Tuesday, September 16, 2008

How A Live Auction Works

How A Live Auto Auction Works
Preview Time
Official preview time is 9AM to 6PM every Wednesday. Test drives are available from 9am to 5pm the day of auction.
Please note you do not have an automatic right to "back out" of a vehicle purchase. Therefore, inspect the vehicles closely during preview! The vehicles sold at our auctions range from late-model luxury cars in mint condition to "fixer-uppers" for mechanics that like a challenge. If you don't know cars inside and out, bring someone with you who does. If you want to test drive a vehicle, go to the key counter, present your driver's license, and ask for the keys.
This is the fun part! Each vehicle will be driven through the building. The auctioneer will announce the lot number and describe the vehicle, announcing everything we know about it, whether good or bad. Then the bidding starts.
This process goes very quickly and can be confusing the first time. Read the following description and watch as a few vehicles are sold to get a feel for how it works.
The auctioneer will suggest a starting price: "Who'll give me one thousand dollars to start?" If nobody wants to start at that price, the auctioneer will lower the amount until someone bids. To bid, simply raise your hand and display your bidder number. A "bid catcher" will point to you and shout, "YES, sir!" The auctioneer will start asking for higher bids: "I have eight hundred dollars, do I hear nine hundred?" If someone wants to bid $900, he will raise his bidder number, the bid catcher will point to him and shout, "YES, sir!" If you raise the bid, the bid catcher will point to you and the other person will be out. The process continues until nobody wants to bid any higher: "I have nineteen hundred dollars, who'll give me nineteen-fifty? Going once, twice, third and final call: SOLD! For nineteen hundred dollars to bidder number 268." A clerk will write down the winning amount and the buyer number. If yours is the winning bid, the vehicle is now YOURS! At this point, please go to the office immediately to make a deposit.
When you are done bidding for the day, go to the office and present your bidder number to the cashier. You may pay with Visa, MasterCard, Cash, or certified funds. A $300 deposit is required for each vehicle at the time of your successful high bid. The balance is due by 5pm Thursday.
Check Out
After you have paid in full for your purchase, you will be given the keys and directed to your vehicle. All vehicles must be removed from the premises by 5pm Friday.
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Why Interstate Auto Auction?

Interstate Auto Auction allows you to test drive all our vehicles on our 11 acre facility EVERY Wednesday from 9am-5pm Rain or Shine so YOU can buy with confidence. Interstate Auto Auction start time is at 6pm where you, your family, and friends can participate in our indoor Auction bay with seating, music, and refreshments!
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