You car auctions increasingly attract interested buyers, whether looking for a popular car that is cheaper or an exclusive vehicle that no longer exists on the market.
So today, we're going to talk a little bit about 4 types of car auctions that can help you choose which one is best suited to your needs.
Some of these types of auctions are more popular and others are more exclusive, such as those that sell unique cars from decades ago or even bank auctions, where you can find a car from major brands at more affordable prices.
4 types of car auctions
1. Financial recovery auction
Node Financial recovery auction, cars are usually owned by banks, finance companies or public bodies such as DMV, Federal Police and others.
These vehicles come from financing recovery that was unsuccessful or even seized due to fines and outstanding debts.
In this case, the cars may or may not be in good condition, depending on the situation in which they were taken from their previous owners, or they may contain high debts.
Furthermore, in the case of banks and companies, these cars are offered at auctions to recover losses from some financial service.
2. Insurance company auction
Node insurance company auction, the event is held by the insurance companies themselves, where the cars sold have already been involved in accidents or have been recovered from theft.
In this case, the car may contain some minor or major damage, such as to the electrical and mechanical parts, depending on the condition in which it was recovered.
3. Automaker Auction
Node car manufacturer auction The company's own vehicles are offered, directly from the factory. This is a good option for those looking to buy a car in good condition.
Just like cars repossessed by banks and finance companies, these cars may have come from some type of financing in which the former owner was unable to continue paying, for example.
4. Collector's Auction
Node collectors' auctionThe cars on offer are from famous brands and command high prices. Only collectors or celebrities are eligible for this type of auction.
This is because in this type of event, the vehicles are usually rare and difficult to find on the market, such as cars from movies, big celebrities and others.
Unlike the auctions mentioned above, this type of auction features cars intended for collectors' collections, and some, due to age, cannot be driven normally. Furthermore, they can sell for millions.