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What do you do when business is slow? Did you know there are thousands of cars auctioned daily? Purchasing cars that need repair could increase your revenue stream. Resell them at auctions for profit the same day!
This is how it works!
When an insurance company "totals" a vehicle, they have to pay out the owner of the vehicle. But what happens to those vehicles?
Those cars are auctioned off everyday all over the country by the insurance companies.
There are many insurance auctions such as CoPart, Adesa, QCSA and others who specialize in auto insurance auctions. This is where you can buy cars in need of repair.
As a wholesaler you will be able to register your license and buy from any insurance auction. Licensees do not have to pay sales tax or register vehicles, only pay for your own auction fees.
What kind of vehicles can be found at insurance auctions?
Anything from hail damage, flood, theft recovery and vehicles that have been involved in collisions of all sorts. All states have different rules and laws regarding how much damage a vehicle has to have to be considered "totaled" whether the car has a lot of damage or not the insurance companies still has to pay for the claim, this is where you as a licensee can take advantage of these opportunities.
Did you know that some states will total a car just because the air bags were deployed!
Insurance auctions have great web sites with pictures and detailed information on these vehicles. They will even tell you what kind of condition the vehicle is in and whether it runs or not.
Just look on Ebay and type Salvage or Rebuild on the keyword and you will see that there are a lot of great cars being sold out there. Some of these vehicles have damage and some have already been fixed but all selling way under retail value, making them very attractive for anyone to purchase.
Become a license and take advantage of this great system and start making some money on your own!!!
