Impound Auctions Near Me

What Are Impound Auctions

Impound auctions are auctions where the police sell off cars that have been impounded. The idea is that the abandoned vehicles were probably used in illegal activities, so the police don’t want to keep them around.

Instead, they sell them off to the highest bidder and use the money to help fund their department. Of course, this means that there are some great deals to be had at impound auctions.

If you’re in the market for a used car, it’s definitely worth checking out an impound auction in your area. You might just find your dream car for a fraction of the price.

How Do Impound Auctions Near Me Work

When a car is impounded, the owner has to pay a fee to get it back. After a certain amount of time passes if the owner doesn’t pay the fee the vehicle qualifies to be sold or auctioned.

The police usually give people a few weeks to pay the cost, but it’s time for the auction if no one does. The auctioneers typically start the bidding really low, like $100 or $200, and then people just start bidding until someone wins. It’s an online auctions kind of like eBay, except in person and with way more screaming.

To bid at any type of vehicle auction, you will need to register first. Registration is where you get a bidder number after you’ve proven your identity and ability to pay. Be sure to bring along plenty of cash or a pre-approved loan from your bank. This will ensure that you can afford the vehicle if you win the bid.

Some live impound auctions near me will then have an inspection period. This is the time you or your mechanic can inspect the vehicles you wish to bid on. While you can ask questions, my experience with the impound auctions near me, is that they don’t know much. If you are looking for service records, check the glove box! You should also look at the VIN and check out the vehicle history reports to make sure there aren’t any major issues that could affect its safety or reliability.

Then the event starts. An auctioneer will state the rules and begin the event. They will set an initial price and then attendees will bid. Each bid incrementally increases the price. It ends when there is no one left to compete with the highest bidder.

How to Find Impound Auctions Near Me

There are three different ways of finding impound auction events in your area…

• Check with your local police department or sheriff’s office to see if they have any upcoming auctions.
• Search online for listings of impound auctions in your area and use your zip code or city in your search
• Use Facebook Groups for Impounded and Recovered Vehicles

Pro Tip: One of my best secrets is using Google “Events” to find impound auctions near me. You will find popular auctions listed on Google Events, but there will also be smaller vehicle auctions. The smaller the auction, the less competition there is. Try Google Events here: Impound Auctions Near Me This Week

What is an Impound Auction Event Like

An impound auction event is like any other auction, but with one key difference: all of the items up for sale at auction have been seized by the police. While it’s mostly vehicles, it can include everything from jewelry and electronics to cars and boats. The items up for auction are typically sold as-is, so it’s essential to do your research before bidding.

Keep in mind that you may be bidding against other people with more knowledge about the item’s value. The best way to win an impound auction is to stay calm and stick to your budget.

What Kind of Impounded Items are Auctioned And Why

Believe it or not, impounded items are auctioned off all the time! And a wide variety of items end up getting impounded – everything from cars to boats to electronics.

So why do these items end up at auction?

Well, there are a few reasons. Sometimes, people don’t claim their impounded vehicles purchased belongings within the allotted time frame, and the authorities have no choice but to auction them off. Other times, the owner of the confiscated item owes money to the impounding authority, and they use the auction as a way to recoup those costs.

What Kind Of Fees Do Impound Auctions Charge?

While most people think of impound auctions as a place to score a cheap car, there are actually a variety of fees associated with these events.

For starters, the impound fee is charged by the tow company that took possession of the vehicle. There’s also a storage fee, which is charged by the impound lot for each day that the car is in their care. And then there are the auction fees, which are typically charged by both the auction house and the winning bidder.

So while finding a bargain at an impound auction is possible, it’s essential for buyers to be aware of all the associated costs.

Tips For Winning at an Impound Auction

So, you’re thinking of going to an impound auction. Here are a few tips to help you score the best deal:

1. Do your research. Impound auctions can be a great way to find a good deal on a car, but you need to know what you’re getting into. Make sure you know the rules of the auction and have an idea of what kind of cars will be up for grabs.

2. Get there early. Arriving early will also give you time to inspect the vehicles before the bidding starts.

3. Have a budget in mind. It’s easy to get caught up in the excitement of the auction and spend more than you intended. Set a budget before bidding, and stick to it!

4. Don’t be afraid to walk away. If you don’t find a car that meets your needs or budget, there’s no shame in walking away empty-handed. There will be other auctions!

For more advanced tips on bidding on vehciles, read this.

Advantages and Risks of Buying at Impound Auctions

Potential Benefits of Purchasing from Impound Auctions

Participating in impound auctions offers several advantages. Firstly, you can often find vehicles at significantly lower prices compared to traditional dealerships. Many of these vehicles are unclaimed by their previous owners, leading to a sale where you can bid for them at a fraction of their market value.

Additionally, for those looking to join the world of car refurbishing or flipping, impound auctions provide a diverse range of vehicles to choose from. It’s not just about finding a cheap car; it’s about discovering a potential gem that others have overlooked.

Risks and Challenges Associated with Impound Vehicles

However, buying from impound auctions comes with its own set of risks. The most significant is the lack of warranty. Vehicles sold here are usually offered “as is,” which means what you see is what you get. There’s often an implied risk regarding the condition of the vehicle.

It might require extensive repairs, or it could be a lost cause entirely. Furthermore, dealing with the paperwork can be tricky. The certificate of title might not be readily available, or there could be legal complications if the vehicle was involved in criminal activities.

Tips for Mitigating Risks

To mitigate these risks, it’s essential to do your homework before you pay. Attend the auction early to inspect the vehicles. Look for signs of serious damage or neglect. It’s also wise to check the vehicle identification number (VIN) against databases to ensure there are no hidden surprises. If possible, bring along a mechanic or someone knowledgeable about cars. They can help assess the vehicle’s condition and give you a better idea of any potential repair costs.

For payments, ensure you understand the auction’s terms and conditions. Some auctions might require immediate payment in cash, while others might accept different forms of payments. Be prepared for additional fees, such as buyer’s premiums or administrative costs. Lastly, consider the logistics of how you will dispose of the vehicle if it turns out to be non-operational. Some dismantlers might offer services to take the car off your hands, but this will come at a cost.

Impound Auctions Near Me – Conclusion

Impound auctions are a great way to secure a vehicle below market value. There are of course risks such as overbidding or winning a vehicle with mechanical problems. You must be very knowledgeable about what vehicles you are bidding on.

Doing the upfront work like knowing your budget, and the value of the vehicle, and thoroughly inspecting it are crucial to success. This is what I have learned from the impound auctions near me.