Where to sell a Rebuilt car

Where to sell a Rebuilt car


Auto Auction buying tips
By MyRebuilt.com For those rebuilders out there as you
know purchasing the right car at an auction can be quite challenging in fact
you’re going against several factors that are constantly changing it can
increase your risk upon buying a car and you have to be aware of what those risks
are and have a good buying strategy and that strategy we’re gonna go over a
little bit today I have been purchasing cars at insurance auto auctions and
independent auctions for 30 years now and when I started the buyers fee was 25
dollars on my first car in Austell Georgia and that auction has been
purchased by a larger corporate auction that we are most all aware of the
auction fees now are astronomical and these big corporate auction houses are
buying out pretty much all the independent guys in order to lobby or put a monopoly
on the pricing and fees and those fees can actually take your profit margin and
throw them right out the window so you have to be very careful with the car you
buy and factor in those fees visit the auction site look at the type fees that
you will be paying for the price range of that type car they do provide those
lists and those fees can also vary depending on what type of buyers account
you have and that’s not the only challenge we have when purchasing on an
auto auction we also deal with the auctioneer who wants to get the most out
of that car so what he’ll do sometimes is push the
price up with invisible bids and you have to be very aware of that and the
professional term in the industry is called running you might end up paying
more for a car and you’re actually bidding against the auctioneer and not
knowing it that’s called running the auctioneer ran you so the auctioneer
he’s a pro at this, hes a pro at this he who’s bidding he knows who
knows what they’re doing and who does not know what they’re doing and an
amateur in the audience throwing up their hand and looking at the car and
not really paying attention what’s not what’s going on can get carried away and
the auctioneer can take advantage of that situation and continue to push it
up until you quit bidding and that will be the price that you end up paying for
the car so I’m going to give you some tips on
how you can control not being ran by the auctioneer and I think this is going to
be probably the most effective method don’t use hand bidding don’t throw up
your your arm and go bidding and telling everyone who’s bidding on the car try to
be discreet as possible and the way you can do that is have a bidding app on
your your iPad or your cell phone and just hit the bid button and pay
attention who is bidding and it will say on each bid who bid on that car it
should give the name of the person and name the company and also pay very close
attention to the people who are there that are bidding and the auctioneer if
he’s actually looked directly at the auctioneer as much as possible and until
you start bidding and make sure that he is taking collective bids from a real
audience because once the car gets up to the the last bids that’s when the car is
normally ran not every car they will use this procedure they’ll try to sneak it
in every once in a while it should be made illegal but unfortunately it’s not
at this point in time okay so that’s one of the traps you have to be aware of the
second trap is online bidding if you’re not in person
online bidding can be very challenging as well and I’m going to give you a
little tip and information on that basically in two factors one is always
do your research very well as much as possible online try
to estimate the value of the car as good as possible make sure that you pay
attention to the model because one car may have three to four different models
for a four-wheel drive for example it can be a limited or it can be a standard
and those prices can vary greatly so you need to know what model that car is
that’s very important and know exactly the value of that car
the higher the model the hotter the car is obviously easier it is to sell it
so no one likes basic model cars rebuilt cars I don’t really want to say no one
but those are gonna be a little bit harder to sell in the market so when
you’re buying a car look for a hot model that’s easy to sell if you’re looking to
sell it now if you’re looking for a car to keep for yourself it really doesn’t
matter but if you wanted to flip these cars go for a hot model and just make
sure you don’t overpay for it because though people do get out of control and
they overpay for cars and I will say probably most of the cars purchased at
auctions are overpaid cars and on top of that they’re still paying fees and a lot
of surprise repairs are going to come your way you might suspect the damage
around 4,000 but in fact the damage is more like 12,000 there’s a lot of hidden
damage in a car and you have to be super careful and account for that possibility
never pay what what the car you think is is worth always try to find a car that
goes in under the money and be safe about it try to stay at least 1500 under
what your estimate your personal estimation of the cars worth should be
so let’s say you think this car should have an average auction market with the
type of damage that it has and the type of the model that it has at 8,000 your
maximum bid should be more than 6500 try to stay at least 1500
below that estimated value that you came up with and there are a couple programs
that can help you come up with that value be careful in your bidding against
a person not to get carried away and if you think that you’re being ran just
stop bidding and see what happens chances are if you’re the last bidder
you may even win the car even if he says that someone else bid on it it will fall
back to the second last bidder and that happens quite often you’ll think you did
not win the car and then the car comes back to you that’s when you know you
have been ran by the auctioneer so here’s another big danger that you have
doing online bidding when you estimate the car by looking at the pictures and
its damage I don’t recommend doing proxy bids and what is a proxy bid that is
when you go in and you put your bid in and if the car is is auctioned off and
you’re not online auction against it those bids will go automatically so now
let’s talk about another challenge that we have for online bidding about proxy
bidding a lot of people like to go in and look at the cars available and just
put their highest bid in in the proxy bid box and say I will bid up to this
price that’s extremely dangerous first of all because the auctioneer will most
likely run you even if you don’t have another competitor against you he will
push that up to what you have agreed to pay for the car and the danger is you
may have actually offered too much for that car without knowing and how is that
possible let’s say oh it looks like the car has got some sheet metal damage on
it and it needs a bumper a fender and a hood it looks very light when all
actuality that car has been ran off the road it may have some severe
undercarriage damage and it’s not listed some auction sites do not list damaged
fully and especially on rental cars you will find that a lot of damage is
not listed it will say unknown and you don’t have all the details
so be extremely careful putting in proxy bids I would say do not use them
you’re going to purchase a rental car you need to visually look at the car at
least bid on the car live because the live buyers they will see the damage and
they’re not going to go past a certain point so you’ll be better off bidding
live on that car and don’t do a proxy bid that’s my advice
careful bidding because it is a very challenging difficult and competitive
market best wishes I’m Shawn with
Myrebuilt.com So moving on to the Copart
back-office platform they also have a research tool and you can get setup with
your regional manager. Be prepared to have one or two bids above if you want but don’t get out of control with your bidding as this is very dangerous and
stick to your high price if possible other things you need to be aware of
with Coparts listed cars they do not list all the damage just as insurance
auto auction they don’t do the thorough inspection of insurance auto auctions so
you will get more surprises with Copart as far as that goes
for example insurance auto auction will have the detail of all the airbags that
have been blown on that car whereas Copart auto auction will not
sometimes the photos will not show the the airbags the curtain bags that have
been blown I’ve seen that happen before there will be knee bags blown that will
not show up in the pictures so you’re going to have some surprise damages on
online bidding with Copart there’s really no way around that so be
prepared to have some surprises with their
listings probably better with Copart to bid in person and in my opinion although
there are many cars purchased online the risk is a little bit higher for
amateurs who are not used to bidding cars and even people that do this for a
living for 20 years it’s not uncommon to lose money on up to even 20% of the cars
that are that are purchased so there’s really no way around it you’re going to
lose money on some cars and you just have to be prepared for that so this is
why it’s super important to do your homework and know what kind of damage is
involved price out the parts that you’re going to need look at the comparable
damage so that you don’t over-bid always make your offer at least fifteen
hundred under the average market price for that car to be on the safe side and
don’t get carried away with your bidding don’t get into a bidding war with
another guy who’s crazy about this car as well unfortunately unless you’re
prepared to pay more than the car is going to be worth after its repaired but
don’t get into a bidding war, it’s that simple you may have to wait be patient
for another car, and this is a very competitive market because there are a
lot of bidders out there and many bidders are sometimes public people that
are do not have a lot of experience and it is very common for them to pay too
much for the cars at the auction and so now going to Mannheim, Manheim also
does not list all the damage online in a detailed fashion there will be some
listings that will just say unknown damage you have to be very careful
bidding online because you will most likely have some surprises unforeseen
damage, could be undercarriage, could be airbags inside the car, it’s not seen on
the pictures pictures do not always show all of
the damage so you can’t blame the auction house for not revealing certain
pictures, you can make up a complaint and you might be able to get some headway or
leeway but the chances are not very high auctions are AS IS sold! so you hit that
high bid button you’re going to be purchasing that car unless there is some
major discrepancy like a (illegal) title wash that has been done in the past or something
of that nature that has not been revealed or information that is
incorrect on the listing you will be responsible for paying for that vehicle
to keep your account in good standing so after you get your car rebuilt come back
to see us, list with us! We hope that WE CAN help find you a buyer. I’m Shawn at
MyRebuilt.com