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Buying a car at auction requires a whole new set of rules and things to watch out for, whether it's a government or law-enforcement auction or one with vintage and high-end cars meant for collectors.
Most car dealerships do not pay cash for the vehicles they buy at auto auctions. [23] They rely on inventory financing, a line of credit extended by a bank or other institution to acquire vehicles. [24] This is known in industry parlance as floorplanning (floor planning) or simply "flooring" vehicle inventory. [25]
Determine Your Budget. Step No. 1, when buying a used car, is the same as the starting point for buying a new car — or buying anything, for that matter: Find out what you can afford.
Manheim, Inc. is an automobile auction company. As a subsidiary of Cox Automotive, a subsidiary of privately owned Cox Enterprises, Inc. based in Atlanta, Georgia, Manheim's primary business is wholesaling vehicles via a bidding process using traditional and online formats.
Today, the online car-buying process is easier and more accessible than it’s ever been as dealers and automakers across the country have taken great strides in accommodating legions of online ...
The sale, to a private buyer, was for 135 million euros ($142,769,250). It handily outstripped the previous record-setting $48.4-million sale of a 1962 Ferrari 250 GTO at a 2018 auction to become the most expensive car ever sold at auction. Both of these high-dollar sales were brokered by RM Sotheby's. [1]
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