Not many people are familiar with auctions because let's face it, auctions are not something that we attend on a regular basis unless we are a used car dealer. Here are a couple of answers to the questions that most likely play in your mind:
Yo can click here if you want to opt for a car online auction
1. What is the difference between a police impound car auction, a government-run auction, and a repossessed auction?
One difference is the source of the vehicles. Vehicles at a police impound car auction are cars that have been seized by the police for involvement in illegal activity.
Image Source: Google
Vehicles at a government-run auction come from agencies such as the Homeland Security, Border Patrol, Federal Bureau of Investigation (FBI), Drug Enforcement Administration (DEA) and the Internal Revenue Service (IRS). A surplus of vehicles bought with government funds is usually the reason for releasing these vehicles to be auctioned to the public.
The source of these vehicles can include universities and hospitals too. At a repossessed auction, vehicles used to belong to customers who are unable to service their loans. These auctions are organized by banks or financial institutions.
The other difference is that there are no registration fees or charges if the auctions are government-run ones. Auctions that are run by private auction houses may charge up to 5% of the cost of the car as a source of income as well as to cover the fees of the auctioneers. So if you want to choose an auction to go to, a government-run will save you some money.