There will always be an opportunity to find cheap cars at seized auto auctions in Shelby County. Seized auto auctions are little different than other types of public auctions. This is primarily because of the unpredictable nature of every listing. Plus, it can be more difficult to determine the overall quality of a particular vehicle if you don’t understand the vehicle’s history. In order to get the best results possible, it is imperative that you understand where all of these vehicles come from and how it affects the auction.
What to Expect From Federal Seizures
There are several agencies which are involved with sending cars to seized auto auctions in Shelby County. The most well-known source of federally seized vehicles is the US Marshals Service because they administer the Department of Justice’s Asset Forfeiture Program. This program has been in existence since 1984 when Congress enacted the Comprehensive Crime Control Act. This act gives federal prosecutors the ability to seize property involved with criminal activity. It could have been either used to commit a crime or been purchased with money resulting from the crime. In most cases, this property is seized due to drug related activities or nonpayment of taxes.
If you are trying to find cheap cars at seized auto auctions in Shelby County which feature Federal seizures then there are a few tips to keep in mind.
- Vehicle seized by the federal government range from every day transportation vehicles to multimillion dollar collectors cars. This broad range gives you an advantage because you can target high-value; low-cost vehicles while others battle over more expensive options.
- Depending on the size of the listing, vehicle seized by the federal government are sometimes combined with state or county surplus sales. This makes it important to track both federal auctions as well as Shelby County auctions
What to Expect from State and Local Seizures
Vehicles can be seized by all levels of government including state troopers, County sheriffs, and local police. Like Federal seizures, the vehicles are tied to criminal activity. The difference is most local seizures result from nonpayment of parking tickets and/or speeding tickets. Local property can also be seized for nonpayment of taxes.
- Even with such a large population, most cheap cars at seized auto auctions in Shelby County can be found in a variety of places.
- Seized auto auctions in Shelby County are often held independently, however they are also regularly combined with local government surplus auctions
What to Expect from Bank Seizures
Bank seizures, often referred to as repossessions, are the most common type of asset seizure auctions in Shelby County. Unlike government sponsored auctions, Bank seizures auctions are often held a minimum of once a month, although finding as many as one a weekend is common. The listings carry a wide variety of vehicles. If you are interested in new or pre-owned vehicles, then bank seizure auctions are going to provide you with the most potential candidates because most people who will default on their loan will do so within the first two years of purchasing a new vehicle.
- Don’t worry about the remaining balance of the loan on a vehicle you buy at a bank repossession auction because any remaining balance will be recouped from the person who originally defaulted on the loan.
- Banks tend to set their initial reserve price high. In order to get around this, only focus on cars which have been on the auction block and did not receive a bid which met the reserve price. The bank often will place the same vehicle back on the auction block with a lower reserve price or no reserve at all
It is easy to find cheap cars at seized auto auctions in Shelby County as long as you know where to look. Since most seizure auctions can be combined with other types of government auctions, it is important to always be on the lookout for any upcoming government auction. This will give you the best chances of locating seized vehicles and getting the best deal.
