I came across an online ad from an auto dealer willing to take people to these dealer only auctions for a fee. Has anyone had any experiences with these auctions? Is it a significant savings for a car in good condition?
Thanks
2007-01-17 13:30:59 · 6 answers · asked by Mike Jones 1 in Cars & Transportation ➔ Buying & Selling
One important question: what is a good benchmark to use to determine wholesale price?
Would trade in value be approximate?
2007-01-17 14:40:41 · update #1
Ask yourself this question, if the auction is for dealers only and your allowed to bring along whom ever why bother having car lots ???... I would sure like for you to add a reply to your question where you have seen this add, yes you can sneak a friend in as a guest and buy that person a car, but advertise the service no way
My guess is its dealer public auction and someone trying to make money showing you a fair buy...for what I think about public auctions check out my webpage http://www.usedcartips.org/AUCTIONS.html
2007-01-17 14:38:01 · answer #1 · answered by Anonymous · 0⤊ 0⤋
You'd need to read your sales contract to find out the details of the dealers right of rescission. Usually when a dealer rescinds a sale due to the financing not getting approved and they no longer have your trade in the law says they must pay you fair market value of the car they they took in trade. There is a time limit for the dealer to act, usually about 15 days. If the dealer takes too long he must finance the car himself. He can't require you to sign a new contract, pay a higher interest rate, or ask you for a larger down payment. Here's the law in Nevada but the law is similar in all states. The dealer should know the law and you shouldn't need a lawyer. If there's a problem contact the Texas consumer protection agency.
2016-05-24 01:59:00 · answer #2 · answered by ? 4 · 0⤊ 0⤋
I have taken a few select customers to auctions, and they can be great places to buy cars.
There are different lanes, and some cars are totally as-is, while some cars have limited guarantees placed by the seller.
Know what you are looking for, what you can afford before you go, because some of these go fast, and there is not a lot of time to decide.
Work with the dealer beforehand, try to get cars that have been inspected, or have a seller warranty, and know what you can spend, and you should do ok.
2007-01-17 14:11:18 · answer #3 · answered by Robert S 3 · 0⤊ 0⤋
there are good deals at dealer auctions, there are also junkers at the same auctions. I was a dealer for 10 yrs and when you buy a car at 1 of these auctions , you own it if it breaks in 2 , you own both halves, caveot emptor, sorry for the spelling
2007-01-17 13:56:49 · answer #4 · answered by bayareart1 6 · 0⤊ 0⤋
dealer only auctions are great, for all involved. unless that fee is more than%5 of what you'll spend on the car, take the opportunity to get a deal.
2007-01-17 13:35:14 · answer #5 · answered by Anonymous · 0⤊ 0⤋
A friend of mine knew a dealer who did the same thing. They ened up getting a heck of a deal in the action. But I think the dealer had to be the one to actually pay for it. They gave him the money and they got the car for cheap. Hope this helps.
2007-01-17 13:34:31 · answer #6 · answered by Anonymous · 1⤊ 0⤋