Smart Bidding Guide for Public Auto Auctions
Auctions are tricky market processes. Sometimes, you are very close to having the item you desire but then someone will bid higher than what you bid. This becomes trickier when the auction is a car auction. When vehicles are auctioned, competition is very tight and everyone is trying to bid higher. Usually, rare cars appear in these auctions, making the people more ecstatic about having a rare find.
In order to win more auctions, here are a few tips:
- Stay calm. A lot of auctioneers tend to get overly excited when they are winning the auction. You may never tell if someone bids a higher price than your offer. For example, in a police auto auction, a good SUV currently has a high bid of $1800, the bidder gets very ecstatic. 15 seconds before the auction ends, a bidder offered $2200 for the car. The previous bidder had his dream shattered. Do not be like him and stay cool.
- Research about the item and the seller. Online auctions can be fraud sometimes. Check on a search engine a fair price for the item and confirm if you are buying it at a lower price. Also, check if the item is authentic. Verify the credibility of the seller prior to the product being sold. Example, you are buying a surplus computer with good specs. Check if the specs are real. You can e-mail the seller and ask all the questions about the product. You can also check the comments box of the seller’s profile and see if he’s a good one.
- Search other online auctions. Do not stick to an auction site. Check out other sites if there is an identical product offered in other sites at a lower price. Do not hang around a single auction site but instead, search for more. Example, you are bidding on a certain car worth $1300, use a search engine and find other sites auctioning an identical product. If the price is lower, remove your bid on the current one and place it on the lower priced car.
- As much as possible, place your bid when the bid is almost over. Let other people play around the auction and place their bets. When the time left is only half an hour or so, place out your maximum bet. If another bidder bids higher, try to put in a little more bid. Example, if you are on an auto auction and the time left for bidding is only 20 minutes, and the previous bid was $1550 for a car, place your maximum bid like $2000. If someone bids a bit higher, bid slightly higher than the previous one.
Auctions can be real tricky especially if you do not know how it goes and cars are the main theme of the business. However, you can always still dominate a car auction with the proper techniques in mind. Bear in mind the four useful tips I have indicated here as you bid in public auctions. Bidding in auctions should be done in a cool manner and with extreme wit.