didn't put a heavy oil in it and make sure it has an oil, look around the body for body damage, undercarriage damage," Frierson said.
Insurance Auto Auctions, Inc. (IAA) the leading live and live-online salvage auto auction company and wholly-owned subsidiary of KAR Auction Services, Inc. (NYSE: KAR), today announced an agreement with Chen Jia, Inc. a wholly-owned subsidiary of Jiangsu Chenlong Resource Recycling Development Co. Ltd. in Zhangjiagang, Jiangsu, China. Chenlong Recycling is one of the first companies to obtain one of only a few recycling permits from the Chinese government that allows the import of salvage vehicles for the purpose of recycling.
"This agreement helps us achieve our growth strategy by expanding our global buyer base in a region with a fast-growing need for scrap metal," said Tom O'Brien chief executive officer at Insurance Auto Auctions, Inc. "We are pleased that our long relationship with Chen Jia has added tangible value for vehicle sellers at our auctions. Their initial purchases at our locations along the West Coast have already created increased competition for vehicles and may eventually expand throughout the greater United States."
Introduction Video about Tidewater Auction Auction, one of the largest Mid-Atlantic Vehicle Auctions. Located in Chesapeake, VA.
Auto Auctions?
Jun 21, 2007 by Jenna88 | Posted in Buying & Selling
Is it possible to find a cheap car at an auto auction for under 800 dollars?
I have been to 3 auto auctions in the past 2 months, and I have seen nothing decent for under a thousand. For 800, it will be a real bucket.
ms_sexy_thang05 | Jun 21, 2007
auto auctions?
Mar 08, 2007 by marcos g | Posted in Maintenance & Repairs
where could i find some could auctions.beside ebay.any in california.out in live or live in online either thnx
try running a scan for pubic car auctions and see what you come up with,i know every place has a public action where individuals and some car lots take there cars to sell to the general public,id try running a search ,you may find one closer than you think to you,good luck,i hope this helps.
dodge man | Mar 08, 2007
autotrader.com
ericalynn12185 | Mar 08, 2007
banks and finance companys hold auctions every few months on vehicles and things they have repo'd
jmcgraw1975@sbcglobal.net | Mar 08, 2007
i bought a used cop car in weathersfield ct (good deal) . for info go to : clearinghouseauctions .com
railroad dave | Mar 08, 2007
Banks have repossession auctions people who buy new cars, and can't make payments, check those out at your local banks, check it out on yahoo, there might be a long list in your area more then likely...
MrOneDer | Mar 08, 2007
How much do dealers save at those huge auto auctions?
Jan 01, 2008 by ʎʞɔoɹ | Posted in Buying & Selling
How much below blue book value (on average) do used vehicles go for at those huge dealer auctions? I'm thinking about buying some land and starting a new career as an used auto dealer.. Any insight from dealers would be appreciated!
The old adage you get what you pay for?? Same is true at auto auctions. Auto auctions for dealers are just like buying a car anywhere. I love when a customer tells me they "know someone in the business" that will take them to auction and tell them they should go they will probably get a great deal ;)
Fact of the matter is many buyers from the dealer ships are guys that have been on the biz 20+ years. Say you find the elusive "cream puff" that grandma kept in the garage and is 5 years old and only has 10k miles. The price gets bid way up and it becomes a case of who is going to sell it for the least amount of profit. A car like this more than likely would run like a champ. Being in Florida if we had price may be above KBB on the lot as this is a cream puff, from Florida and it commands a premium due to low miles.
Many of the cars are junk we know we are shipping to auction when get as trade in's. Smaller lots ( buy here pay here) shine em up, throw them on the lot and bad credit people pay more than they should due to bad credit and they can't get financed from a major dealer. When the car breaks down, they stop paying and credit gets worse.
In between ones, you may purchase and spend 1500-2000 to get lot ready ( repairs, cleaning, tires, painting etc.) than it depreciates on your lot every day. You seldom get a lot ready car at a dealer auction.
It is a tough business for someone with no experience at all ( but not impossible). If you have the capital, I would see if I could like find a retiree that was in the business that could guide you for a while to help you learn what you are doing. There are locally some decent small dealer ships that strictly sell used and have a fantastic reputation. That would be your best bet as you will have to get a great reputation to compete with the big guns. Good Luck.
vumenjimi | Jan 02, 2008
at auction a 3 to 5000 dollar car could got for 500 to 1000 dollars. there is a big markup on the used car market. But the business is at the bottom of the food chain, as there needs to be government regulations on the entire industry. deception and lies are what that that industry is made of.
John N | Jan 01, 2008
First it depends on which State you are in. Different dealer laws. Also, my suggestion would be to work for a used dealer first, there is a lot more than doing well at the auction. BTW, I see the new comers get skined (at auctions) by the guys who have 'paid their dues'.
Rick K | Jan 01, 2008
How do I get involved with the auto auctions that dealers go to? What about Police auctions? any info?
Jun 26, 2006 by frytenbythesound | Posted in Buying & Selling
Im am in Columbus Ohio. Does anyone have any personal experience with auto auctions. I cant find any legit information online, everyone wants to sell me a subscription for the information.
ok i have a tax id for my business, i guess i could setup a dba if needed... any specific info would be helpful.
I am a used car dealer . In New England and I am sure most areas you must be a licensed dealer with a bank letter of credit to go to a dealer auction.
You have to go to the auction and register.
Police auctions are open to the public and anyone can go.
Goverment auctions are run by the GSA. You can just email them and get a bidder ID.
http://www.autoauctions.gsa.gov/
r1volta@yahoo.com is my email
R1volta | Jun 26, 2006
How cheap and reliable are cars at Auto Auctions?
Feb 07, 2008 by Mrs. N™ | Posted in Buying & Selling
My husband and I have to buy another vehicle and we have about $1,600 cash. I was looking into some auto auctions but I dont know what the usual price cars go for there and if they are even reliable cars. Anyone have any idea?
All auctions are different. Not all are "AS_IS", but most. My personal preference is to buy a vehicle at an estate sale rather than just an auto auction. Most estate sales we sell are for elderly people, the dead, or people moving. A lot of times their vehicles have low miles and have been taken care of. At an auto auction open to the public there are a lot of dealers there selling and scamming. Although, sometimes you can get a good deal. You just have to know what your looking for. Remember when purchasing at an auction all of the fees that the sale has. Most have a buyers premium, and some have other fees. Some sales have signs above the auctioneer telling the crowd Title specs, warranties, and conditions on the cars.
AutoWeekHis auto repair business relies on big auctions. "It's a big automotive town," said Johnson. "We're a big automotive shop that does a lot of performance RM Auctions buys Auburn complex from KruseSale of Kruse coming today?Canadian company buying troubled Ind. auto auction -all 31 news articles »
WESTCHESTER, Ill., Jun 22, 2010 (BUSINESS WIRE) -- Insurance Auto Auctions, Inc., the leading hybrid model salvage auto auction company and a wholly owned and more »
FOXNewsBarrett-Jackson, established in 1971, has elevated itself to the pinnacle of auto auctions over the years as it specializes in providing products and GOLFEN: Fun Days At Barrett-Jackson Fairall 27 news articles »
For further information on KAR Auction Services, Inc., ADESA, Inc., Insurance Auto Auctions, Inc. or Automotive Finance Corporation, visit the company's Web and more »
AutoWeekHis auto repair business relies on big auctions. "It's a big automotive town," said Johnson. "We're a big automotive shop that does a lot of performance RM Auctions buys Auburn complex from KruseSale of Kruse coming today?Canadian company buying troubled Ind. auto auction -all 31 news articles »
Mecum Auto Auctions holds it Des Moines Auction from July 16-17 at the Iowa State Fairgrounds in Des Moines, Iowa. Information: Mecum Des Moines.
FOXNewsBarrett-Jackson, established in 1971, has elevated itself to the pinnacle of auto auctions over the years as it specializes in providing products and GOLFEN: Fun Days At Barrett-Jackson Fairall 27 news articles »
