Never Compete With This Bidder At A Car Auction

Never Compete With This Bidder At A Car Auction

Bidding at car auctions can be exciting, because ultimately the highest bidder will be able to buy the car.

Even if your winning bid at the car auction is way below book value, and there are no reserves, it will be accepted, and you will be the new owner of a car at a sizable discount.

So bid with enthusiasm, and ignore the competitive nature of your fellow car bidders.

But there is one bidder you should never go against.

And that’s the bank.

A bank will keep on bidding to ensure that the car is not sold for below an amount that it seeks to recuperate.

If the bank is owed $5,000 on the car, and it desires to recoup at least half of the loan, it will keep bidding until the car auction reaches $2,500.

While you will be bidding in good faith, the bank will keep pushing up your bids to ensure that its needs are met.