If you are planning to buy repo cars for yourself or to engage in a buy and sell business, then I suggest you to buy them at repo car auctions. These are good places for you to buy vehicles at a much cheaper price compared to cheap cars sold by dealers (avoiding mark up prices).
Foreclosed cars are mainly bank repo cars, from banks and other lenders that will be sent by them to various auctions and dealers to immediately incur profit and cover the outstanding balances from the loans that were unpaid by the previous owners of the repo cars.
The best way for you to end up with a great deal on these repo cars for sale is by keeping yourself informed with the current market prices of these vehicles and current and future auctions that will be held near your area. On the other hand, if you have no problem in buying a car through the web, then there are sites where online auctions for repossessed cars are held, although, you should always check the credibility of the site where you will be bidding.
With all that basic information laid out here, there are 5 important tips and facts that you should always remember in participating in auctions;
1-Most auctions allow inspections before the actual bidding starts. It is important for you to check and inspect your prospect car or cars if you are planning to buy several to sell them later with a much higher price. This will allow you to decide if the money you are going to pay for the car/s is worth it.
2-Always keep your composure. Be patient. There are a lot of cars in different auctions. If you are in an auction with a lot of competitors, you should expect a tight battle. While, if you are in a quite auction with less competitors, then it might be a good chance for you to get that repo car easily.
3-Auctions require registration before one can actually participate. So it is very important for you, to register and follow the auction rules of payment, actions, and etc. To avoid future hindrances and delays.
4-Most repossessed vehicles are in good condition, although there will always be some damaged cars with minor or major damage.
5-Always leave yourselves with other options, if you don’t succeed with one auction, then you can always try again on other auctions or maybe resort to plan B.