Things to Expect at Auction Sites
The idea of holding an auction, whether it is held at a physical location or at online auction sites, is to sell certain items interprets to either a private or public sale of displayed items sold separately or in a batch. The opening bid amount is usually the minimum set by the seller and announced by the auctioneer. The highest bidder wins the item or items and that is one of the things to expect at auction sites. Even car auctions can have some unique merchandise offered, such as an antique wood gearshift knob or an elegant hood ornament. It is hard to know the estimated worth of most of the items that are presented for bid, although you can prepare for used automobiles.
When you think of a description regarding recourse for inferior or faulty merchandise, remember the expression, “What you see is what you get,” then add “and then some.” The vehicle you end up purchasing may have problems that are not obvious on the surface and do not surface until later. Perhaps snakes, spiders or even personal information from previous owners are contained within the vehicle. Car auctions, like any other event of this type, are fast-paced and those unfamiliar with the procedures may not catch the warnings regarding certain features of the car. To maximize bidder understanding a light system prevails at many auction involving green, red and yellow lights, which generally are above the auctioneer.
One phrase bandied about auction sites, particularly car auctions, is “as is, where is.” That means the winning bid usually will carry a title transfer fee and the towing fee to remove the vehicle if it does not run or is not street legal because of bad tires or inoperable lights. Vehicles may have no keys for the ignition, fuel tank or the trunk. Likewise, door codes are likely unavailable, initiating a locksmith fee. If a picture and/or short description is printed or available at auction sites, that is usually data provided by an outside party and not a formal statement providing recourse if the information is misleading.
Something else to expect at auction sites is the emphasis of no responsibility unless it is “carved in stone.” People will talk and promise nearly anything to create interest in something they may have put up for bid at auction sites, but that does not make any of them true. An odometer reading of 42,000 miles for a five-year-old car being sold at car auctions is very reasonable, but there is nothing to indicate it is the original odometer installed at the manufacturer or that it is still working. Perhaps lovely leather bucket seats are in the car when bidding starts and you are fortunate enough to win the bid. When the winner claims a ‘new’ car, the seats may be loose because they are not bolted down and do not fit the frames in the car.
Things to expect at auction sites include the old expression “expect the unexpected” when you pay the bidding registration fee and make a deposit towards a potential winning bid or pay the five to ten percent buyer’s fee associated with car auctions when you win the auction. The most important thing to expect is a learning experience, an enjoyable time, and despite some of the rules, perhaps the best deal you ever make on a vehicle.