We are all familiar with how auctions happen: goods or property are sold to the highest bidder. Well auto auctions are no different. Vehicles are posted for auction and sold to the highest bidder.
Gaadi Bazaar, an initiative by Chola, is an online “TRUSTED” platform that caters to all the needs of car, truck, bus, two wheeler and three wheeler buyers and sellers.
Let us answer few questions to gain more information about Auto Auctions.
What are Auto Auctions?
Auto auctions are a method of selling vehicles based on auction system. In fact, it is the most popular method to buy used vehicles in Japan.
How exactly does an Auto Auction work?
The dealer posts a list of vehicles up for auction and advertises the date of auction much ahead of time. Interested participants bid for a vehicle, until only one bidder (the highest bidder) remains. The vehicle is then sold to the highest bidder.
Why prefer Auto Auctions?
Well its fairly simple: Huge selection of used vehicles; Most of them in good condition; Affordable prices; Certified vehicles; Quick Sale. Gaadi Bazaar offers you all these factors, which could be your answer, if you are in the market for bargain.
Who can organize Auto Auctions?
Licensed dealers alone are allowed to conduct Auto Auctions. Private sellers cannot conduct Auto Auctions, but can participate in Auto Auctions as sellers via licensed dealers.
Can anyone participate in Auto Auctions?
All interested participants can participate in an Auto Auction. Participants should provide basic information while registering for an Auto Auction. In some Auto Auctions, it is also a mandate to pay a deposit amount to participate in them.
Do Auto Auctions happen online also?
Auto Auctions happen both on-site and online. Online auctions have come to aid of both buyers and sellers during this lockdown due to the pandemic. Gaadi Bazaar offers you a live vehicle auction platform for used vehicles.
How to participate in an Online Auto Auction?
The best practices for participating in an Auto Auction, as follows:
Check the listed vehicles- Do your research on the listed vehicles. Narrow down on potential biddable options.
Be Early- If you do not want to miss out on the first few vehicles, be early for the auction. It is always better to be early rather than being on-time for auctions.
Don’t get excited- Finalize a price range and stick to it. Auctions can be an exciting experience. In the thick of things, do not spend more than what you should.
Read and ask questions- Always have an eye on the current bidding price. Any concerns or queries should be clarified then and there.
Check the vehicles- If you are the highest bidder, ask for a date with the organizers to check the vehicle before making the payment.
Pay and redeem- You will be given some time to pay the sum of money for which the car was bid for. You can also opt to take finance if needed.
Several used car buyers are now turning their heads toward Auto Auctions due to its ease and lesser cost. Auto Auctions are said to be the best way to get vehicles at reasonable rates. If you are looking for used cars, Auto Auctions could be your answer.
Thinking about buying a car at an online Auto Auction?
Some salient features:
- Only verified and certified vehicles are brought out for Online Auctions.
- Our relationship manager reaches out to the highest bidder and organizes a date to see and check the vehicle.
- Easy and affordable finance support is offered by Chola with instant approval, low down-payment, low interest rates and minimum documentation. With a simple click, you can check your loan eligibility at no cost.