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May
22
Where to find Repo Trailer Auctions.
May 22, 2009 | Leave a Comment
Although today’s economic times are uncertain, this can be a great time to buy a used trailer at a trailer repo auction. More than ever, you can have a great price and a great selection while shopping for trailer at repo auctions.
As we all know, new trailers are not always a great deal. Typical mark ups on RVs and trailers are between 25% and 55%, with the average mark up being around 40%. If you buy a new trailer, you will lose as much as 30% of its value in the first year. For this reason we recommend buying used and trying to avoid buying at dealerships when it is possible. 9 times out of 10, it is a better deal to buy trailers private party or as a bank trailer repo.
The first steps to finding good deals at trailer repo auctions is finding where these auctions take place. Here are 3 ways to do it 1) Talk to a local trailer dealers and find out where they their inventory at auction. (Caution: They may view you as a competitor. 2) Talk to local financial lending institutions (i.e. bank and credit unions) (They may not know what you are talking about.) 3) Check local trailer classifieds and newspapers for ad about trailer actions.
It is imperative that you know the true value of the repo trailer you are bidding on at auction. Make sure you have access to the KBB value or the NADA guide if you need help determining the value. Remember auction prices are usually at or below trade in values. Because auction can be emotional, be careful not to overbid. You should have a ceiling bid in mind before you start.
Inspection is required before bidding on a unit. When possible find out in advance if the auction allows you to inspect the unit before bidding or allows you time to have it professionally inspected before finalizing the sell. The most expensive repairs can be related to water damage or mechanical problems. If you do find things that need to be fixed, make sure you deduct the cost of these repairs from the amount you would otherwise be willing to bid.
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