Have you ever accomplished a personal goal, like losing weight or gaining muscle? Something like that doesn’t just happen out of nowhere. You need to follow a proper diet, workout plan, and other aspects to ensure your goal has a positive outcome. The same goes for attending your first auto auction.
Since 2008, Big Valley Auto Auction has helped first-time dealers feel comfortable and confident at our auction day. Whether it was answering any questions they had or informing them of what to expect, we’ve provided the advice necessary to enjoy your auction day.
In this article, you will learn the 10 tips that can help you have a memorable auto auction experience.
What Can I Do to Have a Good Experience at an Auto Auction?
While we can’t promise your auction day will be successful, we can provide 10 tips to help ensure your auction day doesn’t end on a sour note.
Learn the Auto Auction’s Rules
Before the auction excitement kicks in, familiarize yourself with the rules of the specific auto auction. Not all auto auctions operate under the same set of rules. Most auto auctions have auction-specific rules which work hand-in-hand with NAAA rules, such as times and test drives.
Another factor in auto auction rules is their guest policy. It's essential to be aware that some auctions allow guests, while others may not. Public auto auctions like STA Auctioneers allow you to bring guests. However, dealer-only auto auctions like Alliance Auto Auction-Dallas do not allow guests. Knowing the difference between public and dealer-only auto auction rules can prevent confusion and make your experience run smoother.
Verify the Auto Auction’s Payment Methods
Showing up to an auto auction with $100,000 in your bank account won’t matter if the auction doesn’t accept your preferred payment methods or doesn’t work with your flooring company. Some auctions may not accept certain forms of payment. For example, Manheim Auctions has their own floor plan financing resource, NextGear Capital. Big Valley Auto Auction accepts 4 forms of payment and 10 different flooring companies, but does not accept personal checks.
Get to Know the Auto Auction Staff
Developing a good relationship with auction staff and auctioneers can enhance your overall experience. Feeling comfortable in your surroundings puts you more at ease and helps add a friendly vibe to the environment.
Getting to know the auto auction’s sales representatives is also beneficial. They know what vehicles are on the block and supporting information for those vehicles. Sales representatives are your personal guide through the auction and will help you with any questions you may have.
Take Advantage of the Auto Auction’s Services
Auto auctions often offer additional services. For example, Big Valley Auto Auction offers preview days, inspection, transportation, and reconditioning services.
- Preview days are good to attend because they allow you to look at any vehicles you are interested in. They also offer the opportunity to potentially find something new to add to your bid-list.
- Transportation services assist you in bringing your vehicle to the auction location. Whether it can be driven under its own power or it needs to be towed, Big Valley offers multiple options to transport your vehicle to our auction house and deliver to your place of business.
- Inspection services are like a doctor’s checkup for your vehicle. At Big Valley Auto Auction, vehicles get inspected for any issues they may have. These inspections can be requested before or after being sold, depending on the vehicle’s miles, year, and the light it was represented under.
One thing to keep in mind is if you buy a green or yellow light vehicle and drive it off the lot without inspecting it, it is now considered a red-light vehicle and is only eligible for frame damage and late title arbitration.
You can consider vehicle inspections as an insurance policy for your purchase. Utilizing the 7-day window to verify that the vehicle aligns with the seller's and auction's descriptions allows any potential post-purchase issues to be corrected.
- Reconditioning services are helpful in making your vehicle look as clean as possible for sale day. Options like a car wash, premium detail, or de-identification enhance your vehicle’s presentation and might add some extra value, as well as leave it front-line ready for your lot.
Thoroughly Inspect the Vehicle
Just like Two-Face from Batman, not every vehicle looks good all around. Often, dealers will just look at one side of the vehicle and decide that’s the one for them. However, they may not have noticed all the dents and scratches on the other side, leading to an unhappy customer.
A visual inspection of all sides of the vehicle is essential. The auction environment can be fast-paced, and taking the time to view each aspect of a vehicle, including the roof, can prevent unpleasant surprises after your purchase.
Learn Auto Auction Lingo
The language spoken in the auto auction world differs from other environments. For example, the word “drive” could mean 2 things:
- Drive the vehicle around the lot.
- Drivetrain-Ride guarantee.
Knowing the difference ensures clear communication during the bidding process and minimizes the risk of misunderstandings.
Set a Budget Before Attending an Auto Auction
Establishing a budget is fundamental. Researching the market value of the vehicles you're interested in will help you create a budget with the right amount of money you need. Entering with a budget sets a boundary to keep you from overspending.
You must also ensure that you have enough money to set the budget you want. If you don’t have enough money in your account, you could end up having to pay a Non Sufficient Funds (NSF) fee. Be sure to clear any issues with your bank or flooring company before participating in the auction.
Avoid Ego-Bidding During the Auto Auction
Bid strategically and within your budget. Ego bidding, driven by the desire to win at all costs, can lead to overpaying for a vehicle and ruin the overall positive experience. Avoiding bids beyond your means ensures a financially sound and positive auto auction experience.
Pay Attention to the Auctioneer and Screen
In the high-energy atmosphere of an auto auction, it's crucial to pay attention to both the auctioneer and the information displayed on the screen. However, you need to be aware that the final price is what the auctioneer announces, even if it differs from the number displayed on the screen. For example, if the bid on the screen is $64,000, but the auctioneer announces $64,200, the official price is $64,200.
Announce Your Bid Clearly
If this is your first time bidding at an auto auction, you may be hesitant to throw your hands up and shout your bid. This could lead to you missing out on the vehicle you had your eyes on. Don't be shy when bidding. Ensure your bids are heard and seen to actively participate in the auction process. Bid loud and bid proud!
Am I Prepared for My First Auto Auction?
If you’re someone who sets a goal and just wings it and hopes everything works out, then you may not have any use for these tips. However, if you’re someone who likes to follow a plan to reach your goals correctly, you can apply these tips to your next auto auction sale day.
Whether this is your first time attending an auto auction or you’re someone who had a bad time and wants to return, you can use this article to help guide you to a positive auto auction experience.
If you'd like to use these 10 tips at Big Valley Auto Auction, click the button below to speak with our dealer registration specialist to get you registered.
Not ready to talk? That’s okay! First, learn more about what it’s like to buy and sell at Big Valley Auto Auction by clicking the image below:
