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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.
This is also the price that a dealer will typically pay for a car at a dealer wholesale auction. Private-party price is the price expected to pay if buying from an individual. A private-party seller is hoping to get more money than they would with a trade-in to a dealer. A private-party buyer is hoping to pay less than the dealer retail price.
Steps to buying a car from a private seller. Buying a used car from a private seller may be more complicated than purchasing a certified pre-owned used vehicle from a dealership. Although both ...
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]
The father-son duo scoop up used cars at auctions and sell them for a profit. Their business, named A2B LLC, because its vehicles get you from point A to point B, sells around 150 used cars a year.
Motor vehicle and car auctions – Here one can buy anything from an accident-damaged car to a brand new top-of-the-range model; from a run-of-the-mill family saloon to a rare collector's item. Antiques and collectibles auctions give an opportunity for viewing a huge array of items.
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