Some Rules to Keep in Mind About an Auto Auction

Before you actually decide to walk in an auto auction, you have to ask yourself how much are you really familiar with cars? Or do have a discerning eye or sufficient knowledge which can identify the hidden damages to the car? In an auto auction you would have little time to carefully inspect the car amongst all the drama around you. You need to have a beforehand knowledge or consent with an expert before walking into an auction.

Another important rule is to establish contact and build a relationship with the auctioneer. It’s amazing how far will you go if you exhibit good nature and strike an interesting conversation with auctioneer. Obviously, sellers won’t become your well wishers with a whip of a magic wand, but they will look out for you and help you out if you become a familiar face.

You should know about the auction rules. The auction block usually has four lights; red, yellow, green and blue. Here are some highlights of what these lights mean. Red light is the ‘as is’ light which means you are the higher bidder and car is yours. Yellow light means the auctioneer is going to make an announcement about an issue with the car. Green light means you can drive around you vehicle for inspection if you are a winning bidder. Blue Light signals a situation called “title attached,” which means the title has yet to arrive at the auction. You have to have know-how of these rules which can vary from auction to auction.

Manheim Auctions Developments

Manheim is the world’s largest, most consolidated wholesale vehicle marketplace. It has 106 operating locations around the world and it has several branches in California, namely Manheim South California, Central California, San Francisco Bay etc. Such a huge project attracts the attention of qualified buyers and driven sellers to meet at live, competitive auctions. They also provide variety of services like reconditioning, certification, dealer financing, inspection and much more.

Manheim has taken many bold initiatives and made wise investments starting from 1945 when they bought first Manheim auto auction in Pennsylvania, till last year, when they purchased Dealer Service Corporation and Ready Auto Transport.

In 2000, Manheim took the most audacious step of all and finally acquired their rivals ADT automotives and its 28 U.S auctions from Tyco International Inc. for about $1 billion. Despite the reservations of ADESA and other rival firms, it proved to be a promising step. After the merger, Manheim consisted of 86 North American auctions and 126 business units’ world and around 40,000 employees including ADT’s.

The transition proved to be very harmonious and ADT employees were welcomed like a family, most of them were going to be key executives. Dennis Berry, CEO of Manheim auctions, said that the merger would be a success because these two combines were similar in many ways. He added that both companies had rich historic backgrounds, excellent facilities and most of all tenacious professionals. He proclaimed that the combination of both will assure a successful future for Manheim.

How Do I Find The Right Car in the Auction?

A step even before entering into an auction is to figure out what kind of car you want to buy. With a huge, irresistible variety of shinny cars parked in front of you, it’s hard to keep your needs in perspective. You have to narrow down your choices to a few cars which are more attuned to your lifestyle. Before you start fixating on certain group of cars, you have to take a pause and ask yourself some questions which will help you prioritize your needs.

Do you have a big family; need space for both groceries and car seat? Do you prioritize MPG over power or vice versa? Do you want your car to be more catchy or convenient?  The time you spend on answering these questions will help you figure out exactly what to look for in an auction. Moreover, it will prevent you from buying a car which seems like a lovely ride but later turns out to be unnecessary luxury or not fulfilling.

The next thing you have to consider is the budget you can spare comfortably for the car. Try looking for a car which has benefits that outweighs the cost you are supposed to spend. e.g. you have a job which has an absolute requirement of a car which can take long routes and saves on mileage. It is wise to invest even a bigger sum of money in such situation because it will save you much more in future. Also keep in mind that a vehicle loses 15-20% of its value in first year. So, avoid borrowing money to pay for something flashy which is significantly going to lose its value in the following years.

Should I Buy Car Warranties in a Used Car Auction?

Car warranties are basically another form of car insurance. They pay for the damage in case of accidents but off course they don’t happen more often. Car warranties are more commonly bought for psychological reasons than for financial safety. No matter what most companies publicise, on average, they expect to make money selling warranties rather than benefiting the buyer. Obviously, that won’t happen if they pay more for damages than they earn from selling warranties. So, if you have saved up enough for emergencies, you should preferably consider avoiding warranty.

On the other hand, if you perceive the idea of used cars being more prone to damages, you should go for the warranty and rid yourself from daily headaches of paying large bills. Even if you have made your mind, you should consider other factors as well because different companies offer different coverage options.

What car components should be covered in plan? If you have some mechanical knowledge or you have found problems in the vehicle history which are specific to certain parts, you can opt to buy powertrain warranty which generally covers engine, transmission, drive axle etc. It will keep you from spending unnecessarily and put your mind at ease.

How much is the deductible? Is the specific repair shop far from your location? etc. Your goal while buying a car warranty is to maintain a balance between your financial constraints and your peace of mind. You have to make sure that you are not paying for something which is not absolutely necessary.

IAAI Introduces IPhone App for Estimating Vehicle Market Value

Insurance Auto Auction Inc. (IAAI) is a prominent live and online salvage auto auction company which also has a branch in Conshohocken, PA. On November 19, 2013, IAA launches a Market Value Tool mobile app for iPhone, as part of the suite of products from IAA’s industry leading CSAToday® platform. This app is being considered a breakthrough in the industry because no one has taken such an initiative before to provide the customers with the facility to estimate the value of the vehicles in a few swipes of thumb.

This tool is effective and resourceful being connected with the historic auction data, allowing its customers to research and compare vehicle value. You just have to enter the VIN manually or otherwise, and type or speak the model, year, make etc of the car. The app cross references historic auction data with the previously sold vehicles through an IAA auction. The company considers the data such as damage details, location information, drive capability etc. and presents an informed analysis of the vehicle’s value which user can print, save or share.

The CEO of IAA, Tom O’brien , is determined to invest in mobile technologies which can better cater to their customers need. IAA has made breakthroughs in mobile technologies in the past and they have done it t yet again, introducing an app which allows their clients to gather useful information and make calculated decisions.

Gooding & Co.

High-dollar classic car auction houses in the US have always presented the most persuasive spectacle for the audience around the globe. Gooding and Co. is surely among the most prominent of these auction houses worldwide. They not only participate in but also organize private sales. The Santa Monica based auction house took part in Monterey, Carmel and Pebble beach car week in August earlier this year.“These auction houses are good at finding cars that they think would fit the audience,” said Mackeel Hagerty, founder of Hagerty insurance.

With the week’s event starting, Gooding and Co. had a big opportunity to grab attention of the international crowd and make a big sale. Gooding and Co. and 4 other auction houses sold 71 vehicles of worth 1 million or more this year which rose from 57 in 2012 and 31 in 2011, according to Hagerty. Evidently, Gooding and Co. contributes to present this indulging prospect to the fans worldwide. Although RM auctions, rival auction house, stole the spotlight and made the biggest sale of the week, 1967 Ferrari 275 GTB/4*S N.A.R.T. Spider for $27.5 million, Gooding and Co. concluded the event with their final sale which landed them in the top five of all cars sold this week, a 1997 McLaren F1 coupe for $8.5 million.

Gooding and Co. are also unveiling their marvellous collection including 1952 Ferrari 212 Inter Coupe, 1971 Mercedes-Benz 280 SE 3.5 Cabriolet and many more, at the upcoming Scottsdale auction being held on January 17 & 18, 2014 and the Amelia Island auction on March 7, 2014.

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