If you are like me, then you are constantly looking for ways to save your hard-earned money, especially when it comes to major expenses like an automobile. Take into consideration the depreciation of a vehicle, no one should purchase a car without doing some homework and price comparison first. The Internet has become one of the greatest tools available to buyers when shopping for the best deal around. Lately it’s become more popular for consumers to purchase vehicles from government held auctions. The first time I went to an auction I was totally blown away at the prices these vehicles were selling for. These were not old jalopies with leaking motors and dilapidated interiors. These were late model SUVs, Sports Cars, Luxury Vehicles and Exotics that were selling for 95% less than the fair market price. In my state, there were hundreds of vehicles, all makes and models with clean titles. It’s no wonder these auctions have become so popular to consumers.All of these vehicles were "seized" by government agencies or banking institutions through different seizure, forfeiture and surplus laws. Obviously, government agencies such as the DEA, IRS and Police accumulate huge amounts of property each year due to criminal activities. But did you know that banking institutions are constantly repossessing property due to folks defaulting on their loans? With the recent economic down turn, bank "repos" and managing these inventories have become an enormous burden on these loan establishments. These inventories are quickly liquidated and sold at government sponsored auctions for ridiculous prices. Most of the auctions start at a couple hundred bucks and go to the highest bidder. That’s where consumers can greatly benefit.
