Question of the Week Comes From Ben

Question of the Week.

Can you tell me why on a closed auction cars are “Passed” ? Does that mean the reserve was not met?

Thanks for the help.

Ben

Thanks for your Question Ben! Remember we always have no reserve cars for Auction every wednesday!

Passed Vehicles means the reserve on the car was not met. And All Auctions that have good running cars have a reserve.

These Green light Cars are all good running cars that we guarantee the motor and transmission is in good working order or you get your money back. This of course adds value and forces companies to bring us good running cars. That is good news for you!

Because these cars are actually bought for real money there is a actual price attached to the cars. This is called a reserve. Like all auctions in the world auctions do not actually own what they are auctioning off, banks own them tyipically.  As a result we do not know the exact price of this reserve, but being in business for over 8 years we know that a wholesale price reserve averages out to about 50% of the kelly blue book value.

So as long as you are within that range, 50% of the kelly blue book retail value, you are going to win the car for the lowest prices in the USA.

For example, if you are looking at a 2002 Jeep Cherokee and the bluebook retail is $6525 you should be prepared to bid around $2500-$4000.