You might ask yourself why, is this section so important? Do I really need to read this? Yes you should it is in your best interests if you have never purchased a vehicle online before.
In order for your bid to be place with the insurance auction or company you must leave 10% of your highest bid not just $500 dollars if you are bidding a $10,000 vehicle? Your bid will not be placed if you do not have the ten percent whatsoever.
You are bidding on a proxy venue, not a live auction. You must first win the auction with our global client customer base. We then submit your offer if you are the highest off to the insurance company and or auctions.
We do have many competitors bidding against us that are in the industry, so your bid needs to be realistic. Do not bid on Ferraris or Lamborghinis for $5000 dollars, or send any deposit if you feel this is some type of miracle auction. We are not, we are the best at what we do, our team is experienced and more so ready to work with you.
You should bid on as many vehicles as you would like or like to see yourself in. You do not need to leave a deposit on every vehicle, as long as our team knows you have a deposit they will discuss which one they think they can get you. Email your insurance consultant 5 to 10 vehicles and make sure you place bids on those 5 to 10 vehicles as well. Do not be scared to bid.
All insurance companies and auctions have reserve price, people will say well it is really not an auction service. We are not a live auction and we are very clear that we are a proxy bidding venue your bids are submitted to auctions. All auctions nationwide have reserve prices.
We do offer service where you can bid yourself live at some auctions with your own buyer account and you can bid yourself live once you have an approved account which usually takes 5 business days.
Do not bid on vehicles that say partial repair or incomplete repair expecting them not to have hidden damage.
Do not bid on Flood vehicles if you do not want to risk them say run and drive, only to find that by the time the vehicle is delivered to you the salt water eroded parts of the harness therefore causing the vehicle to no longer run. We do not guarantee run and drive on Flood vehicles.
If you place a low bid, it is a waste of your time and ours, please check the value on www.kbb.com check www.cars.com check ebay.com deduct a percentage for salvage value, vehicle usually loses about 25% from its retail value depending on the vehicle.
Try to locate parts on ebay.com carparts.com and or any other salvage companies, do not price out parts new from dealerships most vehicles will not be worth fixing with new parts, the dollar amount will not make sense unless you can put numbers together before you bid on vehicles.
You should email a repair shop you are considering fixing your vehicle, before you bid on it, so that they can give you an estimate on labor.
Our best customers know what the labor from a repair shop will be, know the cost of parts and they easily calculate what they can pay for leaving them room for profit or for it to be worth there while.
Please do not just bid to bid, takes a few minutes of your time to research values, use part prices and labor costs, just copy the photos and email them to a repair shop or friend who can fix the vehicle for you.
Why are some vehicles so expensive that they make no sense to even bid on. Unfortunately the global market is tremendous and in other countries people can get vehicles fixed for $200 dollars labor that would cost us $3,000 labor here. So in growing continents like South America and Africa they can actually pay more money for a vehicle than customers in the U.S because of labor and because vehicles are worth more money there as well.
You should bid on a vehicle within your budget, we will get you the best deals on the planet, our team is here to save you time and money.
Do not bid on vehicles on the other side of the country from where you live and expect the vehicles within a few days’, try to bid on vehicles close to your home or state. Vehicles take a long time to be delivered from Alaska to New York for instance.
You have the option of going to see the vehicle days before, but we must get you approval and there is a fee that you have to prepay to get access to the insurance auction premises. You will also need to sign a waiver that if injured you will not litigate or file suit against the insurance auction facility. The facilities have large forklifts and heavy machinery with broken glass, and metal that can injure a person who is not paying attention to their surroundings. These fees range anywhere from $50 to $150 dollars depending on the insurance company and or auction.
Why should I bid on multiple vehicles? Well, that is a good question, all insurance companies and or auctions are different, different competition and some insurance companies need a larger return than others on vehicles. There is no rhyme or reasoning as to why we are able to get better deals for a vehicle with same or similar damage. Other than less competition at some auction facilities, or weather, or even time of year, ever factor can affect a bid being more or less. Spring season tends to have high prices at auctions. The time to buy is always in summer and winter months when dealerships slow down.
If you do not contact us once you are the high bidder, our agents will contact the second highest bidder and suspend your account, please do not bid if you do not plan on leaving a deposit, in order for us to submit your offer and or bid.
Some states need bid cards and those states tend to have less competition speak to your insurance auction consultant about this as laws do change in certain states.
Do not bid on parts only vehicle if you want to register your vehicle, some states accept parts only and other do not, to be retitled. Please look at the title status of each vehicle you are bidding on.
Elite Auto Auctions