Attending a live auto auction or buying cars from online used car auctions is a delicate and lengthy process. It requires your attention and due diligence. Dealers buy their cars from live auctions because they get the vehicles at really cheap prices. In some cases, they only have to fix minimal damages and in the end, they get to sell these cars and make significant profits.

Private buyers also buy from online car auctions like Auto Auction Mall. With an inventory of over 150,000 cars and access to dealer only and private auctions, they are able to choose from a variety of vehicle, get it a fraction of the retail cost and pocket the dealer's profitss.

The “Buy Now” and “Bid” buttons may make it seem as though you can register and start bidding. While you can with adequate information, you may still need to do due diligence and take advantage of the live telephone assistance offered.

Truth is, if you’re new to car auctions, you need a guide and even if you are familiar with auctions, when you try a new platform, it is always a good idea to understand the company/platform’s terms and conditions so you’ll understand what you’ve signed up for, and avoid irrevocable mistakes that could hinder your participation or cost you money.

Below are five things you need to know before your first live auto auction.

You Must Know understand what an Auction Is
First, you must know the basics. What an auto auction means, the different types of auctions, the terminologies used at auctions, and finally the terms and conditions of the auction company you’re subscribed to. You’ll be shooting yourself in the foot if you don’t know these things.

Research!
Different auto auction houses have different protocols or proceedings that you’d have to follow. You need to know how the company works, the fees you need to pay, the requirement for subscription, if any and if they have what you want. For auto auction mall, visit the learning center for the FAQ’S via www.autoauctionmall.com or call 08025307997 for telephone assistance.

Understand The Payment Procedure & Terms
As there are difference auto auction companies, there are also different payment plans for them. Some would prefer cheque payments, credit card payments, cash payments or any other options. So you need to be sure of the payment plan they employ and pay through it. Do not attempt paying with credit cards when they only receive cash payments. This could delay your purchase or hinder it entirely. At Auto Auction Mall, buying power deposit is via your credit or debit card through our website and payment for your purchase is through bank wire transfer only.


Make Sure Your Budget Covers All Fees
Having a budget for your car expenses is a good idea as it helps you streamline your options and gives you time to raise the money. After researching on the different auction fees applicable, ensure you at the very least get estimates to be sure your budget is large enough to accommodate ALL FEES and affordable enough for you to pay. Default/delay in payment in most cases comes with fines as high as $50 daily or outright forefeiture of your deposits. Auto Auction Mall reps can help you with estimates on shipping and clearing. Our platform fees calculator can help you estimate possible auction fees. There’s just one thing you need to do while making your budget.

Confirm mode of Payment before purchasing and have it setup
As a first time private buyer, it is possible that you don’t have a bank account that permits large withdrawals or international bank transfers. In most cases, you would need a domicillary account to complete payment. Not having this could lead to complications with your payment that may result in fines. To prevent this from happening, please contact your bank, inform them about your intending transactions and take them advice you on the necessary steps that will permit you to make such transactions without any complications or delay.

For more information, please visit www.autoauctionmall.com.