Find out more about how car and motorbike auctions work and what you need to know before you buy your first vehicle.
Adverts
Car and motorbike auctions are events that have become increasingly popular in recent years because it is possible to buy a car and/or motorbike in good or excellent condition at great discounts.
We're talking about being able to snap up a repossessed Fiat or Jeep car in excellent condition, with prices between 50% and 70% below FIPE table.
However, in order to take part in car and motorbike auctions safely, you need some special knowledge and precautions to mitigate problems and guarantee the acquisition of a problem-free motor vehicle.
Adverts
Many people think that when they take part in car and motorbike auctions, the car and/or motorbike can only be used for personal use. But here's an even better opportunity: to learn how to generate income from the vehicles you buy.
And nowadays there are some ways to buy cars and motorbikes at auctions without having to have all the money to pay the winning bid. This would make it easier to buy cars and motorbikes to generate income for their future owners.
In this series of content on Car and Motorbike Auctions we'll explain how to take part, how to bid without having all the money, how to generate income from the vehicles you bid on, how to know if an auction site is reliable and which are the best car and motorbike auction sites.
So if you're interested in taking part in car and motorbike auctions, reading this carefully prepared content is the first thing you need to do.
Quick Index:
How car and motorbike auctions work
Car and motorbike auctions are events in which motor vehicles are sold to the highest bidder.
You may also be interested:
- The 5 best online auction sites
- How to tell if an online auction site is reliable
- Discover the Car and Motorbike Auctions
These vehicles can come from a variety of sources, such as seizures by traffic authorities, repossessions by finance companies, insurance company vehicles, zero kilometre kilometre vehicles with transport faults, among others.
Before they go up for auction, the vehicles are valued by specialised auction professionals who set a minimum value, called the starting bid or reserve value. This value is the minimum the vehicle can be sold for and if the auction does not reach this value it will not be sold.
How to take part in car and motorbike auctions
Currently, taking part in car and motorbike auctions can be done in two ways: in person or online.
To take part in person, simply turn up at the auction yard on the day and time specified in the notice. To participate online, you'll need to register in advance on the auctioneer's website.
You will remain on the same site
How to buy cars for no money
Buying cars and motorbikes at auctions if you have the cash available can be a possibility, but it depends on the policies and rules of each auction house.
But yes, there are several auction centres where this is possible through financing with financial institutions and using credit cards.
Another way would be to use your air miles as payment.
You will remain on the same site
How to generate income from auctioned cars
There are several ways to generate income from cars and motorbikes sold at auctions, such as
- Reselling the vehicles for a higher price than the one paid at the auction
- Use the vehicles to work for ride-hailing and delivery apps
- Rent vehicles to private individuals or companies that manage fleets
You will remain on the same site
How to tell if an auction site is reliable
There are countless reports of people who have spent their entire life savings to buy a car or motorbike in an online auction and then, after closing the deal and paying in full, discover that they have been the victims of a scam.
Although taking part in online car and motorbike auctions is a safe way of doing things, it's important to pay attention to a few points before taking part in order to avoid unpleasant surprises.
Best Car and Motorbike Auction Sites
There are a multitude of car and motorbike auction sites on the market, but some companies are better, invest more in site security, have a larger and more diversified stock and offer more forms of payment to make it easier to buy even if you don't have all the money in cash.
The History of Car and Motorbike Auctions
The first auctions took place many centuries ago, at a time when people gathered in public squares to buy, sell or exchange the most diverse goods.
The more modern auction system, with today's format and rules, i.e. with an auctioneer leading the event and participants (or bidders) offering verbal bids to acquire the goods on offer, originated in ancient Greece and was widely used during the Middle Ages.
Car and motorbike auctions, on the other hand, are much more recent, with the first written accounts found in the United States of America in the mid-19th century.
But it wasn't until the 20th century that car and motorbike auctions began to proliferate around the world, especially in countries where the automobile industry was more advanced and, as a result, there was a growing supply and demand to make this trading format viable.
Today's car and motorbike auctions attract all kinds of consumers, from bargain hunters to antique car collectors.
It might make sense to you:
