Things You Must Know About RV Auctions
There were a lot of people out there desperate to sell. People who are desperate often sell their RV for 25 to 40% less than what it was actually worth. If you buy an RV from an auction you can often save as much as 50%.
It was also amazing how many RVs I found that were actually in pre-foreclosure. There is so much opportunity to get a great deal, that you should never pay retail. Besides finding motivated sellers, you can also buy bank repo RVs (credit unions also!), buy an RV in pre-foreclosure on a short sale, or buy one from RV auctions. This site discusses and gives you expert advice on how to find the best deals on new and used RVs. Hopefully, the information presented on this site will allow you to save 10, 20, or even $30,000 on the next RV you buy.
Let’s start learning about RV auctions
There are 3 different types of used RV or motorhome auctions: silent auctions, live RV auctions, and online RV auctions. These auctions sell RV foreclosures and bank repo RVs at a great discount. When you buy repo RVs from an auction, you can save 40-50%. Here, we will discuss each type of auction, how to find them and save a lot of money, and how to win.
The first type is a silent auction. There is a lot less pressure here than you would find at a live RV auction, and you normally have a little of time to inspect the RV before you make an offer. Everyone interested in bidding on the repo, submits a written sealed bid. At the end of the repossessed RV auction, the bids are all opened, and the highest bidder wins. At a silent auction, the best way to win is to bid what you really think the RV repo is worth as a trade in, minus any repairs. A lot of times these auctions will make buying your first RV obligatory, but buying the second and third RV that you bid on are optional, even if you win the bid.
The second type is a live RV auction. At live motorhome auctions, most of the vehicles sold are bank repo RVs, but they can also include salvaged RVs, seized RVs, and tax foreclosed RVs.
You get to bid against real people in an active bidding environment. If you can, you want to inspect each RV before bidding on it. The advantage of a live auction is that often, the entry barriers to bidding are a little higher because you have to preregister, and they require you to have cash to bid. This means fewer people will be bidding, and you can save more money. We suggest you go to a few just to watch, this will help you know what is going on and maybe learn about your competition. One of the major disadvantages of a live RV auction is people often become emotional and end up bidding too high. Every RV or motorhome auction is different. Some have lots of bidders, some have few. The amount of available inventory fluctuates. So don’t get caught up in the moment, keep your cool and remember that one of these days, there may be an auction with a lot more inventory than buyers, then you will have a real opportunity to get a really cheap RV.
The next type is online RV auctions. The greatest disadvantage of RV auctions online is that it is difficult to know what you are bidding on beforehand. Another disadvantage is that, most won’t pay to ship it. As a result, most online RVs auctioned either don’t sell for more than the reserve. If they do sell, they sell for considerably less than market value. Most online auction sites are actually dealers or wholesalers. Other sites charge a monthly subscription fee. On this website, we teach you how to bid on eBay. If you are great at fixing things or finding an RV online that is close to what you can check out, this is an awesome way to really get an amazing deal.
***RV Owner Help: 4 Tips to Lower Your RV Insurance
Determining The Value of a Used Repo RV
RV repos are generally priced at or below the trade in value of the RV. To determine the value, most people use value guide books such as the NADA Guide or the Kelley Blue Book. If you do not have access to the trade-in book value, ask a local dealer for the trade in value of a specific motorhome, and they will be glad to tell you. In some cases, RVs can sell at auction for 70-80% below the retail value. Buying a repo RV is an excellent way to get a great, cheap RV.
Unfortunately, most auction deals are not highly advertised. If I were looking for car auctions, I would ask a used car dealer where and how often these auctions take place. If they are friendly, they might help you. The same applies to used RV dealers.
If they are worth their salt, they know when and where these things happen. It may even be worth it to have them help you bid at auction and pay them a small finders fee when you get what you want at the price you want. Typically, smaller dealerships are more helpful. Occasionally a repo motorhome auction may be advertised in newspapers or at local bank or financial institutions. Some RV auction sales are weekly, some monthly, and some on a semi-annual basis. In most states, you do not need a dealers license to bid and these auctions are opened to the public.
Now that you’ve read about RV Auctions, where do you find them? Click here to know about the best places to find RV auctions online.
Other Details About RV Bank Repo Auctions
Bidding: Every auction sets their own rules and every state has rules to add to it. Some require cash at the time of the bidding and you have to preregister. Others require a down payment up front and gives you 3 days to inspect the RV and get your own RV financing. Be aware that some of these auction RVs may have problems that you may not be able to recognize.
If you are looking for repo cars for sale, This site offers you some of the best information online.
If you are looking for a great deal when you buy your next RV, (motor home, trailer, or boat) you have come to the right place. We hope we can help give you the tools you need to be successful, and give you the most reliable and comprehensive information available.
Some of the great things this site will teach you:
4) How to inspect RVs being sold at auction.
5) How to bid at an online RV Auction.
6) 5 tips to saving and cutting your RV insurance rates.