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I. Introduction: A-Z information on how to bid for a car

The dream of every petrol-head out there is getting the best out of every car deal possible. One of the best ways of getting this is by winning the bidding war. There are tons of auctions around where you can bid for any vehicle of your choice. The important thing is: you need to meet some of their requirements. Do not panic! We are going to walk you through how to bid for a car regardless of your location or experience at bidding. To fully understand how the bidding process works, you need to start with the different types of auctions available:

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II. Types of Auctions

1. Dealer auction

This is not the type of auction for you if you are just a private car buyer. It is specifically set up for people with dealer’s licenses. Many at times, vehicles sold here are either new or close to being new. This type of auction can be done in person or via internet (online). Unlike public auction, it offers a bidding war among people with much better experience on cars. Every vehicle has a listing price with multiple bidders ready to pounce on it. It is easy to get lost in the moment if you have a threshold. Remember, you do not need to get every car at the auction or your first-choice. There are many vehicles on display that would fetch you profit. Spend wisely!

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2. Public auction

This is the most common form of auction where anyone can participate. In this type of auction, there are many vehicles from brand new to old vehicles. Many buyers with little or no experience usually buy garbage from public auction thinking they struck a good deal. Sometimes, you need to go with an expert who would advise you on your car of choice. Cars sold at this kind of auction usually belong to dealers, law enforcement agencies, private sellers and auction companies. 

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Now that we have gotten that out of the way, there are other important things you need to know before you start bidding for cars.

III. How do I buy a car as a private buyer?

As a private buyer, you will be mandated to make a deposit of a particular amount depending on the auction before you are allowed to bid. You will be asked for an I.D after making the payment, which will be presented at the auction. Make sure you keep it safe with you always. These IDs could be driving licenses, utility bills, passports or any other form of acceptable means of identification. 

IV. Paying attention to the auctioneer

This is a common rookie’s mistake. It is very easy to get distracted when you attend an auction. This is very common with public auctions. To avoid making mistakes or missing out of the deal of a lifetime, you need to listen to the auctioneer. This also entails making sure you are heard. We understand it could be challenging considering the ocean of people in those kinds of auctions. The condition of the vehicle and mileage are part of the information given by the auctioneer at the event.

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Finally, we are now at the point where you ask yourself this question: what is the bidding process?

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V. The bidding process

First, make sure you get to the auction early enough to get the best seat. While this might not really matter, it gets you closer to the auctioneer. You need to raise your arm to signal your interest in the vehicle. Do not wink or nod as they may likely be overlooked. Once the auctioneer acknowledges your bid, make sure you pay attention to the bids submitted by other people in the room. This is not the time to engage in any activity that would take your mind off the auction. Once the bidding has gone beyond the reserved price given by the owner, the vehicle is sold to the highest bidder. We understand your adrenaline might be pumping especially when the vehicle is your first choice. Avoid spending beyond what you planned. Concentration as earlier iterated is key to getting the best out of a bidding war. 

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What do I do after winning a bid?

Congratulations on winning the bid. It gets easier from here. Most auctions would require you to leave your deposit on the same and pay up in the next 24 hours. By doing so, you will be allowed to take your vehicle from the place within 3 days. After the full payment, you will be given the pass out slips, relevant documents and keys to the vehicle. 

VI. Conclusion

Car auctions give people a chance of buying the best vehicle within a budget. Usually, some auctions allow potential bidders to take a tour on what they intend to buy before the bidding commences. This is a window of opportunity for you to properly inspect the vehicle before you bid for it.