Seized car auctions or government car auctions are hot spots for anyone looking to buy a repossessed or seized car at dirt cheap prices. These auctions can offer you a used vehicle in good condition for as little as 80% off the retail value and even $100 in some cases. Thousands of automobiles are seized everyday through the different seizure and surplus laws by government agencies and made available to the public through seized car auctions.
Government Agencies that Offer Seized Cars for Bidding
Seized or repossessed cars are put up for sale by government agencies like the General Services Administration, the Internal Revenue Service (IRS), US Marshals Service (USMS), US Customs Service (USMS), Small Business Administration, US Department of The Treasury, Homeland Security, Department of Defense Reutilization and Marketing Service (DRMS), Department of Agriculture (USDA), US Department of Defense (DOD), Department of Energy (DOE), State and Local Police departments, US Bankruptcy Court and so on.
Types and Makes of Repossessed or Seized Cars Available at Such Auto Auctions
SUVs, sedans, trucks, specially-fitted patrol vehicles and other kinds of automobiles are available for bidding at these auctions. Do not be surprised to see different car makes including luxury brands both Japanese and Continental at these places. Car makes like Honda, Nissan, Toyota, Lexus, BMW, Mercedes Benz, Acura, Cadillac, Infiniti, GM, Ford, Chrysler and even top of the line wheels like Ferrari, Maserati, Porsche, Lamborghini and Aston Martin can be found at a small fraction of their original prices.
Many of them fall below the 3 year old mark and have covered mileages of less than 35,000 miles.
Why are Cars Seized by the Government and Sold Cheaply in Auctions?
There are various laws governing the seizure of vehicles including anti-mob laws and tax laws. Some of these cars are seized from drug and criminal syndicates. Others belong to folks who default on tax payments and these are normally acquired by the IRS. Yet there are others who are caught in bankruptcy suits that led to the eventual surrendering of their automobiles to the government agencies.
Everyday, thousands of cars end up in seized car auctions because the government agencies do not wish to waste money in maintaining them. Huge storage spaces as well as the depreciation of these used cars make it more imperative for them to auction the repossessed vehicles at depressed prices.
Who Can Take Part in These Seized Car Auctions
Until recently, many people do not know about these auctions. For a long while, these auto auctions are privy only to used car dealers. So these businessmen have been keeping mum about it and quietly profiting from them.
Seized car auctions are either closed or open. Closed auctions are open only to those who have an approved license to bid, while others are accessible to the general public. As long as you are above 18 years of age, you can purchase a repossessed used car at the auction.
Do not envy those who are driving cool sports convertibles when you can drive one home today. See my blog to learn more about these seized car auctions.
No comments:
Post a Comment