Trailer auctions provide a great arena for getting deals, but they require some savvy and a certain amount of strategy. Depending on the type of auction, you can find repossessed trailers, seized trailers, used trailers or even silent auction items ideas new trailers. New and Used trailers are found almost exclusively at on-line auctions, while repossessed trailers are sold at bank auctions and seized trailers are sold at government auctions. Different auctions require different strategies.
On-line auctions will be the best option for you if you wish to view and bid on trailers on your own time and in the comfort of your home or office. The best strategy for winning at on-line auctions requires some patience and planning, but can work very well if implemented correctly. This strategy is sometimes known as the “sniper”. First of all, set a maximum bid. Next, locate a trailer on which you would like to bid and make sure that the current bid price is below your maximum bid. Wait until the bidding time has nearly expired, and then, once you have checked that the current bid is still below your maximum bid, enter your bid with only a few seconds left on the clock. If done correctly, you will have left no time for anyone else to match your bid and will thus have won your trailer.
For in-person auctions, either bank or government, the strategy depends on whether the auction is live or silent. With either type, it is again important to set your maximum bid before the bidding begins. During a live auction, each item is offered with a starting bid, and then bidders increase their bids until only one bidder is left. In this style of auction, it is crucial that you increase your bid by only as much as necessary to outbid the others, and then stop when you reach your maximum bid. Be careful that you do not become too emotionally involved in the auction or you may end up paying more than the trailer is worth or than you can afford. With a silent auction, bidders write down their bids in increasing amounts for an allotted time. You can either use the live auction strategy here and closely watch the bidding sheets, or use the on-line “sniper” strategy and wait until the last minute.
Winning at auctions take some practice, so don’t be discouraged if you don’t win your item on the first try. Keep trying and eventually your dream trailer will be yours for a price you can feel good about.