Why sell a car at auction with no-reserve?
Many people feel that one of the biggest benefits to a no-reserve auction is that it can draw in a larger number of bidders who are looking for a deal. In this type of auction, there can’t be a minimum bid; neither can the seller reject or decline any bid. Typically, more bidders equals higher sales prices.
Are auction cars OK?
Often, the vehicles that come from the private auction dealers are in good condition. Investigate the vehicle’s source and condition and consider a pre-sale inspection when buying a car from a dealer who bought from an auction.
What is the difference between an auction with reserve and an auction without reserve?
In an auction with reserve the auctioneer may withdraw the goods at any time until he announces completion of the sale. In an auction without reserve, after the auctioneer calls for bids on an article or lot, that article or lot cannot be withdrawn unless no bid is made within a reasonable time.
How do you get an auction license in Oklahoma?
State Auction License Required: There is no state required auctioneer license in Oklahoma. Certain types of auctions (e.g. livestock, etc.) may require licenses. Municipalities and counties may require permits, check for requirements.
Can seller still sell if reserve not met?
A reserve price is the minimum amount the seller is willing to sell an item for. If the reserve price isn’t met, the item won’t be sold.
What to do if no one bids at an auction?
When no bidding takes place, a vendor bid is made by the auctioneer and this can be all that is required to set the wheels into motion. In a situation where there was some bidding, but the vendor’s reserve price was not reached, the auction will pass in.
What happens if there is no reserve price?
A no-reserve auction (NR), also known as an absolute auction, is an auction in which the item for sale will be sold regardless of price.
How many cars can you sell in Oklahoma without a dealers license?
Generally, you are allowed to sell no more than four vehicles per year without having an auto dealers license under Department of Licensing (DOL) guidelines.