| Before I explain 5 of the most useful tips to get the | | | | type of model are you looking for - is it a Buick or |
| best out of a repossessed auction - it's best to define | | | | BMW? What age of car are you looking for? You |
| it as an auction where goods that have been | | | | then do the research which should include: |
| repossessed are put up for sale to the public. These | | | | Looking at the classified ads - look for the range, |
| goods can include, boats, caravans, trailers, capital | | | | cheapest to dearest, this will give you an idea of a |
| goods and the most popular category cars! | | | | budget for profit. Don't forget the net as well. Talk to |
| It is therefore vital that you work out some sort of goal | | | | some dealers - find out how good sales are at the |
| that you want to achieve from this process. This leads | | | | moment. You may find that the car or product can be |
| me on to:- | | | | bought really cheaply and look profitable on paper but |
| Tip #1. Work out what you want! | | | | will be really difficult to sell! |
| Peoples' motives for attending auctions vary. It can be | | | | Tip #4. If you can see the goods. |
| for getting a bargain for personal use, it could be for | | | | If your a gambler then don't see the goods. In other |
| curiosity where the person is finding out how much | | | | words what I'm saying if it's a high ticket item, inspect it. |
| their various assets might raise if they 'have' to sell at | | | | Remember, if you buy a dud car or fake item it's |
| auction or simply to make a profit. | | | | unlikely that you're going to be able to sell it afterwards. |
| The motive that you adopt will influence to the | | | | Always remember that a repossessed auction will |
| greatest extent what you do and what you what to | | | | contain assets of different levels of condition and |
| accomplish in the whole process. | | | | value and sometimes it is actually worthwhile for the |
| I'm assuming that it's the profit motive. That you want | | | | person to let their goods be repossessed rather than |
| to buy something 'cheaper' relative to what you would | | | | pay the installments. |
| normally pay in a retail environment and then sell on at | | | | Tip #5. Set a budget. |
| a profit perhaps through ebay or in the classified ads. | | | | The quickest way to lose money is to over spend. |
| Onto the next tip. | | | | Stick to a budget based on your market research. If |
| Tip #2. Work out the best Auction. | | | | the bidding goes over your budget. Go home, do a bit |
| This is where most people drop the idea. It's often a | | | | more market research to ensure that you budget was |
| result of not being able to find current auctions that | | | | accurate, if it was then go to another one. |
| have been listed that will give you enough time to | | | | OK, you may then say that it took me long enough to |
| check out what's available and do some market | | | | identify the one I just went to - the problem is finding |
| research. See my last paragraph on how to get past | | | | current auctions that have repossessed goods near |
| this hurdle! | | | | me. This is where the value of joining a membership |
| Tip #3. Do your market research! | | | | site comes in as these sites give details on current |
| This is the stage where most people looking to make | | | | auctions, the type of auctions i.e. repossession, |
| a profit fail. No matter what you think it's not just a | | | | impound and seizure auctions and the type of goods |
| matter of turning up to the auction and bidding and | | | | on sale i.e. boats, jewelry and cars. Very importantly |
| then sell it for a profit. If it was that easy everybody | | | | these sites can provide an online search facility which |
| would be doing it! | | | | will identify specific auctions that match your |
| Once you have taken on board tip #1 you should | | | | requirement with contact details and website |
| know what it is your looking for. If it's a car then what | | | | information. |