Types of Auctions
First and foremost, you should know about the various types of salvage auto auctions online. Broadly classifying, most salvage auto auction websites host three types of auctions - preliminary auction, live auctions, and buy it now. In addition, it is important to know that some auctions have a minimum reserve whereas others may not have any such threshold.
Salvage Title Rebranding
Unless you go for clean title automobile auctions, once you buy a car through salvage automobile auctions, you will not only have to invest in some maintenance and repairs, but will also have to get the salvage title rebranded before you can use it on the road. This is done post an inspection by your local DMV and also involves fees.
Security Deposits
All leading websites hosting salvage automobile auctions require buyers to place a refundable security deposit. This is simply done to validate the seriousness of bidders and if at all you are unable to find a suitable deal, you can simply request your deposit to be released. Bear in mind that in most cases, the amount of security deposit you place also decides your bidding power.
Dealer’s License
There was a time not too long ago when one had to have a dealer’s license to participate in salvage automobile auctions. But that was then. These days, you can easily find a number of trusted websites allowing participants to buy salvage cars without having a dealer’s license. All you need to do is register with them, place your security deposit, and you are all set.
The Last Word
In addition to the aforementioned, it is important to consider shipping when participating in salvage automobile auctions. While most of the leading salvage auctions platforms have a shipping partner, it is important to check the location of the salvage yard before placing your bid. The distance of the salvage yard from your location will decide the shipping cost you will have to pay. So, keep that in mind.