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Repo Car Auctions Sioux Falls SD

Repo car auctions are a great source of used vehicles at bargain prices, if you know what you're doing. Repossessed vehicles of all types are available at auction sites all over the country. Learn how it works.

INSURANCE AUTO AUCTION
(877) 550-1262
46893 271st
Tea, SD
 
Sioux Falls Auto Auction
(605) 368-5364
46893 271 St
Tea, SD
 
Zomer Motors
(605) 336-6161
1400 W 12TH St
Sioux Falls, SD

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Wheel City Auto-East
(605) 338-1078
6001 W 12th St
Sioux Falls, SD

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Sioux Falls Auto Auction
(605) 368-5364
46893 271 St
Tea, SD
 
Mpls Auto Auction
(605) 361-6237
3130 W 57th St
Sioux Falls, SD
 
The Auto Port
(605) 977-0670
701 S Minnesota Ave
Sioux Falls, SD

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Williams Automotive Inc
(605) 335-7000
2223 W 12TH St
Sioux Falls, SD

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INSURANCE AUTO AUCTION
(877) 550-1262
46893 271st
Tea, SD
 
5 States Salvage Pool L L C
(605) 341-1101
1515 E Philadelphia St
Rapid City, SD
 
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Repo Car Auctions

What is a repossessed (repo) car?

When a car owner fails to make on-time loan or lease payments, the bank or finance company will repossess the vehicle — take it back. Typically, the buyer will be given a chance to catch up on payments or be made a payoff offer to recover the vehicle. If the buyer does not or can not get the vehicle back, the bank or lending institution takes it over and will sell it to recover some or all of the loan balance.

Repossessed cars are not the same as seized cars, impound cars, or unclaimed cars typically sold by police or government agencies. Repossessed cars belong to banks, credit unions, and finance companies.

Some smaller banks or credit unions may display repo cars in their own parking lots, with "for sale" signs in the window. These cars can be easily spotted when driving by the bank.

Most banks and finance companies hand over repo cars to a professional auction company. When the auction company sells the car, the bank gets the money, less a commission. Auctions can be public, private, or dealer-only auctions. Repossessed car auctions are sometimes mistakenly called "car forcloseure auctions."

When a bank or loan company sells repossessed cars, it wants to recover enough money to pay off the existing loan balance, plus any expenses for towing and storage and the fees of the professional repo company who picked up the vehicle.

In tough economic times, repossessions become mo...

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