Seizure/Repo auctions

[garhkal]

This evening during one of the shows i was watching, me and my mom got to talking about a cop who (cause of being on the take had 600k in an off shore account). Afterwards we got off tangent into a related subject about repossessed/seized vehicles and properties.

Now, while stationed out in NOB Norfolk, i knew an airdale (also a gaming buddy) WHO over his 8 years being stationed in norfolk, had purchased cars and trucks FROM those govt seizure auctions, did some 'rehab' and then sold them on the 2nd hand market, often making a good penny in the process..

I have also occasionally, heard other people doing the same. BUT i've never once remembered hearing about "the cops of X county will he holding an auction on XYZ date" on any local news channels, or in any local news papers..


So
A) has anyone hear ever bought a vehicle at one of those auctions?
B) if so, how/where did you hear about it?

[Fizley]

Yes I have personally for my own use, and I have friends who own repair shops that buy them, put some money into them, and resale them on used car lots when their shops are slow.

I have gone to three local auctions. The key is to have A plan. I was looking for a 1st car for my son. I wanted a reliable safe car for him to drive two to three years. Auctions often bring out emotions and egos and people get caught up in the bidding process.

Typically you can preview the items the day before or the morning of. Go to the preview. Ask qurstions. Figure what you can buy the car for resale...meaning you can start it, drive it to a shop, and having an inspection. If I could buy the car for 50% at auction to me it was worth the risk. If the auction proce started creept into the 51% rage of retail, then I would pass.

There is always a chance with auction cars their may be a significant problem. I always assumed the car needed an engine or transmission when buying an auction car.

I Am mechanically inclined, plus have two buddies who I hunt with every year. I know if I got in over my head they could help me out, or at least give me a huge discount on labor.

Good luck and have fun.

[tinman483]

Not really the same thing but I bought one at a government auction once. All you could do was start them! No drive nothing! It turned out to be one of the best cars I ever owned. Ad was in the news paper.

Now here in Iowa and Nebraska you have to be a licensed dealer to buy from either repossessed or government auction. Repossessed etc are in the news paper every so often but most are wrecks! Or abused. I don't even go these days.
Once in a while one will be advertised by some bank some place.

[Unique_Carpenter]

All medium to large size cities/munis have siezed car auctions.
Just watch for local ads.
Some govs just run them through the area dealer auction house.
Bank repos almost always go through dealer auctions.
Insurance companies also sell their totaled cars that they've paid out on in auctions. Junkers that strip those for parts buy those. But most of the Insurance co auctions are online bidding nowadays.

Note that a lot of trash cars go through these auctions.
You have to know what you're doing, and that includes being a mechanic if you want to do the fix them up and resell thing.

Reread Fizley's post.

A lot of folks can and do make mistakes at an auction.

[garhkal]

So, for someone NOT mechanically inclined, its best to bring along a pal who IS one, but if you don't have that sort of pal, skip them, cause the headaches are not worth it??

[Unique_Carpenter]

Correct. It's a risk thing.

Note that to bid at the area dealer auctions you have to be vetted in advance by the auction place.

Btw, rental fleets, that used to run their 2 year old vehicles through the dealer auctions have been moving to the on-line best bid thing. That saves them the auction fees.

[garhkal]

Originally Posted by Unique_Carpenter

Correct. It's a risk thing.

Note that to bid at the area dealer auctions you have to be vetted in advance by the auction place.

Btw, rental fleets, that used to run their 2 year old vehicles through the dealer auctions have been moving to the on-line best bid thing. That saves them the auction fees.

I might have to check those rental places out. BUT with the # that are boycotting the NRA, and thus I AM BOYCOTTING right back, that doesn't leave many left.

[CountryGentleman35]

Govdeals.com

[ck1942]

fwiw, many other types of seized/found property auctions.

Usually local PD in bigger cities once or maybe twice a year, everything except weapons.

Very good deals on bicycles, household, jewelry and other items of value, sometimes even refrigerators, big screen tv's etc.

Unless the property belongs to, say a rental agency that can re-claim it, whatever is seized ends up on the auction block most times.

Cities post ads often on a courthouse or city website. Google should be able to find most ads -- springtime is season of opportunity.

[normalguy21]

Over the years i have had the IRS local field agent on my door step and he thank god was looking for my father but i asked him if i could get a couple of the IRS seizure stickers from him .the ones that say must be used with offical id .
I wanted to put them on the door knobs of a friend whom was always playing practical jokes .My thinking was that since i did not have a IRS id that i would not be in breaking a law just scaring the shit out of a guy .
I was informed that the stickers cost 18 cents a piece to the goverment and there was no way for me to purchase them.So i offered up a 1984 casio calculator watch .

Anybody want to come home to seized by the IRS stickers on there door knob's ???