| All About RV Auctions, Repossessed Motorhomes, Trailer Repos & Foreclosed RVs- Welcome!Different Types of Cheap RV Auctions
There are 3 different types of used RV or motorhome auctions; silent auctions, live RV auction, and online auctions. Here we will discuss each type of action, the benefits of each and how to win.
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. Here the best way to win is to bid what you really think the RV is worth, minus maybe a few thousand dollars. You can still get a great deal, but don't bid on more than one unless you have the money to buy everyone you win & you want to.
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 the 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 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 is that it
is difficult to know what you are bidding on beforehand. Another
disadvantage is that 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 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. If you are great at fixing things or find an RV online that is close by that you can check out, this is an awesome way to really get an amazing deal.
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 Motorhome Foreclosures 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.Other Hot Topics on this Site: 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.
Unfortunately, most auctions 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 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.
Now that I've read about RV auctions, where to I find them?
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 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.
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