MadBid is a U.K.-based auction site. Selling itself on how buyers can enjoy an 89% discount on certain listings and being the “number 1 discount auction site on the internet”, MadBid certainly pulls in the buyers, which is great for anyone selling on the site. Asides discounts of up to 89% to entice sellers, other key features of MadBid include safe payment portals, benefiting both the seller and buyer, and support through phone, live chat and email. Though seller should be aware, only brand new, sealed products can be sold on MadBid, meaning second-hand goods can’t be listed.
"There are two types of public auctions," explains Steven Lang, who runs a used car dealership in the Atlanta area and once owned a dealer auction (not open to the public). "There are government auctions and there are public auctions." Both are full of potential pitfalls. Here's a quick rundown on both and 10 tips for getting the most out of either. That is, if you dare to venture into the auction pit.
Interest in these auctions has boomed as the economy stays stagnated and credit rules have tightened. Buyers who formerly could qualify for auto loans on new or solid used cars now find they need to shop with cash. But the United States is a country built around the automobile, and it's a lot easier to get a job if you have a car to drive to the interview, so for many people car auctions are a way to fill the need.
Unless the government will be able to find good use of these cars, they are often sold to the public. Otherwise, they're not only going to keep inventory but they have to spend for their maintenance. Though government car auctions may spell boon for people who have been dying to possess their very own luxury car, there are also disadvantages that you need to consider:
I sold a nine-year-old Subaru to myself because no one else at the auction would bid on it. It had no battery and no paint, either. Hell, it wouldn't even shift out of park. I got lucky, though. I bought a $40 battery to get it started and a $40 shift-lock override mechanism so I could get it into gear. Amazingly, that Subaru was a fine car. Ugly as sin, but fine. I put it straight on eBay, where it sold for $1,576.00 to a rally coordinator for Subaru who flew to Atlanta, drove it back, and kept it for another 50,000 miles.
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