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An impound auction is when police sell seized and confiscated vehicles to
the public. Boats end up at the impound lot because of the owner’s
criminal activity, failure to make payment, or if the boats have been
abandoned. The police hold an impound auction to get rid of the boats and to refund the costs of towing and storing the vehicles. Those interested in bidding on a boat or vehicle at an impound auction should have a
clear understanding of impound auction rules and regulations. State laws may vary. Bidding can occur at the impound lot or in an online auction. It’s usually a good idea for the bidder to see the boat before
placing a bid. The vehicles are sold “as is” at an impound auction and do not include a warranty or a mechanical inspection. The winning bidders are expected to take the watercraft from the lot at the conclusion of the auction. Therefore it is important the bidder has a clear idea of what he or she is looking for. Because many of the vehicles at an impound auction have been abandoned or involved in a crime or a crash, they are listed well below market price. Those experienced with bidding at an impound auction can find a great deal.
Interested in finding your next boat at auction? You can find a great
deal on a boat , but before you make an offer, you should understand the
auto auction process. An boat auction is when police or bank auction items that
have been seized or confiscated due to criminal activity, forfeiture, or
abandonment. The purpose of the auto auction is to clear out inventory
and raise money to recover the costs of confiscating the property. Any
additional funds are directed back to the police station. The make and
condition of boats available at an auto auction can vary. If you do your
research, you can find a great deal.
Auction laws and procedures can vary by state. Some auctions take place at the impound lot, while others are conducted on the internet. Prior to the auction bidding, you’ll have time to inspect the watercrafts which are sold as-is, so be sure to check the oil, inspect the interior, and,
if allowed, start the engine. Keep in mind that you will not be allowed to test drive any of the boats. Come prepared with your bidding amount. If you are the winning bidder, you will most likely be required to pay for and remove the vehicle at the conclusion of the auto auction, even if the vehicle doesn't start, in which case it is your responsibility to pay for any removal costs. If it doesn’t work out the first time, don’t give up. Finding your next boat at auction often takes time, patience, and persistence.
Find your next water vessel at an auction for seized boats. Seized boats include yachts, cruise liners, new, and used boats that have been seized due to repossession, foreclosure, or criminal activity. Your first step in looking at seized boats is to determine what you’re looking for and then where to find it. Some auctions for seized boats maintain an inventory of vessels all over the United States. It will be in your benefit to find seized boats that are close to your location. Any seized boat auction will have its own policies and procedures for participating in the bid process. While a lot of auctions for seized boats take place over the internet for a fast and convenient bidding process, most auctions require participants to talk to an auction representative or dealer before you sign up for the auction. Additionally, you may want to visit the inventory to check out the seized boats and determine your bidding prices in person. Pictures are usually available online, but if you are going to spend a big sum of money, you want to make sure you know what you’re bidding on.
Most seized boats are available to the public. Because of the state of the economy, the number of boats that have been seized due to foreclosure and repossession is high. If you are in the market for a new boat, now is the perfect time to get in on the auction. Remember, your bid is a contractual agreement that if you are the highest bidder, you will be obligated to pay the bid amount if your bid is accepted. Having the highest bid does not guarantee you will win the seized boat. The dealer can also accept or reject the bid offer. Regardless, you will be notified within a short period of time at the conclusion of the auction.