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Auto auctions are events where vehicles are sold to the highest bidder, either in person or online. They can be open or closed, for-profit or non-profit, and require proof of resources to participate. Online car auctions have become popular, with bidding sites taking a percentage of the final sale price.
Auto auctions are events in which vehicles are sold to buyers who are willing to pay the highest price for a particular car or group of motor vehicles. Auctions of this type are found all over the world, although the specific process for holding a car auction varies from place to place. Along with auctions held in specific geographic locations, the Internet has made it possible to conduct auto auctions online.
In some cases, a car auction is a closed event. Rather than being open to the general public, the auction can only be attended by those who receive a formal invitation. For example, a used car auction may be open only to dealerships that sell used cars. Other closed auctions may only involve people who pay a fee to participate. This is sometimes the case when the auction is conducted by a government agency or by a private liquidator.
Some auto auctions are open to anyone who can show they have the resources to bid on the various vehicles offered at the event. When this is the case, individuals may need to provide proof of a bank line of credit or some other document indicating that they have the resources available to pay for the vehicles they purchase as a result of the auction activity. By accepting this proof of eligibility, the individual is admitted to the auction and may freely bid on any vehicle submitted by the auctioneer.
A car auction can be held as a for-profit event or as a means of raising money for a non-profit agency. With the former, the goal is usually to generate revenue for a business or government agency. In the latter scenario, the auction can be conducted by silent voting, with the highest bid submitted declared the winner. All proceeds from a charitable auto auction go to the nonprofit agency and can be used to support its continued operation in the community.
Today, the online car auction has gained a lot of attention. People with a vehicle to sell can create an auction on any of several bidding sites currently in operation. Often the site will receive a percentage of the final sale price. As with most auctions, there is a minimum bid that must be met in order for a winner to be declared. Auctions of this type are generally structured so that prospective bidders know in advance whether the vehicle will be delivered by the original owner or if the winning bidder must arrange to pick up the vehicle.
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