Apart from insuring autos, all insurance companies buy and sell cars. When a vehicle is declared a total loss, the insurance company pays the insured owners for their loss and in turn becomes the owner of a wrecked, weather damaged, stolen, or burned vehicle. The insurance company then turns around and attempts to recover some of its money by selling these cars.
Storing and auctioning damaged autos could cost insurance companies more than the revenue of their sales, therefore they use other companies to auction and negotiate the sale of their automobiles. Some of the auctions deal with used car dealers and vehicle dismantlers only, whicle others like Insurance Vehicle Access, IVACars.com, also deal with the public.
If you are an individual, or would like to start a small car sales business, salvage insurance auctions online is a good place to start if you have patience and take the time to learn how they work. You may start by making sure you read the auction's rules and obtain as much information as possible about the bidding and purchasing proceedures. Following is an example of things you should know about the auction you are considering to deal with:
1. Are all highest bids final or do you still have to wait for approval
2. How much information about the vehicle is actually available to you
3. Can you personally inspect the car? If no can you send a professional to inspect the car? (Note: some companies do not allow the public in to see the cars but they do allow professionals--also known as Appraisals, to inspect the autos for a customer.)
4. Are there any additional costs if your offer is accepted? Are the additional costs subject to change? What are their forms of payment?
5. How long does it take for you to receive the title and complete purchase paperwork after your sale?
We invite you to send us your comments, experiences, and/or knowledge about salvage vehicles, car auctions, shipping/transporting cars, buying car parts, etc....
Melissa
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