It is easier than ever to buy cheap GSA and bank owned autos in Orlando FL. To find and take advantage of the best deals, bidders must understand how the listing affects auction prices. Additionally, it is important to take advantage of trends in auction listings. To achieve this, the best place to start is by looking specifically at GSA and bank owned auto auctions in Orlando FL.
What Are GSA Auctions?
GSA auctions are sponsored by the federal government. All of the vehicles made available are currently owned by the federal government and they are auctioning them off to the general public. Every GSA auction in Orlando FL has a variety of characteristics which are consistently present.
- Fleet Vehicles
The first characteristic every GSA auction has in common is the presence of fleet vehicles. While there are exceptions to the rule, it is safe to assume every vehicle up for auction was formerly a fleet vehicle used by some branch or department of the federal government. While this often means slightly higher mileage than normal, it also means each vehicle was a regularly maintained.
Another characteristic which is consistent is the abundance of domestically manufactured vehicles. Whenever possible, the federal government purchases locally. This means each listing will have a large number of Ford, Chevrolet, and Dodge vehicles to choose from. The reason this is important to know is because any time there is a large number of similar vehicles, the average price per unit goes down. Anyone looking for a cheap, domestically manufactured car will benefit from GSA auctions in Orlando FL.
- Several Times Per Year
The final thing to keep in mind is that GSA auctions are held in Orlando several times per year. While this does mean there are only a handful of opportunities to purchase a cheap vehicle at this type of auction, it also means the listings are normally fairly large.
What Are Bank Owned Auctions?
Bank owned auctions are also referred to as repossession auctions. All of the vehicles available had a previous owner who defaulted on their loan. Once this happened, the bank took control of their vehicle.
- Defaulted on Loan
Since all of the vehicles in bank owned auctions were repossessed, the goal of the lending institution is to recoup their losses. It is important to remember banks want liquid assets not physical assets. As a result, they often sell vehicles for far less than the remaining balance of the loan. In fact, the original debtor is responsible for the difference between the auction selling price and the remaining loan amount. This means the bank is more than willing to sell vehicles for less, as long as it means they get sold quickly. This makes auctions the ideal choice.
- All Makes and Models
Since it is impossible to know what types of vehicles are regularly repossessed, it is safe to expect a wide variety of makes and models in every listing.
- Unpredictable Auction Frequenc
It is not only difficult to predict what specific vehicles will be included in a repossession auction; it is also hard to predict the auction frequency. Sometimes a single bank will hold only a handful of auctions per year. On the other hand, many banks team up so that they can hold auctions more frequently. Unfortunately, this makes it extremely difficult to accurately track when a bank owned auction will be held in Orlando FL.
How to Track Both GSA and Bank Owned Auto Auctions in Orlando FL?
With so much variance, there is only one way to effectively track both GSA and bank owned auto auctions in Orlando FL – online auto auction websites. Online auto auction websites compile multiple listings within a targeted geographic area. This allows potential buyers to browse the listings at their leisure. It also guarantees that no auction will pass by without the bidder’s knowledge. Online auto auction websites also offer a variety of additional benefits as well.
Anyone looking to buy cheap GSA and bank owned autos at auction in Orlando FL should consider leveraging the power of a reputable online auto auction website. It will help them save time, gather vehicle history faster, and provide a centralized location to organize all of their research. As an added benefit, online auto auction websites often allow potential buyers to place bids directly on the website. This provides an opportunity to snag a great deal without physically attending an auction. It also allows bidders to access auctions which are solely held online and not advertised to the general public in traditional methods.