Local auction houses are a likely source of auctions for repossessed cars. Calling the transportation or police department to find out if they offer public options is another method, as is consulting auction websites such as Repo Finder.Continue Reading
Banks and credit unions sometimes offer auctions of repossessed cars. If a police department auctions off repossessed cars, they sometimes do so on a monthly basis, depending on the volume of vehicles they collect. If none of the above organizations run public auctions, they can probably tell you who does.
eBay Motors is another online site for repossessed cars. In this case, they list cars and state within the description that it is a repossessed vehicle. Repo Finder allows users to search for auctions by state. Users click on a state on a map, and the website lists financial institutions holding public auctions for repossessed vehicles. Clicking on a financial institution reveals a list of repossessed vehicles with pictures and acceptable bids. Users bid online based on that information. Other websites such as Repo Vehicles for Sale offer similar services.
Repossessed car auctions feature vehicles on which the owners have stopped making payments. In the case of a police auction, the cars have often been confiscated because the owners have committed crimes. Financial institutions typically need to recoup money, so their repossessed vehicles often feature a minimum bid. Police auctions, however, sometimes feature lower prices because the department has no financial resources tied up in the vehicle.Learn more about Buying & Selling