How to Value a Used Car at an auction

Posted on August 9, 2011 by Aaron No Comments

When seeking to purchase a used automobile at a dealer auction, the price must adequately represent the true worth of the vehicle. If it doesn’t, it will be difficult to make a profit when the vehicle is to be resold. At the moment, people are being especially conscious of where their dollars are going, and they are looking for the best deals for their money. Therefore, a price for a used vehicle that is too high will remain on the dealer’s lot.

The Kelley Blue Book lists the market value for used cars, but an auto auction has its own version of this guide. The Black Book gives used car buyers information relevant to the used car business such as the value of a vehicle when it is in poor condition, satisfactory condition or good condition. Once the value has been determined, seasoned wholesale dealers will stop bidding after the price has come close to the price listed in the black book; the most advantageous price is well below black book price, allowing the car to be sold for market value at a hefty profit.

How to Value a Used Car at an auction

Another guide to appropriate pricing for used vehicles is the National Automobile Dealers Association (NADA) Guides. Dealers will often use the NADA Guides rather than the Kelley Blue Book to price their automobiles. The NADA Guides also give dealers the opportunity to learn more about a vehicle by performing a check on the cars’ VIN numbers.

In order to learn all the secrets of the trade like how to value a used car at an auto auction, its advantageous for people to obtain a dealer license. The auto license ensures that they have learned what they need to enter into an auto auction and not be afraid someone will take advantage of them. It’s a major benefit that comes from obtaining an auto license from our company, My Auto License. How to Value a Used Car at an auction

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