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How does an IAA auto auction work?

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Quick Answer

Insurance Auto Auctions allows registered buyers to bid and buy vehicles using flexible bidding options through its auto auctions, according to the company's website. Buyers can also join live auctions through I-bid Live, which enables lnternet users to bid in real time along with local bidders.

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Full Answer

Proxy bidding allows prospective buyers to bid online up to an hour prior to an auction, explains Insurance Auto Auctions. To place a proxy bid, a person must choose a starting bid and a maximum bid amount. The highest pre-bidder wins the vehicle if no one in the live auction outbids him.

In a live bidding, people bid in person at an auction facility where bidders meet licensing criteria, as Insurance Auto Auctions explains. Buyers can also participate online by logging in to the IAA Auction Center and clicking on an I-bid Live icon found on an auction list or on the IAA Branch Location page. A bidder?s screen appears and guides the participant in joining the live local auction.

Insurance Auto Auctions provides a list of licensed brokers who help buyers find vehicles that they are qualified to bid on and also help transport and ship cars to new owners, according to the company's website. After buying a vehicle, the winning bidder may transport the car on his own or hire one of the transportation services listed on the company's website.

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