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All About The Wholesale Auto Auction Working

By Ben Johnson

Nowadays paying large amounts to keep an old car on the road can be difficult and buying a new one may make a lot of financial sense. The problem is that when even paying for the maintenance of the existing car is tough, how do you pay for a new one? That is why the wholesale car auction is becoming a popular option – it is where bargains not available elsewhere can be found. Of course, these auctioned cars are not new ones, but you will be able to find a replacement for your current car that is cheap to buy and also to maintain.

The cars on sale at wholesale car auctions are those which have been repossessed by the finance companies because the borrowers did not repay the loans. The financial institutions need to sell of these vehicles to recover as much as possible of the remaining loan amount and they need to do it fast.

Leaving the cars unsold means the losses against the bad loan will only keep increasing. On top of that, they will be paying storage charges for the cars in their possession and the longer the cars remain in storage, the more they will depreciate in value and also begin to show signs of age.

It makes sense for these financial institutions to sell off these cars as quickly as possible and recover whatever money they can. The key to succeeding at a wholesale auto auction is to understand that the lenders are in a rush to get back as much of their money as they can and will not hold back a car even if the last bid is far lower than the market value and that is why those who attend these auctions regularly keep their bids low knowing that if they miss out on one car, another will soon come along. However, buying from a wholesale auto auction is not without dangers – keep in mind you are buying a used car with no warranties.

When people know that their car is going to be repossessed they often stop caring for it and a car that looks good from the outside may be one that will give you endless trouble if you do buy it. If you are planning to buy from a wholesale auto auction, it is important that you check out the cars you are interested in completely before bidding on them.

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Article Citation
MLA Style Citation:
Johnson, Ben "All About The Wholesale Auto Auction Working." All About The Wholesale Auto Auction Working. 11 Jul. 2010. 3 Aug 2014 <>.

APA Style Citation:
Johnson, B (2010, July 11). All About The Wholesale Auto Auction Working. Retrieved August 3, 2014, from

Chicago Style Citation:
Johnson, Ben "All About The Wholesale Auto Auction Working"

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