When we think of a cost effective and performing car, we often look around ourselves for the used ones. Some of us are really smart, and purchase vehicles from the government auction. When it comes to collectibles we hardly ever think of government auctions. Interestingly government auctions often include cars of older generations and at times they can be availed for a pittance as compared to purchasing from a collectible dealer. Getting an apt deal through government auctions has always been a cumbersome task, as it requires intense efforts from customers’ part. If you are also looking to reap the benefits from government auctions, then the following attentive measures would be of great help.
• Observe the Real Auction First of all, visit a local auction house as an observer, and analyze the entire auctioning process minutely. This will also give you a vague idea about the auctioning process and prices of the vehicles. You can also visit some of the regional auctioning websites to have a clearer view of the auctioning methods
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• Registration Process After getting through with the auctioning process, register yourself as an authentic bidder with the government. It necessitates you to fill up the registration form, by filling up some necessary details into it. Most of the governments require a valid driving license for the purpose. The registration will issue a bidder serial number for you, which will serve as your identity in the actual auctioning house. Keep that serial number safely with you.
• Actual Auction On the final day of auction, vehicles will be lined up in auctioning house. The representative from the government will announce all the terms and conditions for the auction. Each vehicle will have some reserved price, usually set by some expert vendor. The auctioneer will start the auction with some pre decided figure. Now, it will be a test of your vocal cord, raise your bidder card, and bid appropriately. Try and grab auctioneer’s attention, and let the auctioneer acknowledge your bid. Continue bidding until the auctioneer finalizes the bidding price.
• Auction Results If the bidding price reaches the reserve price, the auctioneer would sell it to the highest bidder. However, if the price falls just short of the reserved price decided by the vendor, then the owner of the vehicle is consulted for further price negotiations. This is popularly termed as Referral. The price of the vehicle then rests with the discretion of the owner. The owner can bargain with the highest bidder on this part. If you qualify for the referral, don’t waste your time in waiting, and go for the auctions of other vehicles. Furthermore, if vehicle’s bidding price falls short of the reserved price significantly, then the vehicle simply goes to the next auction date.
If you are the highest bidder then you are required to deposit some stipulated amount to the authorities, and pay the balance after some predefined period. These soft skills would be of great help in snatching the best deal for you.
