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      07-05-2019, 05:43 PM   #1
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Arrow ► Buying Auction Cars

for those who have experience buying cars at private auction like manheim, i wanted to ask what the process is and the risks involved.

to my understanding:

1. find a private dealer w/ auction access

2. negotiate a service fee with dealer

3. when desired car found
- can dealer perform a proper ppi?
- can dealer negotiate price?
- who/how do you pay for car? must be paid in full on spot?

4. car is purchased "as-is" so no warranties, etc? can you bring to oem dealer and get it cpo or only 3rd party extended warranties apply?

can someone post auction price for 2014 911 turbo/s coupe?

thank you guys.
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      07-07-2019, 02:12 AM   #2
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You will need to find an auto broker ,All dealers normally have access to Manheim or Adesa . As far as fees , the normal going rate is between 400-1k Depending on the selling price of the vehicle sometimes.But keep in mind that Manheim has fee's of there own . A dealer is not able to perform any kinds of mechanic work on the vehicle but Mannheim does provide a mild detail report of any damages or repairs done to the car which i say that they are about 75% accurate most of the time .Prices are only negotiable with in person since the dealers or company(BMW NA,PORSCHE NA) are there when there car are auction off to agree on the selling price when it runs on the block.unfortunately this method does not work as well when you are doing live bidding has they only send you a 1 counter offer if the car did not meet there selling requirements .The car must be paid to Manheim directly . I pay with a cashiers check .Not sure how your broker would go about it .Some cars do come with warranties ,some are sold AS-IS ,and some come with a 15 day warranty .It is all specified on individual basis .
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      07-07-2019, 12:51 PM   #3
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The issue is who is ultimately responsible for "cost of carry". The reason there is markup in a traditional dealer process is that the dealer holds all the financial risk of holding the car. Meaning, when you go and test drive it and end up not buying it, you have no financial obligations when you walk away. However, the dealer eats the carry cost daily due to:

1. Daily cost of financing the car
2. Cost of transport from auction house
3. Daily depreciation
4. Cost of relisting the car back in auction

So your strategy, while certainly workable, doesn't address who eats the cost of carry. If you are 100% obligated to buy the car based on auction stats alone, I'm sure the dealer will do it for you for a small fee.
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