Intermediation during the acquisition process in auctions
Why is it worthwhile to purchase a car in the auctions in the USA and Canada?
When purchasing a car in auction in the USA or Canada, you pay up to 50% less than buying a car in Lithuania! Once a car is delivered and repaired, you will know its entire history pretty well, i.e. all the accidents, actual mileage, etc. Moreover, cars from the USA and Canada usually are of a far better trim compared to their analogues in Europe.
Where should you start, if you want to purchase a vehicle in auction?
It’s simple! Read about the purchasing procedure, auction and other charges. Choose a vehicle that you want to purchase and decide on a maximum amount you can pay for it.
What you should know before purchasing a car at an auction?
At auctions, a seller is never responsible for the condition of a vehicle, and he sells it “as is”, i.e. in whatever condition the vehicle presently is. The same unwritten rules apply to the keys of a vehicle, for which the seller assumes no responsibility. However, if the key is lost, our consultants will perform all and every action possible to find the lost key. If the key was not at the auction, it might be that the key remained with the former owner and you cannot recover it.
Things you should note when purchasing a car in auction?
Keep in mind that the sellers assume no responsibility whatsoever for the cars offered for sale in auction. Therefore, you need to read carefully all the information provided about the car. More importantly, you need to look through and examine all the provided pictures of the car.
It is highly recommended to check the VIN number in Google search engine, as the sellers sometimes place on internet pictures of a car that is not for sale. We also recommend you to assess the reputation of the seller and the insurance company. Above all, never rely on your emotions, because a car is not a thing that can be bought spontaneously, i.e. without giving much time. To the contrary, it takes much time and consideration to purchase a good car.
Why do I need to pay a deposit when purchasing a car?
A deposit is required to ensure that you are really planning to purchase a vehicle. A deposit will not be refunded if, upon winning the bid, you do not complete a purchase procedure within 2 working days or within 5 calendar days. In this case, the auction also can charge a fine.
I won a bid. When do I need to make a payment of the remaining amount of the price?
Upon winning a bid, you have to make a payment of the remaining amount within 2 calendar days. In case of a delayed payment, the auction will charge a fine (USD 50). In case you fail to make a payment of the remaining amount within 3 calendar days, the auction will charge a storage fee (USD 20 per day). You need to make a payment of the outstanding amount, fine and storage fee within 5 calendar days; otherwise, the vehicle will be put on auction again and the amount of deposit paid by you will not be refunded.
Can I make bids at several auctions at the same time?
Yes. The number of auctions where you can make bids is not restricted. The terms and conditions for participation in the auction are the same, irrespective of whether you participate in one or several auctions.
An advance payment (10% of your maximum bid, but not less than USD 500) is charged for every vehicle. Participation in several auctions at the same time might be a good idea, if you are looking for several vehicles. If you are looking for just one car, participation in several auctions is not recommended, as in case of winning a bid and not making a payment of the remaining amount,the deposit will not be refunded.
Where can I find explanation of auction terms?
You can find explanation of all auction terms, definitions and abbreviations under the title “Explanation of auction terms and definitions”.