Home | Peak Auto Auctions (2024)

FAQs

Is car bidding worth it? ›

Buying a car at auction could result in a great vehicle at a bargain price. However, there are plenty of risks involved. Always be sure to run a vehicle history report and investigate the car's history before parting with your hard-earned cash.

What's the reserve price of the car I want to buy? If a listing doesn't have a reserve, you'll see a “No Reserve” tag along with a “No Reserve” text near the bidding box. If you don't see this text, that auction has a reserve price.

If the reserve price is not met, the seller is not required to sell the item, even to the highest bidder. As a result, some buyers dislike reserve prices as they encourage bidding at levels that may not win.

They revolve around whether it is better to list a car with a reserve (a minimum price that must be met or the car doesn't sell) or no reserve (the highest bid takes the car, no matter how low).

Based on your pricing homework, you should have a good idea of how much you're willing to pay. Begin by making an offer that is realistic but 15 to 25 percent lower than this figure. Name your offer and wait until the person you're negotiating with responds.

A reserve price is the lowest price you're willing to sell an item for. Bidders can't see the reserve price, but they'll see whether it has been met.

When you place a bid on Cars & Bids, we put a hold on your credit card for the 4.5% buyer's fee based on your bid (minimum $225, maximum $4,500). This is a pending charge which is removed at auction end if you do not win the car, and within a few days will disappear from your card's transaction history.

PropertyRoom.com is a live online auction website that sells confiscated police goods and approved third party merchant merchandise to the highest winning bidder.

If you bid below the reserve price, you'll see a "Reserve not met" message. This means that even if you're the highest bidder at the end of the auction, you won't win the item. Sellers can lower their reserve price during the auction or make a Second Chance Offer once it ends.

Do no reserve auctions do better? ›

Many people feel that one of the biggest benefits to a no-reserve auction is that it can draw in a larger number of bidders who are looking for a deal. In this type of auction, there can't be a minimum bid; neither can the seller reject or decline any bid. Typically, more bidders equals higher sales prices.

A minimum bid auction, also called minimum published bid, is an auction for which the lowest, acceptable price is pre-determined by the seller and the auction firm. The minimum price is stated in the auction brochure and in advertisem*nts.

No Minimum Price: Unlike auctions with reserves, where the seller sets a minimum price that must be met for the item to be sold, a no-reserve auction has no such minimum. Bidding can start at the opening price, and the highest bid at the end of the auction wins the item.

A sale at auction is nominally an offer by the owner to sell a property to the highest bidder without any qualification, unless the owner reserves to him or her openly at the time of the sale, the right to bid upon the property, or openly announces a price below which the property will not be sold.

You can discover the reserve price by bidding. If you bid the most you are willing to pay, and your bid amount is above the reserve price, the bid amount will rise to the reserve amount and the reserve will be met, and you will be the high bidder at that amount.

Come Prepared to Purchase – If you bid on a car, you need to be ready to buy it if you win! Most auctions will take either cash or check and expect payment to be made within 24 hours of the sale. Be aware of other costs you may be responsible for such as transporting the car off site and any auction fees.

The prices at an auction are, on average, approximately 30% less than the prices you will get with a private sale or a dealership. Moreover, many cars, especially government vehicles and fleets, are in excellent condition, maintained as per industry standards.

In most cases, you'll still need to negotiate the value of your trade, the cost of financing and the price of any add-ons. If a car is in high demand, a dealership can charge far more than the sticker price. When demand is lower, you can expect to pay less than the sticker price.

The rationale is to relieve themselves of excess new car inventory imbalances or aged new cars, and instead replace them with fresh merchandise that they think will sell more quickly to a consumer. The whole reason cars go to the auction is to ensure inventory balance at the dealership.