Buying a car in auctions, tips and insights -

A car auction is a sale where cars are presented to people to buy against a bid. These auctions can take place either in a physical location or online. Some car auctioneers use both methods. When a person participates in a car auction, they have the opportunity to purchase vehicles at potentially lower prices than in a retail, but it’s essential to understand the risks involved. Auction houses charge buyer’s fees, which typically range from 10% to 20% of the final hammer price. Car auctions can be a daunting place for the uninitiated. But understanding how the auction process works will help you take advantage of the lower prices that cars are often sold for at auction venues.

Types of Car Auctions

Public Car Auctions

Open to anyone, including private buyers.
Typically held by companies like British Car Auctions (BCA) and Manheim.
Offer a wide range of vehicles, from used cars to repossessed and fleet vehicles.

Trade-Only Car Auctions

Restricted to motor trade professionals.
Often feature ex-fleet and lease vehicles.
Buyers are usually dealerships looking to stock their forecourts.

Classic Car Auctions

Focus on vintage and classic vehicles.
Organized by companies like Bonhams, Silverstone Auctions, and H&H Classics.
Attract collectors and enthusiasts.

Online Car Auctions

Have gained popularity due to convenience.
Platforms like Autorola, eBay Motors, and Motorway offer online bidding.
Provide detailed vehicle information and virtual inspections.
Car auctions in the United Kingdom

Car auctions in the United Kingdom offer a platform for buying and selling vehicles, ranging from private cars to commercial vehicles and even classic cars. These auctions are attended by a variety of participants, including individual buyers, dealerships, and collectors. There are several car auction options for both trade professionals and the public. Here are a few notable ones:

BCA (British Car Auctions): BCA is the UK’s largest used vehicle business. They offer a wide range of vehicles, including cars, vans, and motorcycles. You can search their online sales for stock, bid, and buy vehicles[1].

Research the car you’re interested in before the auction. Choose reputable auction houses with positive reviews and transparent practices. Read about market value and any common faults to look out for before the Auction. Familiarize yourself with the auction process, rules, fees, and terms of sale. Each auction house may have different procedures.

Check the vehicle’s condition, mileage, and history report. If possible, bring a mechanic with you. Use services like HPI Check or Auto Check to verify the vehicle’s history, ensuring it has no outstanding finance, and hasn’t been written off. Pay attention to the auctioneer’s descriptions and any announcements about the vehicle’s condition or changes in the terms of sale. Start with a lower bid and increase gradually.

Attend Auctions First: Go to a few auctions without buying anything to get a feel for how the process works. This will boost your confidence when you’re ready to bid3.

Inspect the Cars: If possible, view the cars in person before the auction. Look for signs of wear, damage, or mechanical issues. Some auction houses provide video walkarounds online.

Set a Budget: Decide on your maximum bid and stick to it. Factor in additional costs like sales tax and auction fees.

RAW2K: RAW2K is a premier online car auction website that caters to both trade and public buyers. They feature used, salvage, and seized vehicles in their daily and weekly auctions[1].

ASM Auto Recycling: ASM Auto Recycling provides 24/7 bidding for online salvage auctions, including repossessed cars. They have a diverse selection of roadworthy or repairable vehicles for sale across the UK[2].

Copart UK: Copart handles more than 400,000 vehicles annually through their online platform. They specialize in used and salvage car auctions, making it easy for members to find, bid, and win vehicles[3].

Letchworth Motor Auctions: Letchworth Motor Auctions hosts physical and online auctions for used cars, vans, hatchbacks, trucks, and 4×4 vehicles. They also offer free vehicle valuation services[4].

By following these tips and approaching the auction process with preparation and caution, you can increase your chances of securing a good deal on a vehicle while minimizing potential risks.

Reference

[1] raw2k.co.uk

[2] asm-autos.co.uk

[3] copart.co.uk

[4] letchworthmotorauctions.co.uk

[1] bca.co.uk