At an auto auction, you are afforded the opportunity to purchase a high quality vehicle for a great price. The process of winning an auction is a fairly simple and straightforward process which involves both happiness and unrest. In all honesty, you really have no way of being 100% sure of what you’re purchasing until you get it on the road. Here I’ll detail the final auction process and exactly what happens when your bid wins the auction.
1) Taking ownership of your car – Here’s the high point of the auction. You’ve done your research, and now it’s time to reap the benefits. You head to the back and speak with the finance office. Most auction houses will accept multiple forms of payment including cash or check. Make sure you have enough on hand and be ready to pay up; otherwise, your car could go back into the auction pool.
2) Sign the necessary documentation – Make sure you sign the title transfer documentation once the auction is over and the final cash transaction has been processed. Once the title transfer paperwork is processed, you should receive your new, updated titles in the mail in a few weeks. Also, be sure to make copies of any documentation such as warranty information and appraisal documents.
3) Insure your car. You should not leave the lot before taking care of this!
4) Drive away happy – Once those 2 pieces of essential business has been handled and accomplished, you are now free and ready to drive away happy. My suggestion is to drive the vehicle directly to your local mechanic for regular maintenance. This includes an oil change, tune-up, and a tire rotation. Also, it wouldn’t hurt to have a full diagnostic completed for final piece of mind. This pretty much sums up the modern auto auction. The process can be daunting for some so don’t forget to enjoy your newly purchased vehicle along the way!
Speaking of driving away happy, what if you could revisit your youth and buy the car you drove back then. You might want to check this out.