How To Bid For A Used-Car in An Auction
Bidding for a used car at auction is a lot different from the forecourt.
Car auctions are hugely popular in the UK. The National Association of Motor Auctions (NAMA) reported that the size of the market is around £43bn with over 1.5m cars being sold at auction each year.
Here at William George & Co, we have recognised the questions surrounding online used car auctions.
This guide has been created to help bidders understand what to look out for and how they work, so bidders can bid with confidence.
Can Anyone Buy A Car At Auction?
To buy a car from an auction, you will need to be registered to it.
Auctions can be found in the room or online and their increasing popularity is making it easier and fun.
At William George & Co, you can find our timed-online auctions across popular auction platforms such as The Saleroom, I-Bidder and BidSpotter.
If you have an account with these platforms, you can connect to our car auctions and Bid, Win and Love!
How Do Car Auctions Work?
How a car auction works depends on what auction house you have registered to bid with.
At William George & Co, you can find timed-online auctions where the lot is available over a period of time which gives you the opportunity to ask questions, research, place bids and more!
This flexible format enables you to make an informed decision and bid with confidence.
Is it Safe To Buy Cars From Auctions?
To ensure bidders bid with confidence, William George & Co. provide actionable information in lot descriptions to give you the confidence you need to make a decision.
In addition, vendors are vetted to ensure they meet our standards and this is to ensure online bidders can bid safely at auction.
If you are interested in registering for online car auctions, check out some of these tips!
Tips For Buying a Used Car at Auction
Before you decide to bid/register in an online vehicle auction, here are some things you can do:
1) Narrow Your Interest
What you will find in used car online auctions are numerous vehicles which can overwhelm a bidder who is not completely convinced of what they need.
Before you register for the auction, you can take a detailed look at the catalogue, and by doing this, you can narrow your interests to a few lots. This will enable you to start your research and develop a potential bidding strategy.
2) There’s Time, Don’t Rush
Online used car auctions usually last over a period of time, so you will not need to unleash your full bidding strategy on the day of the auction!
Instead, you can watch how the vehicle progresses throughout the auction and then bid accordingly.
Tip – Some auction houses, like William George & Co, allow for a maximum bid to be placed and this means you will not need to watch the auction as bidding is done on behalf of you.
3) Do Your Homework
After researching a vehicle, you’ll get a general idea as to how much it is worth. This will aid you when developing your bidding strategy.
It’s important to remember not to get lost in a bidding war which can lead to you going over your estimate. It’s vital that you are aware of how much you are bidding on items as you will need to commit to your bid.
To learn some more tips, check out our article: Used Car Online Auction Guide
Bidding for a used car can be a daunting process. It's the third biggest household expense.
Due to that reality, we created this online used car bidding guide to help you ask yourself the right questions before you place a bid on a used car at auction.
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What does a used car look like in auction? Hit the button below and take a look at what online used car auctions look like.