An auction can either be attended physically or online. Every car has a listing price, and if you are interested in a particular car, you can place your maximum bid after inspection. Once the car hits the floor, you can start bidding. Remember that almost every vehicle will have multiple bidders, so be prepared for the starting price to increase. To avoid overspending, stick to your original maximum bid. You may fail to land your first-choice vehicle, but do not be disheartened. There are many cars to be sold, and a car similar to your preferred one might soon come along.
Buying as a private buyer:
If you are a private buyer, you will have to pay a certain deposit amount per vehicle before you can submit your bids.
When you pay your deposit, you will be asked for your ID, so make sure to have it with you. Acceptable ID forms include passports or driving licenses. You might also be required to show a recent bill, such as a utility bill or landline bill from within the past three or six months, or a council tax statement.
Make sure to listen to the auctioneer:
It is essential to make yourself heard to the auctioneer, but it is just as important to focus on what they have to say. Remember that the auctioneer’s description of a car is legally binding and supersedes any previous online or catalog descriptions. It is particularly important to be on the lookout for the following phrases:
- Specified faults: This is the list of faults that the auctioneer will read. Maintain your full attention.
- No major mechanical faults: This means that the car does not have any fault with regards to its engine, gearbox, drivetrain, or suspension.
- Sold with a warranted mileage: This means that an independent third party has inspected the mileage, and the car is being sold based on the findings of that inspection.
- Sold as seen: The vehicle is being sold with any faults it might have, and the auction house will not be responsible for the cosmetic or machinal condition of the car once it is sold.
The bidding process:
If you are attending a physical auction, you would want to stand somewhere you are clearly visible to the auctioneer. Once you are prepared to make a bid, give a clear signal with a raised arm – winks and nods are likely to go unnoticed.
Once the auctioneer acknowledges your bid, keep your ears alert for rival bids, and continue to make clear signals every time you want to better a rival bid. After the bidding has gone beyond the reserve price, the car is awarded to the highest bidder, so make sure that you do not lose concentration and focus. In your excitement and adrenaline, do not forget to stick to your budget.
Once there are no bidders left in the room, the bidding will stop. At this point, the famous hammer will come down, and the car will be awarded to the highest bidder. Remember that biddings are swift, so it will require your complete attention to keep up with the current price and number of bidders present.
A gavel and hammer.