For the best chance of success, it is a good idea to have a plan for bidding on repo RV auctions online. Most importantly, you want to have a maximum bid set so you can stay not only within your budget but also under what is a good price for that RV. The other details of your strategy will be different based on the type of auction you are bidding on.
Most repo RV auctions online will fall into one of two categories: single RV auctions or multiple ones. Generally, single RV auctions are conducted solely online while the multiple ones are done live at a physical site with an online bidding too.
Single RV Auctions:
These auctions are for one RV and will usually give you at least a few days of bidding time, though around a week is pretty common. You may be able to bid a certain amount and get it immediately, commonly called the “buy-it now” price. Usually that is more than you probably want to pay.
One nice feature of many RV auctions online is the ability to set up your computer to bid for you whenever you are outbid. This makes it easy for you to stay in the front. It will keep bidding until it hits the amount you set, and then it will stop. Unfortunately others may also set up their computers this way, set a higher amount than you did, and win the auction. It is more typical that someone placing a last-minute bid will win the auction, so plan to be available right before the close of the auction to make your bid. Don’t round your bid to the nearest dollar, which is the most common thing to do. You might outbid someone by just a few cents if you tack on those extra pennies.
Multiple RV Auctions:
These are usually live auctions that allow online bidding. Each RV will only be available for a short-time, so you will need to be on your computer at the right time to compete with the bidders that are actually physically present. You will need to register beforehand and make sure that your computer is compatible with the bidding format.
Because most use real-time webcasts to keep you in the bidding action, you compete with the other bidders just as if you were there. The auctioneer typically sets the increasing bid increments and asks for a specific bid amount, so you most likely will not have much control over the exact amount you bid. Since raising a hand or numbered paddle is quick and easy, be sure you are fast in getting your bids in.
It is important that you are well-informed about all of the policies and procedures of each auction you are bidding in so that you are prepared to comply with them. They differ with each one, so find out well ahead of time to give yourself ample time to prepare your payment in an accepted form or make sure the auction gets any paperwork it needs in a time.
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