Storage Auctions

Police Ordered Tow Auctions

Offline alloro

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Police Ordered Tow Auctions
« on: April 09, 2012, 09:26:14 AM »
Looking for a bit of input regarding these tow auctions. There's one around here in about a week or so with a couple of dozen vehicles that were towed, impounded, and forfeited. Whomever wins the vehicle also get an RMV affidavit to be able to acquire a legal title. There is a 13% buyers premium which I think is a bit steep, but there is also a 3% discount if paying with cash.

So has anyone ever gone to one of these that can offer some input as to how the prices run?

Re: Police Ordered Tow Auctions
« Reply #1 on: April 09, 2012, 10:28:12 AM »
I went to one many many years ago.  They are not held often in my area.  Prices were what I expected.  Around trade-in value to price you pay from a person instead of a dealership.  It all depends on the crowds.  You can normally find repair auctions easier.

You will find many used car dealers and a sprinkling of personal buyers.  Think storage auctions - just on a vehicle.

Offline Alias

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Re: Police Ordered Tow Auctions
« Reply #2 on: April 09, 2012, 01:31:01 PM »
I do.
Impounds are hit and miss. Most of the time there is a reason the owner didn't come for it and that reason  is the car isn't worth the impound fee's. Usually get these to part out.
But you can get good deals.

Police siezure is better but prices tend to get up to retail.

The 'cash for clunkers' really hurt the used car industry. Actually did more harm than good for the economy in the long run.

Even our dealer only auctions are bad. Where once you had 20 dealers and 2000 cars up, now there are 200 dealers and 200-300 on the block.
Even the rental car auctions are bad. Friend wanted an impala and jumped on the e-bid site and the reserve was $1000 less than what all the local dealers had listed.

The insurance auctions are still good but then your looking at having a branded title. Rule of thumb is branded title brings 50% of retail. So when selling you need precise records of damage and good sals skills to get premium price. Down side is people can figure out pretty easy how much your into the car.

So if you have the ability to rebuild the tow auctions are a good place since the car can be totaled but you can get a clean title.

Re: Police Ordered Tow Auctions
« Reply #3 on: April 10, 2012, 01:37:05 AM »
The problem with the tow auctions around here is that the price of scrap is so high that the cars all get bid up to at least scrap value.  I used to be able to buy cars all day long for $25!  Now they are $400 and up!

Offline Alias

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Re: Police Ordered Tow Auctions
« Reply #4 on: April 10, 2012, 12:37:36 PM »
I've noticed that too.
Used cars and used car parts are getting a premium price these days.
Only good thing is Ive sold stripped parts cars to the scrappers for $100-200 where as a few years ago I was PAYING to have frames towed away.....


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