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We’ve all heard the stories about a friend of a friend who bought a new Corvette for $500 at some sort of public auto auction, right? Does this sort of thing really happen or is it just an urban legend?

The truth is that any public auto auction of any kind is going to have car business professionals in the crowd and if they’re letting a new Corvette sell for $500, then you can bet the car has serious title problems.

Tip Number One – Always Check the Title – Most people don’t know that the police are not required to have clear title to the cars they impound and sell. There’s no excuse for you to not run an AutoCheck vehicle check on any car you’re considering buying.

Tip Number Two – It’s All About Condition – The condition of a car will affect its selling price by thousands of dollars so you must carefully check the condition. Here’s how the Kelley Blue Book defines condition:

EXCELLENT:

• Looks new, is in excellent mechanical condition and needs no reconditioning.
• Never had any paint or body work and is free of rust.
• Clean title history and will pass a smog and safety inspection.
• Engine compartment is clean, with no fluid leaks and is free of any wear or visible defects.
• Complete and verifiable service records.

        Less than 5% of all used vehicles fall into this category.

GOOD:

• Free of any major defects.
• Clean title history, the paints, body, and interior have only minor (if any) blemishes, and there are no major mechanical problems.
• Little or no rust on this vehicle.
• Tires match and have substantial tread wear left.
• A "good" vehicle will need some reconditioning to be sold at retail.

        Most consumer owned vehicles fall into this category.

FAIR:

• Some mechanical or cosmetic defects and needs servicing but is still in reasonable running condition.
• Clean title history, the paint, body and/or interior need work performed by a professional.
• Tires may need to be replaced.
• There may be some repairable rust damage

POOR:

• Severe mechanical and/or cosmetic defects and is in poor running condition.
• May have problems that cannot be readily fixed such as a damaged frame or a rusted-through body.
• Branded title (salvage, flood, etc.) or unsubstantiated mileage.

(Note that title history is considered an important part of condition!)

Tip Number Three – Know the Market – There are two main things that separate the professionals from the punters and the first is that the pros know the true market value of every car that comes to the block. There’s no reason why you shouldn’t have the same knowledge. Pick up a copy of the Kelley Blue Book for ten dollars and have all that knowledge at your fingertips.

Tip Number Four – Decide Your Price Before the Auction Starts – The second main thing that separates the professionals from the punters is that the professionals decide how much they’re willing to pay for a car and they STOP BIDDING when the price goes beyond their preset value. The weekend punters get caught up in auction fever and end up bidding themselves into a bad deal.

Tip Number Five – Don’t Make A Bad Deal – As obvious as it sounds, it needs to be said. You are in total control of how much you spend at an auction. If you do your homework and always walk away from the bad deals, then you’ll always get a bargain. Be patient and you’ll be successful.

If you need help finding a public auction, I recommend: Public Auto Auctions

Get your main resource now: The Kelley Blue Book Used Car Guide

Why not run a Free Vehicle Report at AutoCheck on your car now? You’re going to be selling it soon!

Technorati Tags: auction, auto, public, public auto auction

Police Auctions deal in property that’s been seized from criminals, or has been abandoned or otherwise fallen into police custody. The property is cataloged and held for a specified time in order for the original owners to claim it and if no claims are made, the property is sold.

The type of goods found at these auctions varies widely and you can usually find both one of a kind unique items as well as large commercial lots of merchandise. Of course, you usually also find cars, trucks, and boats.

Car Police Auctions can be either live events or online auctions. They both have their advantages and weaknesses.

Live Auctions – On the plus side, live auctions usually have fewer bidders and they provide a preview time so buyers can personally check the condition of the cars and spot the specific cars that warrant more research. Once you’ve spotted the cars you like, you can use your cell phone or laptop to go online and check the value of similar cars at eBay Motors and various used car sites like AutoTrader.com. Sites like these will help you determine the true market value of a car as well as give you a feel for the amount of demand there is the market. It’s vital that you understand all of this information in order to determine what your highest bid should be for any given car. You must be ready with all of this BEFORE the auction starts.

Car Police Auctions usually have no minimum (reserve) bids. This means you have a chance at some very high profit deals. A live auctioneer will try to open bidding at a certain price, if no one bids, he will be forced to come down and keep coming down until someone bids.

On the negative side, car police auctions are usually not well publicized and finding them can be a real challenge. Most local police websites are not updated regularly and these sorts of sales are usually only publicized in the classified ads of a local paper. This general lack of publicity makes finding these events difficult, but it also means there is usually limited competition.

Online Auctions – These are easier to find than live auctions but the rules and methods used vary from site to site, so get to know the lay of the land first. Since you’re already online, you shouldn’t need to be reminded to do your market research first!

Please note that ALL car buyers should always check the title of ANY car they're considering, even if you're buying from a dealership. Get a FREE VIN Check from AutoCheck.

One way to find local police auctions is to call the business office of your local police station (NOT 911!) and ask about upcoming auctions.

You can also sign up to a subscription service like Gov-Auctions.org for up-to-date listings of auctions in your area.

Car Police Auctions can require some real effort to find, but the profits you can make more than justify the effort. Do your market research, know the true value of the cars involved and you will certainly find exceptional values at these auctions. Police auctions are a hidden gold mine for the smart car buyer.

Don't forget the bible of car values, the Kelley Blue Book Used Car Guide - a must-have for anyone serious about cars.

Click here for a free vehicle report on your car now - You'll be selling it soon!

Technorati Tags: seized car police auctions online auction auto public