Chevy Vin

How I Made $ 100k at Car Auctions

In 2002, I had no money but needed a new car badly. I spent months to find car auctions and eventually found some in my area. I bought a 1997 Jeep Cherokee with 90k miles for $ 4500. There was an almost identical model on ebay with a starting bid of $ 10k. Then I saw the opportunity to make some money from this adventure … So, a months later I bought a 1999 Impala with 40k miles for $ 4,300 and sold it 2 weeks later on craigslist for $ 7900. After that I became hooked. Now, I'm flipping over 10 cars a month for about $ 1,500 profit each.

Of late I have received numerous phone calls and emails even those who want to know how to make money by buying and selling cars, so I created this guide on how to start (check out my website for more).

Like any other business, making money buying and selling cars is not necessarily as easy as one might think and can not be explained by a phone call or even email. I could fill 1000 pages with tips, tricks and methods for the successful purchase of car auctions and I some point I could … but for now I can offer some Key points for Getting Started and meet some of the more important issues out there.

I bought many books there and they all gave good tips on how to buy at auctions cars, but that was all. I paid $ 19 – $ 30 for a guide who has not actually list any auctions that I could purchase. So I started compiling a list of list of all bids one car by the state agency … (on my site).

What made me choose this profession:

The main and important reason, I chose this profession that I was looking for a way to generate a sustainable passive income. Over there are so many fantastic deals at auction many years but the vast majority of people will never know.

I also know that car market is huge. Almost everyone who owns a car these days buys a different car every 5 years. There is absolutely no doubt about the size of the car market and demand for consumers. It is always a demand for a good deal on a good car – even if it is not one you drive, remember, someone will pay for it. A something good in a challenging economy is that many people will be looking for someone who can give them a good deal on a car.

The first step is to find a list of auctions in your area. Many countries have auctions police every month. Note – Some such auctions requires a broker's license, so you'll want to check the advance. (Find a list www.officialgovernmentgrants.com)

When you find an auction, get a bid-list of vehicles sold at auction. For example, at a recent auction in my area there were 3 cars that got my interest:

– 2001 black Honda Accord with a little over 37k miles on it.
– White 2003 Chevy Impala with 90k miles on it.
– 2003 gray Ford F-150 pickup with 67k miles on it.

These three models of cars are popular in 100k miles and good colors (although I'm not crazy about the white Impala, it's actually a fairly popular color).

There is little information other than the image. Impala and the F150 were likely government vehicles and the Honda was probably a seizure (in the photo it also looks like there were "changes in ground effects" — probably a drug dealer).

The Impala has almost 100k miles on it, but the good news is that government vehicles are generally very well maintained, which should help them sell faster. These are all excellent examples of good cars to try to buy at auction.

Now we need to determine how much to bid on each. At this stage it is worthwhile to discuss some of the formats different auction. Government auctions Many are "sealed bid" which means that you submit an offer with other people without seeing what their bids are. Then, the highest bid wins. These auctions are tougher for obvious reasons.

The other type of auction are what is called the standard Dutch auction ', where the offer starts at a certain prices and various bidders offer higher prices until the car is sold. Unfortunately, this auction is a sealed-bid " So I'm going to do my homework really.

The trick auctions with 'sealed bid "is that you have to submit a bid is low enough to make a profit but high enough to win the car. In recent years, certain auctions have become more popular with what I call the 'amateur buyer. These are the people that bid more than the car is really worth. They win the car but they take a very good money making opportunity away from you in the process.

Generally, auctioned a "sealed bid" I begins with the value of Kelley Blue Book to get a general idea of prices. Keep in mind – this is really a quick starting point. What you really want to know is that merchants pay for these vehicles. Dealers are paying the price to make a profit – and that's what you want to be paying … because it means that you will make a decent profit.

How do you know? Call the loan of a local bank and ask for the market report Manheim (MMR) price. Most banks have subscriptions to these data will give you the average prices that vehicles Similar were the auction sale.

Thus, for the 3 cars that I am interested in I get the following MMR price:

2001 Black Honda Accord EX with 37k miles: $ 7630
2003 white Chevy Impala with 90k miles: $ 1,950
2003 Gray Ford F-150 pickup with 67k: $ 4,100

However, since The Honda Accord is such a popular model and it is not a 'public' vehicle and looks like he has had some updates (effects floor) – this car will probably in the range of bids of $ 8000. A quick look on eBay, Craigslist or http://cars.com said that at this price I will not be make a profit. I submit an offer of $ 7000 anyway.

The Impala looks like my best bet to make a profit. Although it has 90k miles on it, is still under the important 100k threshold and because it is a 'public' vehicle it is likely that in very good condition and will not get as much interest as the Honda Accord. And – there is always demand Impala believe it or not. These activities are very 'functional' vehicles for those who seek cheap – reliable transportation. I do not like comps on Craigslist, but a quick check on Ebay motors and http://autotrader.com shows several comps selling between 2.5k-4k. This is great news. I put in a bid of $ 1,500. If I can get my bid filled and then sell it for 3k then I made a simple $ 1,400 (There is a buyers premium of between 6% -10% to all these auctions).

The 2003 F-150 also resembles a decent price-maker if I can get a good price. AutoTrader and Ebay show comps between 6k-10k. I put in the order of 4k for this one.

The only good thing About auctions "sealed bid" is that I know emotion will not make me offer more than I want. I have already determined my ideal acquisition price and submitted the bid. Now all I have to do is wait and see if I am "lucky".

One thing that I am no longer is on the site inspection. The auction site is required to tell you if they have problems with the vehicle of transmission (ie has been replaced, etc..) Also, they generally set aside a day on weekends to visit car and inspect them visually – you can not turn on the engine or get inside, but you can search any external damage indicators. In addition, the auction site will have each vehicles VIN. Because the auctions for these three countries are relatively low and the Impala and F150 are the "government vehicles" I'm abandoning the inspection process. Note: I do not recommend doing no due diligence … especially If you are new. But once you're comfortable with the process and have bought and sold a few cars you'll know the level of due diligence should be done.

A final question is whether or not you need a dealer's license to resell these cars. Rules differ by state. For example, in Florida, he is 3, in New York is 6, in Ohio it's 5, etc. Many people avoid this by selling some the name of a spouse or brother, parent, whatever.
In the end, you can easily sell a dozen cars before you're forced obtain a dealer's permit, not at all.

Well, hopefully this has helped learn a little about how to make a few thousand dollars at your local car auction. For me, it began as a search for a new car, and now it's replaced my day job. It Just a little time and research … www.OfficialGovernmentGrants.com is a good resource to start …

About the Author

Chris Chamberlain started visiting public car auctions a few years ago in hopes of finding a good deal. Now he has his dealer license in 5 states and flips over 10 cars a month for around $1,500 profit each. Visit http://ezinearticles.com/?How-to-Really-Get-Government-Grants&id=732569

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