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Buying from auctions is like poker in away. The auctions deal out the cars and you have to decide when to hold em and when to fold them. A lot of people don't have the stomach for betting thousands of hard earned $$$ on a vehicle they know nothing about. I've bought close to 300 vehicles in my lifetime and know what to look for but even I get burned every once in awhile. It's a little easier for me to recoup my money, as I just part them out. It might take a few months/years though. That being said, there can be some great deals if you're patient and lucky. You'll have to be extra patient and lucky on Copart though. Copart for some reason is widely known by the public. Generally speaking the public gets emotional on bidding and ends up jacking up the price. Professionals are in it for the money and know when to bail (usually lol). I've bought about 10 vehicles this year from Copart. All but one I think I paid too much for.
Most states you'll need some kind of license before they'll let you bid. It varies on how hard that license is to get. I got my license and had established my business before the laws got difficult here in Texas. Copart has links to brokers who can buy for you if you can't get one. I've heard the broker fees are around $250 and you have to deposit the toatl amount you want into their account before you can begin to bid. There's also other fees once you win a vehicle. They usually range from about $300-1000, but it all depends on what your winning bid is. You also have arrange for shipping or pick up. Shipping can be as low as $200 if the vehicle is in your city or as high as $2000 if it's on the other side of the country. Picking up is the best option as things get damaged or disappear with shippers. Be prepared to wait once you get there though. Consider your self lucky If you can get in and out in an hour. I had to wait 7 hours once to pick up a truck at copart in Houston. This was before the flood too! Some locations are better than others.
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Woody
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