Buying trucks at auction: a practical guide
If you’re new to buying trucks at auction, it can be a daunting task. The lure of quality commercial vehicles at low prices can be strong, and on rare occasions, some people forget to observe the basic principles of buying at auction that minimize their risk. This can sometimes lead to the purchase of a vehicle that does not fully meet your needs.
My first advice is that to know What do you need. Treat the process the same way you would when buying your own car or vacation. Make a list of exactly what you want from your vehicle, once you’ve made this list consider how your business will grow. In this way, you can see how the growth of the business could affect the future use of the vehicle.
So now you know what you need. In theory, anything that fits these specs should serve you well for years to come. All you need to do now is find something that fits these requirements.
This is where research comes into play. You will need to have a good idea of which particular vehicle models will serve this purpose and have an idea of their retail price and their auction price. Once you have them, you can monitor price trends and shop when a particular vehicle really stands out as a great deal. You can explore online vehicle auction sites and used car sites to get a good idea of typical prices.
Once you’ve found a suitable vehicle at a great price, or with a low reserve at auction, you should go shopping. However, you must observe some basic principles when doing so.
First of all, did you find the vehicle at an online auction or a real-life auction? As the buying process differs significantly between the two types of auction.
Online auctions: At an online auction, you’ll often find a detailed description of the vehicle, as well as photos and other useful information. This should give you a good idea of the vehicle’s history and cosmetic condition. There are also some auction sites that will conduct a vehicle inspection and report their findings as part of your added value. This is great as it means you won’t have to worry about doing it yourself, especially if you’re not mechanically minded. In addition to this, some of these auctioneers will also provide their own vehicle warranty on particularly splendid vehicles.
On sites like these, you just need to outbid your competition to secure the vehicle. All that remains then is for you to visit the seller and pick it up at the time stated in the terms and conditions. If the vehicle does not match its description, you have the right to dispute the purchase.
Real life auctions: In a real-life auction, the responsibility for making an informed decision falls more on you as the buyer, as auction lots are not usually verified by the auction house, and instead this responsibility is transferred to potential buyers. You will need to visit the auction lot wherever it is parked and conduct your own inspection with the limited access granted to you. Based on this inspection and the brief five minutes the vehicle spends in and out of the auction room; You will have to decide whether or not you want the vehicle. This is difficult as there may be faults that do not make themselves felt during a short trip with no load. As the vehicle moves through the auction room, its description is read. This is where you need to keep your wits about you, as some of the terms auctioneers use are not always self-explanatory. Remember to ask your fellow shoppers questions in case you are unsure and write down what you learn, this is all part of your research.
All you need to do is bid on the vehicle your research has led you to, and hopefully, you’ll get just what you’re looking for at a great price.
As you can see, there are different methods of buying at auction, each with its own unique merits and challenges. Ultimately, if you want to minimize risk but don’t have time to check out all the vehicles yourself, online auctions from reputable auction houses are probably more suitable for you.
For more information on truck and commercial vehicle auctions, visit us.