Salvage Car Auctions and Insurance Auctions Knoxville TN
Salvage Car Auctions and Insurance Auctions
Auto insurance companies buy and sell cars? It's true. However the cars are those that have been wrecked, weather damaged, or stolen, meaning that the insured owners of those vehicles have been paid by the insurance company after the vehicles have been declared total losses (totaled). The company attempts to recover some of its money by selling the vehicles, usually at salvage auction through an insurance salvage auction company.
Bargains at salvage auctions
It is possible to find outstanding bargains and relatively cheap cars by knowing how insurance salvage auctions work and where to find them. In many cases the cars are in great shape and need little or no repairs. Salvage and totaled cars can often make great project cars.
A large car dealer in Texas had most of his new cars partially under water during a recent flood. The dealer's insurance company decided to declare all of the cars as total losses and paid the dealer. The insurance company then became the owner of the cars, some with major water damage and some with almost no damage. The company will sell the cars at auction with salvage titles. Smart buyers can pick up the cars, often at bargain prices, and repair them to resell or drive as their personal cars.
Another example: An insurance company's customer had his new car stolen. The police were unsuccessful in locating the vehicle. The insurance company paid the customer the cash value of the car. A few months later,...
Knoxville , TN
Every Wednesday at 9:30 am unless noted otherwise
Tuesday 10:00am - 3:00pm
Mon - Fri: 8:00AM-5:00PM ET
Sat & Sun: closed
Mon - Fri: 8:00AM-4:30PM ET
Sat & Sun: closed
Additional Information: WE ACCEPT THE FOLLOWING FORMS OF PAYMENT:COMPANY CHECK(IF PRE-APPROVED), CASHIERS CHECK, MONEY ORDERS AND CASH UP TO $500.00. WE DO NOT TAKE CREDIT CARDS. YOU WILL HAVE UNTIL FRIDAY FOLLOWING THE AUCTION TO PAY BEFORE YOU WILL INCUR A LATE PAYMENT FEE PER VEHICLE OF $50.00 OR 2% WHICHEVER IS GREATER. YOU WILL HAVE UNTIL TUESDAY FOLLOWING THE AUCTION TO REMOVE VEHICLES BEFORE A STORAGE FEE OF $25.00 PER VEHICLE IS CHARGED. WE WILL NOT LOAD VEHICLES ON SALE DAY UNTIL THE SALE IS COMPLETED. THIS ALSO INCLUDES PREVIOUS WEEKS SALE VEHICLES.