Activity at an auction takes place well before the sale day, starting with receiving consignments of vehicles from various sellers, including dealers, manufacturers, banks, rental car companies and other commercial businesses and government agencies. These activities are all coordinated between the seller or their representatives and the auction staff as part of the Pre-Sale Activities. On sale day, cars will be processed and sold at the auctions. Once the sale of a car is agreed upon, there are a number of activities for the auction to facilitate to complete the transaction, and a number of services which are offered by the auction operation to assist in enhancing the exchange as part of the Post-Sale Activities.
PRE SALES ACTIVITIES |
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Auctions receive vehicles for consignment from dealers and
commercial accounts 24 hours a day, 365 days a year. Vehicles
are brought to the auctions by rail and transport trucks, but
can also be driven by dealership employees or their representatives
or sometimes even by arrangement with the auction. |
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| Vehicles will have “run numbers” assigned that indicate
which lane, at what time, and in what sequence the vehicle will
run through the specified sale. |
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| The condition of each vehicle is assessed by certified professionals
in Pre-Sale Inspections and the details are summarized in condition
reports. |
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| Based on the condition reports generated in the pre-sales inspection
process, the vehicle may go through Reconditioning process. |
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| Vehicles for sale are advertised in many ways including directly
informing target dealers, placing advertisement in publications,
and putting announcement on the auction’s website. |
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| Auctions bring together large numbers of buyers and sellers
on sale day to facilitate the fair market trade of vehicles for
fair market values. The auctions themselves never take ownership
of vehicles, but rather receive fees for the services provided.
The open, live, competitive bidding on sale day is extremely quick,
and results are driven by buyers competing for the same vehicles.
Auctions may run multiple “lanes” of
vehicles at one event. Drivers who work at the auction bring cars
through the lanes where the vehicle, the seller, potential buyers
and the paperwork on the vehicle all meet with a professional auctioneer.
The auction “lot personnel” coordinate to ensure that
the right car is in the right place at the right time. The auctioneer
facilitates the sale of each vehicle, which on average takes about
60 seconds. |
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POST SALE ACTIVITIES |
A number of activities follow the successful bidding of a vehicle. |
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| If the vehicle was sold under the green light, meaning free of
any known major defects, and if defects were found in the post-sale
inspection, the buyer may seek Arbitration services provided by
the auction. |
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| Buyers can take possession of their vehicles only after full payment to the auction is made. |
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| Purchased vehicles will be transported out of the auction in
a variety of ways, including auction local delivery service, independent
transporters and dealer employed drivers/transporters. |
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