What do you do in an auction?

Question

Can you give information because I'm going to an auto police auction tomorrow and i have no idea what to do. Thank you!

How do you bid. IS there like a lowest bid or something. How about paperwork..is there any?

Answer 1

Auction is a practice, where a material is sold between groups of interested buyers by competitive bidding in public.

Round the year, Police seizes vehicles under different rules of law and retains them. Possible cases are
1. Stolen vehicle recovered but not claimed
2. Vehicle seized from criminals
3. Vehicles recovered due to non payment of loans
4. Vehicles with disputed ownership
5. Vehicles brought to country without proper permission or paying import duties/taxes
6. Tickets served for various offences (including parking in no-parking zone) but the owner did not pay the fine
7. Vehicles involved in crimes
8. Vehicles older than the permissible fitness age

Once sized, these vehicles are retained by Police for a specific time period during which, Police waits for an ownership claim. If not claim is made, these vehicles are declared abundant and sent for Police Auction.

During Police auction, a minimum price is declared for each such vehicle and anybody who is interested in buying can offer his price. Similar to buying on ebay.com but here you tell it vocally in public

For example, for a 2004 Ford Fiesta, the reserve price is $1000 and new bid should be in multiples of $100. You are interested in the vehicle and declared your interest at $1100, the person sitting next to you is also interested and declared $1200. The bidder will ask three times to all present participators, if anybody else can put a higher amount. At the end, whoever is ready to pay highest amount is entitled for ownership. Sometimes, in such auctions, Police also asked the interested bidders to deposit a minimum guarantee amount (refundable), to avoid non competitive buyers ( people with not enough money to participate), which depends on the value of item to be auctioned.

Happy Bidding!!!

Answer 2

Most auctions of that type have some days before the auction that allow you to inspedt the lots for sale.

Before you go to the auction you will need either cash or proof that you have the money to pay for what you bid on and win.

You will most likely be given a card with a number on it and some papers to fill out. When the auction is being done you should know before the lot or lots you want to bid on and how much you would be willing to bid on each.

When the auctioneer is calling for bids and you want to bid then hold the mumber card high and in plain view of the helpers. Then the auctioneer will point to you and then ask if there is another bid and that bid has to be higher than yours. This continues until no one bids higher than the last bidder so therefore tha last one to bid on an item is the new owner.

After the auction or during if you want you go to the ones collecting the money. You either pay cash or by check backed by a letter from the bank that you are good for the money to a certain amount. You may also have financing through your bank and will have to show the papers for that. Credit cards can be used as well as long as yu do have enough credit pluss to handle the transaction.

Be very careful about what you bid on. It is easy to get caught up in the excitment of the auction. This is one reason for an auction. People often do pay more than they really wanted to.

Some auctions are closed octions and you make your bid in wrighting without knowing if there are any other bids and what they are. Later all bids are opened and the highest one is the new owner.

I know I am not great at wsplaqining but I do hope you understand some of it.

Answer 3

You can usually inspect the vehicles before they are shown for bidding. Take the person you know who knows most about the mechanical part of cars with you. Large body dents, doors that don't close quite right, a car that looks a bit "off" ie one side or end not quite matching the other may mean the frame is cracked or bent or has been resoddered. These are likely to be unsafe and should be avoided. Smoke of any type when the car starts up is not good. Take out the dip stick where oil is checked. Oil should be at least pretty clean but more than that smell the stick. If there is even a slightly burned smell no good, same with transmission fluid and power steering fluid. You can ask about car's history but seller will usually be a dealer who got it in trade and doesn't want it on his/her lot so they probably won't know. You can ask if milage on odometer is accurate and that they are supposed to know unless the person trading it in lied to them. It would be very very unusual for you to be able to test drive an auction car. Watch as cars are driven onto the sale floor Is there any irregularity about the way it drives? Not seeing anything does not mean it is OK but seeing any wobble or hesitation is a good reason not to buy it.

At most auctions you need to register and get a number in order to bid. When you do ask also about any "premium" or percentage that the auction adds to the high bid. Ask if the auction allows a certain number of days to pay, allows any inspection after purchase and how long you have to get the car off their lot. Generally it is cash or cashier's check then and there, no inspection, and get it out that day or w/in 24 hrs. But you should ask.

When you see a car you want come up for bid do not make the first bid unless absolutely no one else bids anything. The fewer bids the better because of course each will be higher than the one before. Don't if you can possibly help it fall in love with any car. Set yourself a limit and stuck wth it.

Answer 4

In most auctions they have a procedure where you sign in when you arrive and they give you a piece of cardboard or something with an assigned number on it.

You just raise the card or make some other gesture when you want to bid. The auctioneer will point to you or otherwise acknowledge your bid and then ask for a higher one. You may find yourself bidding against one other person or several.

In some auctions, items have a reserve price. In other words if the item doesn't get bid up to that price it doesn't sell. For instance, a car may start at $2000 and get bid up to $7000, but if the reserve is $10,000 it doesn't get sold, even to the high bidder.

But the best thing to do really is to get there early and watch several items being auctioned before you bid, you will quickly pick up all of the procedures and protocols.

Answer 5

Go early to look at the items up for auction. The listing should tell you what time you can inspect the items. Decide which ones you want to bid on, and set a limit for that item before the bidding starts. Auctions can get carried away sometimes, and so can you if you don't set the limit and stick with it.

Depending on the auction, you may have to post a deposit to become a bidder, which will be applied to anything you buy. Also read the auction notice carefully for any other fees. Some auction companies are paid out of the amount you bid (by the sellers), others charge an extra percentage OVER the amount you bid to pay their fees. Personal checks and credit cards are rarely accepted for payment, it is usually cash or cashier's check (they will give you a certain amount of time to go to the bank to get it.)

Answer 6

First you need to know what you want to pay!!!!! This number one. The next you not want to spend on crap. Take someone that know about cars. You ask late. People can start and hear the cars run, listen. Then you decide what you want or can afford to pay. When the Auction start they will tell what car offered for bid. Then bid as low as you can, but, up to what you can afford.
Example: Say we have a Toyota and the Bid start @ $100.
You want so bid $100!!! Some dork may bid $125. So, you either hold up your sign or nod to the Auctioneer, any thing to show you bid the next ask price above $125. You not holler. Once you bid the auctioneer will keep lookig to you to see if you want to bid. I just nod my head up for Yes and sides ways for I out!!! It fun, but, I wish you had someone to know about cars. BUT!!!!! If, you see something good, just listen what others say as they look. Then you say: "It not sound right, what you think"?
"What you think it worth", if the guy say $100 then watch those people in the bid and see if they bid more than what they say. A person NOT interested in the car will tell you the max they would bid! Understand????

Answer 7

These are tricky because you really need to know the value of the items that are presented. You will need to go to the office or booth and sign in. They will get your information and give you a number. When there is something you want to bid on you will want to keep the bid as low as possible. If the auctioneer starts the bids and has no offers, he will keep lowering the opening bid until someone bites. Be careful not to overbid, it is easy to get caught up in the excitement. Have fun!!! Bid low!!!

Answer 8

You raise your hand and bid on things that you can afford and want. Don't get into the game of charging things up, because you might be the winning bidder and then will have to pay for the item.

There should be some pretty cool stuff there, cars and large household items.

Answer 9

in auctions you bid stuff like ebay its a auction thing because you bid for stuff

Answer 10

You bid until you reach the point where you are willing to pay what you want for that car. Good luck.