Because we all live in times of a failing economy and a poor banking and credit system, smart American buyers are turning to seized or repossessed car auctions for a good deal. Buyers of cars and trucks on credit from a bank are defaulting their payments at an escalating rate, and astute buyers are focusing on these deals for quality cars paying pennies on the dollar. Transportation is still an essential part of our lives and there are a lot more looking at public auto auctions to purchase their next vehicle.
At these public or private auto auctions, you can find automobiles such as, cars and trucks, SUV’s or mini-vans, usually at a fraction of the price than a auto dealership.
So Where Do These Cars Come From?
There are literally thousands of cars and trucks on a daily basis that go into surplus inventory from the banks as well as the government.
These vehicles are either seized or repossessed everyday, due to default payments or illegal activity. There are also gigantic expenses to store these vehicles, so to rid of them quickly, they go up for auction. These banks and government agencies auction them off at car auctions throughout the country for as little as 85 to 90% off the dealers retail price. So the next time you see your neighbor, Mr. Jones driving a brand new BMW convertible, it may not mean that he’s really that rich. That vehicle may have come from a car auction.
The large government agencies: the U.S. Marshals Service, the Internal Revenue Service, U.S. Customs Service, U.S. Bankruptcy Court, etc., and of course and major banks, constantly have a substantial inventory of unwanted cars and trucks, and they are put on the auction block, they call it asset management.
The good news, they are not really interested in making a profit from these sales, what they are interested in is selling them off quickly as it decreases the maintenance and storage costs to them. This way, you can get a top of the line automobile of your dreams at a fraction of the price, at times in near new, pristine condition at ridiculously low prices.
At times, its quite common to see many of these cars going for as low as $200. Yes, the government and/or banks are that eager to quickly sell off these seized or repossessed vehicles, and it opens an opportunity for you interested in buying a car at a deep deep discount.