Different Types of Cheap 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 action, 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, 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 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 that need to be made.
The second type is called a live RV auction.
At live motorhome auctions, most of the vehicles sold are bank repo 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 they require you to have cash in order to bid. This means less people will be bidding, and you can save more money. A live auction may require bidder to pre-register, or you may need to 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 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 cheap RV.
The next type are 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 find 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 on the purchase of 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 provide you with the most reliable and comprehensive information available.
Some of the great things this site will teach you:
1) When is an RV repo a good deal? What price should I expect to pay for repo trailers, boat repos or motorhome repos?
2) What is RV Foreclosure? How to find Trailer Foreclosures, Boat Foreclosures and Motorhomes before they become repossessed by the lender?
3) How to find when and where RV auctions occur. How to bid on Motorhome Auctions, Trailer Auctions and Boat Auctions?
4) How to inspect RVs being sold at auction.
5) How to bid at an online RV Auction.
6) 5 tips to saving cutting your RV insurance rates.