Truck auctions are the places where we can buy new and used trucks that can meet our needs. Truck auctions are held all over the world , but mostly in USA.
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As trucking business is constantly developing and becomes more stable and profitable ,straight proportionally we can see more and more auction houses on the market.
Auction houses are making great profit by selling:
- New Trucks
- Used Trucks and
- Repossessed trucks.
But at the same time the bidders on these auctions are saving money. So I guess it works good for both sides.
If you want to increase your fleet or if you want to start a trucking business as an owner operator , in that case the most economically good option would be a truck bought on auction.
Being in the trucking business for a long time gives you a lot of knowledge about the truck parts that are mostly exposed on a failure as result of bad maintenance or even on the weather conditions.
Therefore , if you are in the trucking business for a long time you will be able to properly inspect the:
- Truck body
- Wiring …
There are a lot of parts that need to be inspected so my advice is to make a list which will ensure inspection on every suspicious truck part. If you can do that without a problem , then you can go on an auction without second consideration.
Bear in mind that truck auctions sometimes can be a bit tricky. What do I mean by tricky? There are some auction houses in this business that are not offering quality trucks , and at the same time they don’t allow you to check the engine of the truck or to do a test ride. It would be risky if you go on that kind of auctions.
Yet another tricky thing about auctions is the shill bidding. Shill bidding is the situation when the auctioneers or the sellers , request from people that they know to make fake bids in order to increase the bidding price.
In this article we’ve provided 10 exclusive tips for attending a truck auction. We’ve made these tips for the people that are considering to go on an auction to get more informed about the whole process.
How Truck Auction Works
Truck auctions are a great place to buy trucks and to save money. But you are new to auctions and you don’t know how auctions work? We will provide you with all the necessary information about the process of truck auctions.
First of all as a beginner you should have into consideration that you should do several, deep researches for the auction that you want to attend.
Here are few steps for sucsessful bidding:
- Set a bidding limit and to learn how to bid clearly and quickly. But bidding clearly and quickly is not everything, also at the same time you will have to pay attention to the price changes. By raising your hand you will be able to make a bid , but be aware that once u bid you cannot cancel that. Keep your awareness on a high level, ears and eyes wide open.
- Get early on the place where the auction is going to be held. That is of a special importance because before you bid on something you will have to do inspection of the trucks that you like.
Most of the times on truck auctions you will be able to do only visual inspection, because on those auctions is forbidden to start the engine of the truck and to do a test drive. That is a reason plus to open your eyes wide and to use all the knowledge you have to determine whether that truck is worth bidding for. You get one point of the process how truck auctions work.
After learning these beginner steps, the following thing that you will have to do is to learn when not to go for a truck and to determine when the deal is sure. The next time to go on auction is at least half an hour before the auction starts.
Many people are making huge mistake because they go just before the auction closes. If you show up on the end of the auction the chances that you will end up with nothing is huge. However, another important thing to be careful about is the time of the week and month when the auction is held. It can affect in great measure to the truck buying price.
How Much You Can Save Buying On Truck Auction
The fact that you can save a lot when buying on truck auction is what attracts most truck buyers. We are all aware that on these auctions both the buyers and the sellers are making profit. In order for you to make a good profit you will have to familiarize yourself with the items that are listed.
Always be careful and try to collect as much information that you can for the truck that you like, so that you know in what are you investing.
Only by knowing the right value of the truck you can determine whether you should continue or to stop bidding, and how much profit will it bring you. Comparatively by buying a used truck on auction you will save money than buying a brand new truck. Sometimes you might get lucky but most of the times you should make sure that you know for what are you bidding.
There are situations where you will win a truck on an auction, but that truck won’t be a quality one. If you get that kind of truck it will need a lot of repairs and that way you will be in a position when you will be losing more money than gaining. If you do that mistake you will regret not buying a brand new truck, directly from the manufacturer.