Repo RV and Bank RV Auctions
Different Types of Cheap RV Auctions
There are 3 different types of auctions available when bidding on a
used rv or motorhome. The first is a silent auction. There is a lot
less pressure here and you normally have a little bit of time to
inspect the RV before you make an offer. Everyone interested in
bidding on the repo, submits a written bid. At the end of the auction,
the bids are all opened and the highest bidder wins.
The next type is called a live RV auction. Here, you get to bid
against real people in an active bidding environment. Often, you have
less time available to inspect the motor home. The advantage of a live
auction is that often the entry barriers to bidding are a little
higher. A live auction may require bidder to pre register or you may
have cash or a cashiers check to bid. We suggest you go to a few just
to watch, this will help you know what is going on and maybe learn a
little more 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 auctions is different from the last. Some have
lots of bidders some have few. The amount of available inventory also
fluctuates. If their is a lot of inventory or if not very many buyers
show up, you have an opportunity to get a cheap rv.
The
next type are online RV auctions. The greatest disadvantage is that it
is difficult to know what you are bidding on beforehand. Another
disadvantage is that that most won't pay to ship an it. As a result,
most online RVs auctioned either don't sell for more than the reserve
and if they do sell, they sell for considerably less then market value.
Most online RV 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.
Determining the value of a used Repo 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 motor home 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.
Now that I've read about RV auctions, where to I find them?
Unfortunately, most auctions deals are not highly advertised. If I were look 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 a 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 repo auctions 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.
Other details about RV Bank Repo Auctions
Bidding: Every auction sets their own rules plus some rules are set by the state. Some require cash at the time of the bidding and you have to preregister
Others requires a down payment up front and gives you 3 days to inspect the RV and get your own financing. Because some of these auctions RVs may have problem you may not be able to recognize.