RM Auctions–Auctions for Collectors

RM Auctions claims to be the “the global leader in the collector car auction industry.” They offer a variety of services including, “auctions, restoration, appraisals, collection advice, private treaties, and estate sales.” They caught my eye for two reasons-first, I just love looking at old cars restored to perfect condition; second, they hold an auction, this fall, in Hershey, Pennsylvania. I imagine that is in conjunction with the annual classic car show there, one I attended some years ago, a highlight of my college years!

As far as looking, the RM Auctions web site allows, indeed welcomes, you to look, either at its entire collections or narrowed down to a particular auction. I clicked on a red 1953 Ferrari, and I not only could look a a number of photos of the car but also a nearly 5 minute video story about the car and its history. That car will be auctioned in Monterey in just a few days. The site also includes a lengthy and detailed fact sheet about the car.

Without a doubt, the vehicles offered here are the best of the best, meaning of course, expensive beyond the budget of most of us. Still it is fun to look around to see what they’re selling. They offer a both a magazine and catalog, and they link to information on both consignment for sale and on their restoration services. In addition, RM Auctions also does estate auctions of entire collections, with links to a number of collections as well, largely from past sales. They also make interesting viewing with a collection of woodies, of micro-cars, and of auto-related signs, to name a few.

Auctions may be viewed live, on-line, and a person may register and bid on-line as well. Catalogs are available both digitally and in print. Clicking to related events will take you to the page with information on both the annual car show in Hershey from October 9 to 13, 2013, the one I attended, as well as to the “Night at the Museum,” October 9, at the AACA Museum (The AACA is the Antique Auto Club of America.

GSA Fleet Vehicle Sales

The United States General Services Administration (GSA) sells off “U.S. Government owned cars, trucks, SUVs, and vans to the public at substantial savings” according to their web site. Besides being a resource for the prospective buyer at auction, the website has a user-friendly layout for the novice auction buyer. The site provides for windows to provide the information that you, as a prospective buyer, will need to get the best deals on the vehicle you want.

First, “Find a Vehicle” allows you to search the entire database for the specific car you might want. For example, I found 3 Hondas but none were Accords. The site has a registration option that allows you to maintain a search for a particular vehicle or vehicles until they become available.

Second is a “Search for Auctions,” which allows a user to locate specific GSA auction houses by state. A search for auctions in Michigan came up with 5, one in Gaylord, Michigan, on August 20, 2013, with the information on the auction house, including a map. The other 4 were in near-by states—Illinois, Indiana, Ohio, and Wisconsin.

The third window offers general information about the GSA and its auto sales. It provides helpful information including a page regarding alternatively fueled vehicles. It also links to a brochure, but I found myself on a USA Publications page where a search would be needed to get to the auctions brochure. At that point, it seemed unnecessary, although I saved the link for future use.

The fourth window provides links to explain how GSA auctions and auctions in general work, with one for first-timers. Experienced or not, I would recommend looking through those links.

Just go to the GSA Fleet Vehicle Sales site and look at the scrolling information. You will quickly get a clear picture of a valuable resource for anyone looking to get a good car at an action price.

“Time Capsule” Auction

Those who buy cars for reasons beyond simply getting a quality car and a great price probably already know where the auctions for their specialized interests can be found, unless they’re newbies, of course. However, I came across something unique, recently, a collection of old cars in better than normal condition for their ages. These cars have been sitting in an old man’s buildings for 17 years.

An auto dealership in Pierce, Nebraska, closed with 500 cars in its inventory, among them 50 brand new Chevrolets from the 1950s and 1960s with less than 10 miles on the odometer. These cars have not been driven since, and apart from the minor damage of aging itself, these cars are in first class condition.

The article reporting on this find lists auction dates of September 28th and 29th, this fall. Owners Ray and Mildred are now in their nineties, and their daughter says selling the collection came from what a painful decision for them. The auction will be held at Vanderbrink Auctions in Pierce, Nebraska, and their site provides further information.

On Vanderbrink’s site is a video of some of the “survivor” vehicles to be sold. It is one of 66, if you’re interested, and you can get started here. I watched for just a few minutes, and I was reminiscing while I enjoyed seeing some cars of the past in beautiful condition.

The original story site includes a number of photos of cars to be auctioned. About half way down, I found one of a 1959 Chevy Impala, the car I drove through my college years. Mine was sky blue, and my friends and I called it the “Winged Wonder.” If I could afford it, I’d be in Nebraska, this September, to see if I could buy one. What an opportunity for those who want to relive their youth!  Oh, and if you’re into collector car auctions, you might want to check this out.

Do I have to Have a Permit or License to Buy at an Auction?

Auto auctions come in all shapes, sizes and flavors. Some auctions require you to be an active, paying member, and others only require you come on-time with money in hand.

A major factor to consider when attending an auction is whether you need a permit or license to enter. First, if you plan to go into this industry with the idea of selling cars for profit, your state may require you to obtain a car dealer’s license. I’d advise checking your local DMV for laws governing your state. Also, some auctions are only open to auto dealers so, before driving to the auction, be sure to check ahead on the license requirements.

Secondly, some states don’t require you to have a license to enter normal auctions but do require you to have a business entity such as a LLC or S Corp before you can purchase. This rule lifts the liability from you, the purchaser, and the auction house and places it firmly onto the shoulders of your corporation. Again, check the state requirements by contacting either the local DMV or the auction house and requesting a requirements sheet.

Lastly, remember even if the auction doesn’t require you to have a permit or a license, they may require you to have insurance before you can drive away from the lot with the vehicle. Although it’s the buyer’s responsibility to do so, the auction house can be fairly firm on this stance so make sure you have the proper accommodations in place before you leave the lot. In reference to auctions, my favorite set of words are “due diligence”. You must take the time to research the place where you intend on purchasing well before arriving tp participate. Doing so will save you a lot of time and money in the long run. 

Can I Attend Vehicle Auctions Online?

The newest craze in the auction world is the online auction. This allows a potential buyer to log onto a website and choose from dozens of vehicles at the same time. Once you choose the vehicle of your choice, your purchase is made electronically, and the vehicle is yours. The industry leader in the online auction world is eBay. To join an eBay action, you must create an account on the website and input a payment method for your purchase. Before you bid, be sure to read the fine print and disclaimer regarding the vehicle. Bidding is a breeze on eBay as the site will tell you the minimum bid, reserve price, and the current bid. All you need to do is pay attention, and in no time you’ll own the car you want. In most instances, eBay listers will require you to pay a certain percentage down within a certain time frame after you’ve won the bid. For example, you’ve won the bid for Joe auctioneer’s old car. Joe requires you to pay $1,000 within 2 hours of the auction’s end, or the car will be relisted on the site. Be sure you know such details before you bid, and be ready to pay once your bid wins.

While eBay is the industry leader, there are many other alternatives out there to choose from. You’ll be required to create a user account and verify your method of payment. Once you’ve completed those steps, you’ll be ready to get started. With the abundance of options regarding online auctions, you should really take your time and shop for the best deal you can find. Trust me! More cars are being auctioned online than you may think. Go ahead and start looking; I’m sure your diamond in the ruff is only one or two clicks away. 

Can I Attend Vehicle Auctions Online?

Online auto auctions have really picked up over the years. Industry leading auctioneers are using platforms such as eBay to sell cars at frenetic paces. First off, let’s explain how an online auction works and what you’ll need to participate.

An online action allows bidders to purchase cars through the online portal versus at an actual face-to-face auction. For you to participate, you’ll need an active Internet connection, preferably something very fast. DSL and dialup connections may not be ideal for auctions as the connections are fairly slow. You’ll also need a clear sense of what exactly it is you’re looking for. Remember, at an online auction, many cars can be sold at once. Unlike the active, in-house auction, you’ll need to choose the car you want and go for that particular vehicle. Also, before you even choose your vehicle, read the fine print closely. Be sure you know the preferred method of payment, how much time is allowed after winning the bid to complete your payment, where the car is located, and how you plan on retrieving your vehicle. While these are only a few of the many questions you’ll need to ask, it’s a good start to developing a game plan. In addition, be sure to have multiple online outlets where you choose your vehicles from. Ebay is the most popular auction site in the world; and, to make your auctioning experience the best, many tools have been integrated into the website such. These include seller ratings, video montages of the cars available, and PayPal payment options, which is one of the safest forms of payment available.

No matter what auction site you choose and what car you pick, my advice is to be very careful and take your time. Some people are very successful with online auctioning, and some have not been so lucky. It’s up to you to determine your success.

How do I Get Insurance on a Car I Buy at the Auction?

Auto auctions can be fun, entertaining, and fulfilling. They can also be part of a painful experience if you aren’t smart about the way you handle your transactions. Auto insurance is one of the most important purchases you can make in your life. It’s also the most important purchase you can make at the auto auction. After you have purchased your shiny, new car at the auction, you have been provided with your buyer sheet confirming you have done so, and you have made your payment, the car belongs to you.

DO NOT DRIVE AWAY FROM THE LOT WITHOUT AUTO INSURANCE!. Auto insurance companies are open 24/7, ready and willing to add your new car onto your policy. Simply call your insurance company with the VIN number and the make and model of your new car, and your insurance provider will do the rest. Also, be sure the policy starts immediately. Even if you cannot print your proof-of-insurance insurance card out, you are covered in the event of an accident or traffic stop. It’s really that simple! Don’t rack your brain over if you should or should not have the insurance; it’s not even debatable. When purchasing a car from the dealership, they require you to be adequately covered before you can drive away from the lot; keep this in mind. Also, if you’re lucky enough to see the cars online beforehand, call around and get some insurance quotes. This way, you’ll know for sure what you would be paying in insurance for certain models.

Guys, driving without car insurance is against the law and could put you and your family in serious financial trouble. Take the time, determine what you’ll need to pay, and pay it before you drive away; otherwise you could be setting yourself up for a major disaster. 

Do Motorcycles Get Sold at Auto Auctions?

Auto auctions can be great if you’re looking for a many different types of transportation. You may find cars for leisure, fleet cars for your job or service, and even motorcycles, among the most overlooked items found at auctions. For the biker enthusiast, finding a deal on a motorcycle is, bar none, one of the best things that can happen. Auctions don’t just have one or two types of bikes; so let’s talk about what you may find.

Cruisers: If you’re looking for a cruise type motorcycle, you may want to check the local demographics as cruisers tend to be for the middle aged crowd. These bikes are bigger and more powerful than others and therefore command a higher price. However, if you’re lucky enough to find one at a local auction house, I’m almost certain you’ll get a great deal.

Antiques: Now, these bikes can be rarely found at local auctions but more at trader-style, collector’s auctions. When these are held, people come from all over the world and purchase great bikes for their collection. At these types of auctions, bikes are usually sold for more money and can be found in fantastic condition. Have your cash together if you’re considering this auction genre.

Daily Drivers: Also know as a “Crotch Rocket,” the daily driver motorcycle is the one found most commonly at auction. You’ll see these bikes ranging from 600cc to 1000cc and very affordable in price. Be advised, these bikes are the ones you’ll most commonly find a great deal on.

Overall, bikes have increased significantly in popularity and are very much present on the road. Again, demographics play a large part in what you may find; so, if you have several auction houses in your city, be sure to check the area to minimize your time searching. 

Can I Get What My Car is Worth at an Auction?

Thinking about selling off your old car? You might consider listing it at the local auction house. Auto auctions allow people to buy used and sometimes new cars at discounted rates. By listing your vehicle, you allow the public to place bids until the highest bidder wins. Another popular auction option is the online powerhouse eBay.com. On eBay, you can not only list your car, but you can set a minimum price for selling it, through a process called reserving.

The major question people ask related to the auction is can I get what my car is worth at an auction? This depends on multiple factors. First, you need to determine the cars market value and eliminate your personal opinion of what the car is worth. Websites such as Kelly Blue Book provide an industry standard when it comes down to determining worth. I would advise printing out a blue book estimate when making this decision.

Next, take in account if the car is currently running well and if the car is currently leased or financed. These 2 variables make up a major part of your overall decision. If the car is currently being financed through a company, you need to be sure that your sale price is more than what you currently owe on the car. People trade in cars daily with more money owed than the car is worth, causing them to have the unpaid balanced rolled over to the next car. This is what’s referred to as being “upside-down” on your loan. In the case of an auto auction, the bank will not release the title to the buyer until the entire car is paid off.

Another thing to take in consideration is the popularity of your vehicle. If you have a hot, trendy car in good shape, you may get more than it’s actually worth at an auction. Overall, just pay attention to all the variables above to ensure you put yourself in the best position. Besides, only the market can determine what your car is worth, not you.

Can I test drive a car before I buy it?

When attending the local auto auction, you may have many questions regarding a car’s condition. In some instances, auction houses have the flexibility to allow you to test drive the cars. Don’t count on this being common, as many can’t provide test driving, while some auctions totally forbid the idea of test driving because of the liability involved. They would prefer not to put themselves at risk by allowing people to drive away from the lot. Certain situations may provide you an opportunity to test drive on the lot, but again this is a rarity.

Now, for the lots that do allow test driving, it’s usually only available on a certain date prior to the auction. For example, one auction house only allows test driving 7 days prior to the cars sale date. Imagine 30 people wanting to test drive 30 different cars on auction day; it would be chaos for the auction house. It should also be noted that the auction sites will more than likely require you to have a current state license and your insurance information on hand before you can take the wheel. These requirements protect them in the event a person decides to steal a vehicle while on the test drive or has an accident while driving. Just remember to find out the rules far in advance so you may know how things will go once you arrive for your test drive. You can usually find the auction house’s policies by logging onto their website or searching online, or you may find their number and call them.  Most businesses are happy to answer questions for prospective buyers as long as they don’t abuse the privilege.

Lastly, if you are able to test drive while onsite, be sure to look and listen for any potential issues. By simply turning the car’s radio down, you may hear indications of problems to be investigated.  Bringing along an experienced mechanic is always advisable, if you can arrange it.

Copyright © 2015 Pixel Theme Studio. All rights reserved.