News



September
23
2010

Principles of an Insurance Auto Auction Work

The popular among car owners, dealers, sellers and buyers salvage car auctions obtain a great audience because of profitable conditions they can offer and a wide choice of presented salvage vehicles and other used or claimed by insurance companies as total vehicles. Let’s try to figure out what is an insurance auto auction business and how does it work and which is more important what benefits can you get from appealing to such type of auto auction?

Any insurance auto auction stands whether for open and walk-in auction where people can buy cars at junk yards or for online auction websites where users can browse and bid in eager to bargain and buy a car, vehicle or parts at profitable for them prices. Usually any insurance auto auction can offer a wide selection of presented cats, vehicles, bikes and even boats which were claimed as salvage ones because of severe car accident damages and flood damages and other unpleasant collisions a car could survive. Besides an insurance auto auction reserves a right to sell salvage autos which were claimed as repossessed according to the payments considered by insurance organizations as defaulted.

Due to the fact such actions are quite legal in the territory of the USA insurance companies in this way earn money to cover claim losses and other expenses and to support in addition to this a “green” policy provided by government which wants to decide a problem of utilization of junk and scrap vehicles in an economical and ecological way.

Besides it is a well-known fact that all those people who are involved into auto sales businesses are highly interested in participating in any insurance auto auction where they sell cars in good conditions at very profitable prices for all involved parties. Exporters, dealers, small auto businesses owners, salvage yards dealers and owners and private customers who just look for profitable deals – they all come to such insurance auto auctions to buy and sell cars with maximum of profits and opportunities such auction can offer all of them in equal shares.

And another best thing is that any insurance autos auction is free and open to public which means that you don’t have to be a dealer to visit such auction and buy a car and do not have to have a special license to take part in it. Such auctions are not anymore the exclusive territories of authorized dealers who could earn money by reselling vehicles bought at insurance auto auctions at low rates.

It should be also mentioned that all vehicles an insurance autos auction can offer for sale appear to be put on an auction because of many different reasons. Not only salvage cars but also fleet leased autos and vehicles with expired mileages can become lots at auctions arranged by insurance companies and that is why you can expect to buy a car with a clean title and in a decent condition as well and pay a ridiculous sum of money for it by saving up to 50 percents from its total value. Yes, for sure, most of these vehicles have seen better times but still you can find a real treasure among these damaged and salvage cars after all.

Because of high competition existing between insurance companies every insurance autos auction tries to provide its customers with additional services like transporting of vehicles at and from salvage yards where such auctions are usually located and keeping these vehicles in storages which means that mechanics check these cars from time to time especially if these vehicles are put on sale at the nearest auctions.

 

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