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Old 02-18-2005, 09:35 AM   #1
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Riverside Auto Auction? Off-lease cars any good?

I have heard that Porsche USA sells off their off-lease Porsches through a regular event (several times a year?) called the Riverside Auto Auction.

Are off-lease cars any good? Perhaps they are well maintained?

Does Porsche service them before they go on auction?

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Old 02-18-2005, 10:25 AM   #2
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Porsche financial services sells lease-returns at Manheim, PA and you must be a licensed dealer to enter and purchase. I am at their auctions twice a week.
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Old 02-18-2005, 10:30 AM   #3
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really?
That doesn't make sense to me considering that Porsche sells certified pre owned cars. Convertibles like the Boxster seldom have open ended leases (option to buy).
Either Porsche expects there to be allot of bidding, which defeats the whole purppose of auto auctions for non-collectibles or
they are the less desireable lease returns(failed certification).

I worked for the federal government in law enforcement briefly (I was a contractor actually) and ocassionally I would hear about the DEA, CUSTOMS and FBI auctions of seized vehicles. Many were high end particularly in the warmer parts like South Florida, Houston and LA. But law enforcement were barred from bidding on cars they seized so we never knew anyone who got an M3 minus the seats and door panels
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Old 02-18-2005, 10:32 AM   #4
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Quote:
Originally Posted by Stryke
Porsche financial services sells lease-returns at Manheim, PA and you must be a licensed dealer to enter and purchase. I am at their auctions twice a week.
do you see any nice Boxsters?
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Old 02-18-2005, 11:33 AM   #5
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Riverside Auto Auction is a dealer only auction that I attend on a regular basis.

Many Porsches of all types and years are sold there. Many are off lease via Porsche Finance and others from other leasing companies. Dealers will also bring Porsche to sell there.

Porsche does not service these off lease cars and their condition varies, tied to what the Lessee did to the car.

Some are great, some are dogs with fleas. It is up to the dealer to sort them out!
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Old 02-18-2005, 11:36 AM   #6
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Quote:
Originally Posted by Perfectlap
do you see any nice Boxsters?
The dealer I bought mine from got it at Manheim. They sold my RSX there so if anyone knows someone who got a silver RSX with Motegi rims through Manheim make sure they treat it gently
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Old 02-18-2005, 11:38 AM   #7
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"That doesn't make sense to me considering that Porsche sells certified pre owned cars. Convertibles like the Boxster seldom have open ended leases (option to buy).
Either Porsche expects there to be allot of bidding, which defeats the whole purppose of auto auctions for non-collectibles or
they are the less desireable lease returns(failed certification)."

Porsche finance has many more cars coming off lease than their dealers can absorb. They have to find an outlet for these cars, so the dealer auctions fill this need nicely. This is true for virtually all the auto lease companies.

The cars at the auction are not necessarily less desirable, some are pristine, some are not.

And virtually all auto leases will have a buyer buyout number in the lease. Finance companies love to have the buyer buy the car at the end of the lease yet few do this.
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Old 02-18-2005, 12:19 PM   #8
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wish I knew that before I bought my Boxster!
I even know a guy with a dealer license who runs a small lot. The savings must have been significant.
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Old 02-18-2005, 01:41 PM   #9
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The savings CAN BE significant and there are a lot of mistakes made in buying at auctions, even by dealers.

These mistakes can be very costly indeed!




Quote:
Originally Posted by Perfectlap
wish I knew that before I bought my Boxster!
I even know a guy with a dealer license who runs a small lot. The savings must have been significant.

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