Introduction

Insurance salvage truck auctions can be a goldmine for people looking to save money on a vehicle or find a unique project. Declared insurance salvage vehicles, mostly due to accidents or some form of damage to the vehicle, are available here for purchase. Buying at an auction is always exciting but rather demanding without the right understanding of how it all works. This blog will take you through everything you need to know about insurance salvage truck auctions—from finding them to successfully bidding.

Understanding Salvage Trucks

What is a Salvage Truck?

A salvage truck is a vehicle which an insurance company has declared a total loss due to damage caused by accidents, floods, and such other incidents. Most of the time, these vehicles are sold at a very low rate; however, they still require repairs to become road-worthy again.

Why Buy Salvage Trucks?

• Cost-Effective: Generally, the salvage trucks are sold at much lesser prices compared to market value, thus catching the attention of budget-conscious buyers.
• Project Opportunities: Most buyers enjoy the process of rebuilding a truck for personal use and resale.
• Parts Source: Salvage trucks are also a good parts source for other vehicles you may have.

Insurance Salvage Truck Auctions

Online Auction Sites

• Copart: It is one of the largest online auto auction companies, that primarily services salvage lots. With such a huge list of inventory, it enables participants to place bids at live auctions.
• IAA (Insurance Auto Auctions): This is one of the most prominent salvage truck selling platforms, and you can even sign up to place online bids.
• eBay Motors: eBay has a specific category for autos, including salvage trucks. These are typically detailed listings with photos.

Area Wide Auctions

Many regional auction houses hold salvage automobile auctions. Check your local listings for upcoming events, as these automobile auctions often provide good bargains that do not involve online bidding.

Salvage Yards

Many salvage yards hold their own automobile auctions or have automobiles available for purchase. To be thorough, visit a local yard to view an automobile under the lights before buying it.

Preparation to Bid

Research and Establish a Budget

Do your homework before you participate in an auction. Research the types of trucks available, market values, and the level of damage you are willing to accept. Make a budget that will include more than just the purchase price—the potential labor to repair it.

Inspections

If possible, go to the auction and inspect the vehicles in person or hire an inspection service beforehand. Inspect for:

• Body Damage: Check the truck’s frame; a problem with the frame is very expensive to repair.
• Engine and Transmission: Look at the engine and transmission for signs of leaks or excessive wear.
• Interior Condition: Inspect the interior of the truck for evidence of water damage or excessive wear.

Run a Vehicle History Report

Run a vehicle history report on the truck using the VIN to see what the vehicle has been through, if it was in an accident, if there is any problem with the title before you choose to make an offer on it.

Bidding Strategies

Know Your Limits

Stick to the budget you set for yourself. It can be easy to get swept up in the excitement of bidding, but over-spending means there will be financial regret.

Start Low

Begin your bidding at the lowest amount available to see if other bidders are interested in starting at the same price. This can avoid over-involvement in a bidding war too early in the game. Pay attention to the speed at which the auctioneer speaks and patterns of other bidders so you know when to get in and when to hold back.

Be Patient

Bidding can get ahead of you to what you intend to commit to, just walk away. Something else is bound to come up next.

Post-Auction Considerations

Payment and Pickup

As a matter of course, you will probably be expected to pay for the vehicle within a certain number of days after winning an auction. It would be wise to determine which forms of payment they take, and arrange either to pick up or have the vehicle shipped to you.

Re-Examine the Vehicle

When you acquire the truck, you can examine it in detail to gain a full understanding of what work would be involved. This would then lead to making a total plan on how the restoration process would be carried out.

Registration and Insurance

Register your salvage truck with the regulations of your state. You should also make contact with your insurance company to request coverage of your salvage vehicle.

How to Recondition Salvage Trucks

Prepare Your Project

Create a detailed restoration plan stating your objectives, budget, and timeline. These will help you remain systematic at all times.

Gather Needed Tools

Invest in the right tools for the job. Depending on the seriousness of the repairs, you’ll likely want to have basic hand tools, power tools, and possibly specialty equipment.

Focus on the Engine First

Deal with the essential elements – including the engine and transmission. Make sure these work in good order before making any cosmetic work.

Body and Interior Work

Once all of the mechanical work is completed, then it is time to face the body damage and other restoration to the inside. This means repainting, upholstering, or fixing the trim pieces.

Conclusion

Taking part in salvage truck insurance auctions does not appear to be worth their while for most. However, for those willing to research and put in enough time and effort, a salvage truck may turn out to be an extremely rewarding venture. Instead of buying a truck that has been entirely overpriced and customized, you can gain it at an incredibly cheap price and then customize it according to your personal preferences. By knowing how the auction process works, researching the truck thoroughly, and preparing for restoration, you can transform an absolutely scrapped truck into an invaluable asset. Good luck with bidding!