Are auto auctions open to the public?

Most auto auctions are open to the public. This is especially true of vehicles that are being auctioned off on online websites. You may be required to register with the auction house before you begin bidding though. They will verify your identity and verify that you have a way to pay for the automobile after you have won the auction. There are some auctions, though, that are closed to the public. These auctions are only open to car dealers. The best way to find out if an auction is open to the public is to call the auction house and ask.

What is a salvaged title?

A salvaged title is a title that is given to a car after it has been wrecked. This is does not mean that the car has had a little fender bender. It means when there has been significant damage to the point where the insurance company has decided it is irreparable. Many mechanics will apply for a salvaged title after they have restored the car to its running condition. It will have a new Vehicle Identification Number posted on the car as not to confuse it with its previous title. Most salvaged cars when restored are quite good vehicles. But there are some that are not. You are taking a huge chance when you buy a vehicle that has a salvaged title.

Is the seller obliged to state any defects on the car?

There is a huge difference between what a seller should do and what they actually do. This is where ethics comes into play. If the seller knows that the engine is knocking or that the car has been wrecked they should disclose this knowledge to the public before bidding commences. Many states require that if a seller knows about a particular problem and does not disclose it, they can be held liable if the car breaks down after purchase. Basically it is the seller committing fraud against the buyer and fraud in all states is illegal.

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This entry was posted on Tuesday, September 16th, 2008 at 3:52 pm and is filed under Automotive. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.