1. Financing can be tricky - If you are going to be financing your purchase, make sure to talk to the bank before going to the auction. Tell them your plan and find out how much they would be willing to lend you. Some auction services list vehicles that will be at the auction, if you have this list and know what car you want to bid on, show it to your banker. They should be able to tell you exactly how much they would be willing to lend on that car.
2. You have time after the end of the auction to get the money together. - Don't be worried that you have to write a check as soon as the auction is over. All you have to do is talk to the auctioneers after the auction and sign the formal papers. Then you have time (somewhere between 24 hours and 5 days, depending on the auction), to return with a cashier's check and pick up the car.
3. There is an inspection period before bidding begins, use it. - There is no lemon-law at auction. Try to get to the auction as soon as it opens and look at every vehicle you may wish to purchase. Test all of the power windows and seats, wipers, air conditioner, headlights, open the trunk, look at the tire treads, etc. If you are a mechanic, or you have a mechanic friend that you can bring with you, look under the hood. Typically they will start the engine for you so you can listen for knocks or any other telltale sounds.
4. Look at the vehicle history report of any vehicle you will be bidding on (this should be provided free by the auctioneers). Make sure that there is no flood damage, major wrecks, fire damage, etc. Unless you are a very experienced car dealer, you should never bid on cars that have had major body work.
5. Bids at auctions are as binding as a contract. Don't bid unless you are absolutely sure you want to. And if you do not want to bid, be quiet and keep your hands down. Auctions move very quickly, and if the auctioneer sees you waving at your friend, you might accidentally be bidding on a car.
Auctions are, by nature, very high speed and very competitive. They can make new auction goers very nervous. If you have the chance, I recommend going to an auction purely as a spectator your first time. After you get used to how an auction goes, you will be much more confident for your next visit. Auctions can be fun and lucrative once you get the hang of them.
If you are interested in more information about government auctions, visit Maxratings.com Government Auctions Site. There are links there to sites which list all of the government auctions along with the items to be auctioned off.
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