Purchasing through auctions provides numerous advantages for trucking companies, though several factors should be taken into account. Typically, auctions sell vehicles at trade-in levels, offering more affordable prices compared to dealerships, and depending on the auction type, you may avoid dealer fees. Nonetheless, transportation costs remain a consideration.
Know Your Limits
If you’re looking to buy a Freightliner for sale at auction. While auctions can offer substantial cost savings, maintaining focus and staying within your budget are essential. Auctions may present the opportunity to find older vehicles not readily available at dealerships, including those with unique specifications that may require additional effort to procure. Thoroughly inspect these vehicles before placing bids.
Know the Vehicle’s History
Despite feeling confident in your auction purchasing skills, conducting research is vital. This involves obtaining a vehicle history report, inspecting the vehicle, and factoring in transportation costs. A vehicle history report, obtained through the VIN, provides insights into previous owners, accidents, odometer readings, maintenance history, recalls, and more. However, it’s crucial to recognize that such reports may not reveal everything. Inspecting the vehicle in person before bidding is advised, examining the undercarriage and interior for wear or damage. Familiarize yourself with the auction’s terms, conditions, and warranty policy by reading the Buyer’s Guide.
Know the Seller’s History
While auctions offer potential savings and access to older or unique truck models, buyers should conduct thorough research before bidding. Check the VIN on platforms like Carfax to uncover crucial details about the vehicle’s history, including accidents, maintenance, odometer readings, recalls, theft recovery, or outstanding credit issues. Sellers at auctions may not always provide complete information, emphasizing the need for buyer due diligence. Avoid bidding if doubts arise about the seller’s story, as post-purchase inspections and repairs become the buyer’s responsibility.
Account for additional fees imposed by the seller at the auction, particularly if transporting the vehicle over long distances, as these costs can impact the overall value of the deal.
Know the Vehicle’s Condition
Most vehicles at truck auctions may require repairs before being roadworthy, even after securing a seemingly great deal.Fortunately, most auctions allow potential buyers to inspect the trucks visually before bidding begins. But if the buyer isn’t familiar with trucks or needs the proper tools to check them, they may purchase a vehicle that needs extensive repairs that would be their responsibility to pay for. The best way to avoid this is to choose an auction house that allows you to start up and drive the vehicle or one that offers a test drive option. Also, select auctions that provide a detailed condition report on all trucks in the lot before they are sold. This will give you all the information you need to make a good buying decision. While it’s true that almost everyone at an auction is trying to score a great deal, some buyers are too eager and wind up spending more than they can afford on a Hail Mary piece of equipment. Researching and choosing a platform that suits your buying habits and preferences is important.