Winning at Car Auctions – Be Objective
The classic image that comes to mind when an auction is mentioned is the auctioneer going at warp speed during the bidding. There is a reason for their fast cadence. They are trying to create a bidding war to drive up the price and that should tell you something. To make a killing at auctions, you need to be objective.
I’ve told the story over and over. A few years back, I went to my first car auction in Upland, California. It was one where you could buy police impounded cars supposedly for a song. Well, I saw a classic red Jag that I thought was amazing. When it came up for bidding, I got into it with a few other people in the audience. The good news was I won the auction. The bad news was I came to find out I had spent $2,000 more than the car was actually worth! Doh!
The problem was clear. I got caught up in the emotion of the auction and ended up getting fleeced. So, how do you stay objective? One trick is to prepare and get organized. I’ve subsequently done really well with auction buys and made some nice money. How? Well, there are a few reasons but one is my secret weapon.
How Your Phone Makes A Difference At Car Auctions
If you can surf the web with your phone, bookmark your favorite car valuation site. It could be Kelly’s Blue Book or whatever. When you find a car you’re interested in, pull up the values and then set a hard price that you absolutely will not bid above. You won’t win every auction, but you will make money on those ones that you do! That, of course, is the key to making money over time.

