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Saturday, 4th of February 2012
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BRITISH CAR AUCTIONSThere are some fantastic bargains to be found at British car auctions where you can pick up all types of vehicles for much cheaper prices than you would find at a traditional dealer. However, how do you get to take part in these auctions and where are they held? What do you need to take with you and how should you go about buying or selling a car at a British car auction? This guide to British car auctions will answer those questions and put you in the fast lane to savings. Quick links:
WHAT IS A BRITISH CAR AUCTION?British car auctions are not to be confused with car dealer auctions. Dealer auctions are restricted for the general public with only licensed dealers allowed to participate. Generally speaking cars at a dealer auction will be sold off for much less than a sticker price at a dealership. The reason sellers are willing to offer cars at an auction in this manner is because maintaining aging inventory can be costly – financially and in terms of reputation. They also use dealer auctions to sell off-lease, trade-in and company vehicles, along with repossessed cars that they simply don’t want any more. A British car auction opens this same selling method to the public at large through auction sites and online selling. The process was developed by the British Car Auctions company, which was founded in 1946. Now you have the opportunity previously only afforded to the dealers – to buy and sell at an auction, helping you find cheap deals and to receive the highest bids for your used vehicle. WHERE DO BRITISH CAR AUCTIONS TAKE PLACE?British car auctions take place right across England, Scotland and Wales as outlined by the carandvanauctions.co.uk website. Here you will find links to car auctions in your region of the UK, run by established British car auction companies including Intercity Motor Auctions Ltd, Manheim Auctions and of course the British Car Auctions company itself. There are also many specialist car auctions run across the country – where specific models are sold, or auctions are held for classic and prestige cars, sports cars and 4x4s, etc. However, you no longer have to leave the comfort of your own home to take part in a car auction. There are many online car auction websites that allow you to register your car with its website and then they send you emails every time you receive a bid. There are many online-only car auctions including Autorola, Cars Direct and eBay motors. The advantage of selling your car online is that you never have to leave your home and potentially your car could be viewed by thousands of dealers and buyers across the country, as opposed to the hundreds that may attend an auction. HOW DO YOU SELL A CAR AT A BRITISH CAR AUCTION?Selling a car at a British car auction is straightforward. However, you must be careful to avoid selling your car for too little or simply asking for too much. The selling process is simple. You contact the auction company with details of your vehicle and they will advise you of a suitable sale. If you have a specialist vehicle, such as a classic car for example, it is much better to sell it at a classic car auction which will be attended by hundreds of enthusiasts who are specifically looking for a car of your type. A fee will be payable upon entry to the auction. One of the advantages of online car auctions is that some websites will not charge you a fee until your car is sold. However, some online auctions will request a percentage of the sale or will vary the service cost based on the amount the car is sold for. Some regular auctions may charge commission fees. The key to a good sale at a British car auction is the reserve price. This is the price you determine with the auction company as the minimum you will accept for the car – bids lower than this amount will not be accepted. You must be realistic when setting the reserve price. On one hand you should not set the price too low as it would cut into the money you receive. However, on the other hand you should put yourself into the mindset of the buyer – if you set the reserve price too high your car may not sell and you will have wasted your entry fee. Not setting a reserve price can leave you short-changed – so the key is to set a realistic starting price. If the car is sold you will receive a cheque for the sale price minus any outstanding entry or commission fees. HOW DO YOU BUY A CAR AT A BRITISH CAR AUCTION?Buying a car at a British car auction is easy and can cut out a lot of the hassle of scouting round for deals or coping with difficult salesmen. Simply attend an auction for the type of vehicle you are looking for – some auctions will charge entry fees. Where the cars are sold on-site it is important to inspect the vehicle thoroughly before you make a bid. Also be careful to set yourself a limit as to the money you are willing to spend – it is easy to get caught up in ‘auction fever’ if you see a car you really want and spend way over your budget. If you use an online car auction, you simply email your bids and the website will contact you to let you know if your bid has been accepted or not. Again, be careful to set an upper limit on the price you are willing to pay. Buying a car at an auction can open you up to massive savings as dealers look to sell off excess stock, or vehicles that they simply don’t want around any more. However, as with buying any used car, make sure there are sufficient details available about the car’s history before you buy so you do not purchase a ‘lemon’. WHERE SHOULD YOU GO TO BUY OR SELL A CAR AT A BRITISH CAR AUCTION?Your first stop should be CarAndVanAuctions.co.uk. This website has a list of auctions taking place across the country with links to the auction companies. It also offers direct links to online auction companies so you can receive bids from thousands of online users. So get searching for a British car auction deal now and secure a sale or a purchase at a price that’s right for you. |
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