Your Guide to Truck Auctions
If you are considering to buy a truck for yourself, your options are to either walk into a dealership or to bid at auctions. When it comes to dealerships, you get trucks along with a warranty either in a used or new condition. However, it is an expensive affair and you may end up losing a lot of money. In such cases, auctions are a great way to get trucks in a used condition at low prices.
How do auctions work for buying and selling trucks?
Sellers generally approach auctioneers and agree on a minimum price to sell the truck. The auctioneers then start the bid at the agreed rate or even lower in order to attract more buyers. Being an open public event, anyone can place a bid to buy the item up for auction. A bidding war then follows among the potential buyers with the item then being sold to the highest bidder at the end of the auction. Bids normally cannot be canceled or retracted. So if you are planning to bid at an auction, ensure that you are familiar with the general rules and terms.
Auctions take place both at physical locations and in online sites. The latter is more convenient as they are hosted round the clock and can be accessed globally.
Buying at online auctions Vs buying at dealerships
Purchasing a truck through an online auction has significant advantages over dealerships. Some of them are as follows:
Get trucks for a fraction of their actual cost
Though you may have to pay a certain commission to the auctioneer, you have a chance to get high-valued trucks at a fraction of their cost. However, this is not always the case. Many auctions end up selling trucks at costs much higher than their estimated worth. Doing your homework and ensuring that you don’t bid above your budget can help you avoid getting into such situations.
You may be able to get your hands on rarely used trucks
Auctions are held for all kinds of trucks. While some of them are brand new and rarely used, there might be other vehicles which are severely damaged. Researching the available options and bidding carefully can help you make the most of your time and money.
No high dealership costs or commissions
With auctions, the middleman is almost eliminated. Though the auctioneer takes a percentage of the sale, it is quite negligible when compared to dealership costs and fees.
Bid from anywhere
Worried about not making it on time for the auction? Don’t worry. You can even place a bid from your smartphone. With online auctions making it possible for bidders from any part of the world to participate in the process, you don't have to worry about missing out on the auction due to other commitments.
What do you need to know before placing a bid for a truck in an online auction?
Does a deal seem too good to be true? It probably is. Auctioneers normally don’t provide warranty or assurance for the trucks up for auction. Additionally, when it comes to online auctions, images or descriptions may not be enough to find out the actual worth of the vehicle.
Try consulting an expert
If you are unsure about a certain truck or if the deal seems too good to be true, an expert opinion can always be helpful. With just a quick glance, experts can reveal vital information and insights regarding the truck up for auction.
Visit pre-sale shows
Before an auction goes live, the auctioneer generally holds a public event so that bidders can inspect and see the vehicle. Try visiting such shows to get more information regarding the auction items.
Before the auction goes live, auctioneers release a full catalog of items to be sold along with other relevant information weeks in advance. This gives you plenty of time to research the available options and narrow down the potential choices.
There are no cancellations or refunds
Though this is generally the case for most auctioneer sites, some sites may have exceptions. You cannot cancel your bid or ask for a refund once the sale is finalized. This may occur when winning bidders realize that the truck condition is actually much worse than expected. As nothing much can be done in such situations, it is important to make a well-researched decision when bidding on trucks in online auctions.