January 11, 2008, Newsletter Issue #120: How To Auction Your Car

Tip of the Week

If you're thinking of selling your car, your best bet is to sell it through retail sources rather than at auction. Car auctions tend to only generate wholesale prices for automobiles. If you are only selling a single vehicle, selling your vehicle through the means of regular retail, either on your own or through a car dealership, will usually generate a better price. If you are a car dealer looking to sell cars at auction, you should realize that there are many additional costs associated with the auction process. If you are participating in an live auction, make sure to factor in the transport costs for the cars and the brokerage fees charged by the auction organizers. Realize that online auctions also usually charge a percentage of the selling price and often transportation fees. Be aware that once the auction begins, it's up to you to convince buyers to bid on your cars. You don't want to have to end up transporting unsold cars back home.

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