Selling your prized car takes time and research to do. However, if you consign your car through a live auction, you can reap numerous benefits. You get to have your vehicle presented to potential buyers and promoted through a significant mailing list before a sale. Moreover, you’ll make some decent money in the end. Here’s what to know before selling your car at an auction so that you’ll get that check at the end.
Finding the Right Auction Company and Venue
Selling your car at any auction you find doesn’t always mean it’s the best fit. Find an auction house that cares about your specific make and model, then reach out to them to see if they’ll accept it.
Figure out what terms you need to meet and what they have as deal-breakers. Their goal is to earn commission and maintain sale percentages based on the sale of your car.
Have a Clear Description and Quality Photos
In most cases, bidders will often decide if they’re interested or not in your vehicle based on your car description and the photos you provide. Bring along the necessary paperwork to display in your car. Additional copies will help bidders have a better idea of the quality of your vehicle.
Make sure to keep descriptions straightforward and to the point. Include the car’s history and specifically state how many people have owned it and any changes the vehicle has undergone. Keep verified documentation to solidify the authenticity of your car and hire a professional photographer to take pictures of it.
Find Out Your Car’s Worth
Something to know before selling your car at an auction is its worth. The last thing you want while selling a vehicle is setting your minimum price floor too high and having no one willing to buy it. At that point, you would need to have a plan for a no-sell situation, and the value could decrease.
So do your research online and see where your make and model reside for their overall value. Consider trying different tips and tricks to increase your car’s resale value. This way, it’ll have a higher chance of selling at an auction. Find junk car auction sites, classifieds used car sites, and so on to get reliable numbers.
Know the Car Auction House Requirements
Since auction houses have their own sets of rules and fees, you must prepare ahead of time to avoid any problems when you bring your vehicle. Some requirements include having the title, paying towing fees, and remaining physically present throughout the entire process.
Assessments will come into play based on how many times your vehicle has been up for auction and the minimum price floor you ask bidders to meet. Also, consider that you may need to pay an additional commission fee on top of your entry fee.
Selling your car at an auction can be a bit complex at first. However, that doesn’t mean you have to get stuck with no-sells. Make sure you do your homework and reach out to experts for help.