How to Sell a Car at Auction
My Advice & Tips
If you’re looking to sell your car, I like to remind folks that an auto auction can be a convenient option. You can get a fair price for your vehicle and make the process of selling it as easy as possible.
I am Greg Smokes, the Car Dealer King, and I hope to help you learn how to sell your car at an auction. This info is focused on wholesale used car auctions; some include online bidding, while most are live auctions held onsite with a mix of online bidding via internet.
First: Use Online Resources to Learn the Value of Your Used Car or Truck
Before you put your car up for auction, you need to determine its value. You can use websites like Kelley Blue Book or NADA to get a general idea of what your car is worth. Additionally, it’s important to look at recent auction results to see what similar vehicles have sold for. This information will give you a good starting point for setting a reserve price for your car.
Find a Car Auction to Sell Your Car
When it comes to selling your car at a local auction, choosing the right auction really goes a long way, in my experience. Look for a reputable auto auction with a history of selling cars like yours and a large pool of buyers.
Prepare Your Car for Sale
Before you bring your car to the auction house, make sure it’s in its best possible condition. Clean it inside and out, fix any cosmetic damage, and make sure it’s mechanically sound. You may also want to have a professional detail the car to give it a fresh, polished look.
Set Your Reserve Price
Once you’ve determined the value of your car and chosen a car auction, it’s time to set a reserve price. This is the minimum amount you’re willing to accept for your car. Be realistic when setting your reserve price and remember that the goal is to sell your car, not get the highest possible price.
VIDEO: How Do I Know What is the Actual Fair Market Value of my Car?
Register Your Car for the Auction
After you’ve prepared your car and set a reserve price, it’s time to register it for the auction. This usually involves filling out a form and providing some basic information about your car. The auto auction will then inspect the car to make sure it meets their requirements and is in decent condition.
Day of the Car Auction
On the day of the auction, arrive early to give yourself plenty of time to get settled in. Make sure you bring all necessary documents, such as the title and registration. It will be expected that the person who the vehicle is titled to will be present at the auction with a valid ID. The auction will start with an inspection period, during which potential buyers will be able to take a closer look at your car. Once the inspection period is over, the live bidding will start.
Auction Bidding Begins on Your Car
During the auction, the auctioneer will call out the bids and the price will go up as bidders compete for your car. Keep in mind that once the bidding reaches your reserve price, the auctioneer will require a minimum bid increment to continue. If the bidding doesn’t reach your reserve price, the car will not be sold.
Finalize the Sale After the Auction
If your car sells, the winning bidder will sign a bill of sale and provide payment. You’ll then sign over the title and any other necessary documents to the new owner. If the bidding doesn’t reach your reserve price, you have the option to either accept a lower offer. Otherwise, you may leave with your car and return for the next scheduled auction or leave the car in the auction lot for storage until then.
Selling Your Car at an Auction: Benefits to Consider
- Fast Cash: Auctions are all about speed. You get your car sold quickly and get paid fast. No more waiting around for weeks or months like you might with a private sale.
- Bidding Wars: More bidders mean higher prices. Auctions create competition, and that’s good for you.
- No Haggling: Set a price and let the bidders do their thing. No back-and-forth, no lowball offers, just straight-up bidding.
- Full Service: The auction house handles everything – the advertising, the paperwork, getting the car to the buyer. You just show up and cash the check.
- Bigger Market: Auctions attract buyers from all over, not just your local area. That means more potential buyers and a better chance of getting a great price.
I remember this one guy, he was trying to sell his dad’s old pickup truck after he passed. He’d had it sitting on his lawn for months, couldn’t get any decent offers. He was about to give it away when I told him about the auction.
We got that truck cleaned up, set a reserve price, and wouldn’t you know it, it sold for nearly double what he was expecting. He was so happy, he almost started crying right there in the auction hall. That’s the kind of thing that makes this job worthwhile.
Selling your car at a wholesale auto auction can be a quick way to get cash for your used vehicle. I find the fact that it is so easy to be the main point of using an auction to sell a car.
The auction handles the customer, the paperwork, and the payment. All you will need to worry about is picking up your check from the auction once your car is sold.
Over the years, I've bought and sold countless cars at both local and online auctions. Trust me, there's nothing quite like the adrenaline rush of bidding on a car and getting a nice deal in the process.
I want everyone to know how easy and accessible local car auctions open to the public can be. These are often local businesses ran by good folks supporting their families and their communities. In my experience, everyone is family at a local auto auction.
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Last updated on January 12th, 2025 at 04:24 am
