Anyone planning to attend a car auction for the first time should be prepared and ready for success. Having the right mindset and approach goes a long way toward walking away with a vehicle at a good price.
Barrett-Jackson auctions offer great car options for any budget or interest, but their popularity means the show could even overload the most savvy buyers. Having these basic tips in mind can make a difference.
Research The Auction House Or Dealership Hosting The Event
Look for reviews or ask for recommendations from friends or family members who have attended auctions in the past. Not all are the same when it comes to running things efficiently. Avoid the complicated ones, and stick with the options that do it right.
Try to stay away from reading only reviews coming from people who are experiencing a car auction for the first time. Sometimes, people don’t know what to expect, so they are unfairly judging an experience. Seasoned attendees will do a much better job of giving others an idea of the company running things.
Determine A Budget And Stick To It
Decide in advance how much is the max to spend on a car. Make it a firm limit. It’s easy to get caught up in the excitement of bidding and pay more than originally intended. Sometimes, the best move is to simply walk away.
It’s one of the more common mistakes first-time car auction attendees make. A significant reason why auctions are so popular is that a lot of shoppers feel as though they can find great deals.
A benefit to using a company like Woodside Credit is cash flow. Competitive down payments and low monthly payments can provide insight into what your max spend on a car should be.
Inspect The Car Before The Auction
Many auctions allow attendees to preview the cars that will be up for bid. Barrett-Jackson does an excellent job of providing information on what cars will be auctioned off. If financing Woodside Credit may do a vehicle appraisal onsite. Take advantage of this opportunity.
As disappointing as it might be to find a flaw beforehand, it’s better than committing to a purchase and finding out later. Some people invest a lot of money into a vehicle or multiple vehicles at an auction. It’s worth spending a little bit of extra money and time to inspect beforehand.
Not confident enough to do an inspection alone? Bring a mechanic or someone knowledgeable about cars to help assess the condition of the vehicles. This fee will be next to nothing compared to the peace of mind one will have to make a winning bid. Some people bring a mechanic or knowledgeable person with them to buy a used car worth $1000, so it makes perfect sense when talking about rare, exotic cars with high price tags.
Become Familiar With The Auction Process
Auctions aren’t rocket science, but they do require some familiarization with how everything works. Different auctions have different rules and procedures, so it’s important to know what to expect. Ask the auction house or dealership for information on how the bidding process works and what forms of payment they accept.
The good news is that going with an auction from Barrett-Jackson means they’ll run everything pretty much the same. It’s not quite as overwhelming once someone has a few auctions under their belt. Barrett-Jackson provides all bidding information and forms on their website this will help you to plan ahead and prepare yourself.
Arrive Early And Be Over-Prepared On The Day Of The Auction
This will give you time to register and get a good look at the cars before the bidding starts. Some auctions will allow people to do this a few days before, but that’s not always an option when traveling for an event.
It never hurts to be over-prepared, especially if there’s a real chance of walking away with a vehicle at the end of the day. Talking with a company like Woodside Credit to get everything squared away financially relieves any stress that goes with that. Their experience with vehicle auctions, especially with Barrett-Jackson, helps get you squared away with the vehicle you desire with as little stress as possible.
Look Into Financing Through Woodside Credit
A great way to be prepared financially for an auction is by going through a company like Woodside Credit. Woodside Credit is a company that offers financing for exotic and classic cars. Getting pre-approved before the auction can help ease financial stress and give you insight into how the Woodside Credit loan program with low monthly payments changes cash flow. Woodside Credit has been partnered with Barrett-Jackson for some time now, so they know the ins and outs of a car auction.
During a Barrett-Jackson auction, Woodside Credit displays the estimated monthly payments that provide real-time updates. This will help a new bidder know what to expect when bidding on a car. They also work to make financing an exotic or classic vehicle easy and convenient for everyone involved.
Bidding By Proxy
Some people never feel 100% comfortable understanding the terms and speed during an auction. If you aren’t familiar with bidding, you may get overwhelmed with the speed of things and may not know how to handle it.
Anyone feeling that way should look into hiring an experienced bidder. They will follow directions and handle the work. The fee usually isn’t too much to work with a professional.
Can First-Timers Have Success At A Barrett-Jackson Auction?
Many first-time bidders end up figuring things out quickly, betting on what they want at the right price. One of the ways they do that is through preparation.
Preparation plays a big role, just like any other vehicle purchasing approach. When something rare comes out, and the goal is to make a purchase, preparation matters even more. This might be the only time a person has a chance to bid on this particular type of exotic vehicle, and the last thing they want to do is blow it.
If the time allows, try to go to a trial auction to understand how everything works first. This will familiarize an individual with the flow of events, and there’s much less pressure because the intention is not to necessarily purchase.
Plenty of people have found success at their first Barrett-Jackson auction and are now hooked. They know they can get what they want at a bargain price if they have the right strategy in mind. Preparation is always going to give people an edge over the competition.