Bidding on an IAA auction can be a bit intimidating the first time but with a few tricks and tips, it can become a fun and exciting experience. You should know and understand the rules and the bidding process in order to purchase the vehicle you want. The first step is to know how to avoid storage and late fees and the best way to do that is know the time of fee assessments. To know about the payments you have to visit the “To Be Paid” list of your “Won Vehicle”.
Generally at an IAA auction, you will have 3 days to clear the payment for a vehicle. You can pick your vehicle up in 5 days which include the auction day. The days may vary from one auction yard to another due to space issues. Smaller auction yards might not offer a 5 day advantage. As far as the payment is concerned, it matters when the payment is posted and not when it is sent. You should know the various payment options at your disposal and take time to think and avail them if possible. The fastest way to make your payment is through I-pay and through I-pay you can send your payment immediately. You can also send the payment through wire transfer but the process takes time and even though the payment has been made IAA is unable to post your wire transfer, until the funds are received.
Many buyers make a fatal mistake and send their tow trucks, thinking that the payment has been made. Always make sure that the payment has arrived and that the funds have been released by the bank before sending in your tow trucks. This will save you valuable time as an IAA auctionnever releases a vehicle unless the payment funds are released from the bank. Always make sure that you don’t do this and only send in someone to collect the vehicle when the payment has been received and posted.
Iaa Auction
Usually an IAA auction offers three ways to place your bid. You have the option to pre-bid and then either bid via the internet or attend the auction personally. Pre-bidding offers you many advantages as you can lock in your bid for a specific vehicle. You can also make multiple bids and the website as they keeps you updated about the vehicles on which you are still the highest bidder and the ones where you have been out-bid. The best thing about pre-bidding is that you can take your time to select your vehicle as you don’t have any time constraints. Most of the auctions are fast paced and you might miss your chance to get the vehicle you want but pre-bidding allows you to select multiple vehicles. This way you can increase your chances at getting the best deal possible.
You can pre-bid at an IAA auction, and make sure that you get the vehicle you want. Different people have different business models and that is why IAA auction, allows three different ways to bid. You can select the method that suits you best.