Does anyone know what the average price for a scrap car at these insurance auto auctions like Manheim, Copart, IAAI etc?
How many do they sell a month?
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Does anyone know what the average price for a scrap car at these insurance auto auctions like Manheim, Copart, IAAI etc?
How many do they sell a month?
Tag your it.
Oh, nice. Been awhile since I have seen a question that could have no less than 200 answers. In other words, too many variables.
What if the group wanted to buy in bulk... Will the auctions do that?
Never done this before... I have no idea how it works.
Not familiar with insurance company auctions. Where are you finding the auctions? Mike.
I have been trying to figure out how companies like CoPart, Manheim, IAAI etc. work. I'm assuming that they sell the un-fixable totaled cars there as well? Just looking for information... Any info would help.
where are you from?
Most will probably come with a Salvage Title.
I know that Manheim does sell most with salvage titles, but the ones in Florida I've been to have been sold with a certificate of destruction. Supposedly, you can't retitle one of those so it's for scrap only. The totaled Dodge trucks I was looking at were around 5 years old and were selling for up to $4,000.00 each. It's not an easy picking spot for scrappers. I couldn't even buy a truck to get the transmission I wanted.
This doesn't mean that is the average price. There may be no way to calculate that. You just have to go to their website and check completed auctions for the model you're looking for to get an idea what they go for.
Good luck.
In most metro locations can a company that is well funded buy 1000 cars a month in the $100 to $400 price range? Working with auctions, wrecking companies, etc. I'm just trying to make the math work...
Matt, what are you trying to accomplish? Do you want to jump into large volumes of cars? We have all sizes of recyclers here from mom and pop up to large yards.
I think your competition will pay more in most cases.Quote:
Originally Posted by mattsmulligan
Why don't you pull up the auctions you listed and see what stuff is selling for?
Another avenue might be to check with banks and credit unions and ask what they do with repo's. I imagine most will be sellable, and if it could be bought right, flip it. But from time to time you'll get a wrecked vehicle. Last wreck I got was a repo. Bought it from an auction. I asked where it came from. Said it came in as a repo. Completely totaled. Why the bank even bothered, who knows. But the $$$$$ is out there. Go find it.
there is an auction place 30 seconds from me (Impact) and I hate it being there (been open for about a year now). Here you have to have a business permit as a shop or wrecking yard to buy from them so there are 1000's of cars just sitting there that I can't buy and want to every day when I drive by. Secondly, just about every vehicle (passanger/transport trucks/trailers/RV's etc) prob 95% of them have been in some kind of accident, a lot of them quite smashed up and since they opened there gate there has been a lot of debris on the road that was never around before, I have twice gotten crap stuck in my tires from stuff that has fallen off of cars being towed in/out of there but yet never a problem when in the scrap yard and 22's ain't cheap and there is no way to avoid driving near it for me
Again op where are you located at?
@ Focker - We are looking at locations all over the U.S.
Ideally we would just buy out large existing operations where the owners are looking to move on, retire or stay on and keep working. Use their contacts to continue to grow.
My suggestion would be to start small and get a feel for what you're wanting to do. or
Do a lot of research. Just asking a bunch of guys on a scrap metal forum is going to get you nowhere.
@ Mick... I'm not the only one involved, I bring a different skill set. They know the business better than I do, so I just want to do my own due diligence...
Hopefully the guys on this forum know the business fairly well... Seems to me from reading the posts that the down and dirty folks with tips and tricks can be found here?
Maybe you just need to ask the proper questions and you'll get the answers your looking for, don't be too vague.Quote:
Originally Posted by mattsmulligan
once again where are you from lol
Matt; I still understand what you are going to do with these cars, are you going to scrap them or are you going to put them on a lot to resell them? There is an auto insurance aution by where I used to live. I've never been to an aution there so I don't know how they work but I would think that the prices are kind-a high for us scrappers. Like Pnutfarmer said above 4000.00 for a newer totaled car could be a going rate. An auto junk yard can part that car out and still double their money. Now on the other hand, I had an 03 Chevy S10 with a blown rear seal that got repoed, it sold at aution for 700.00. Someone that knew how to replace the main rear seal got a good deal. I don't know of and aution that would sell cars in large lots, most sell them one at a time.
Good luck buying from tow companies at 100 to 400. Lest in my experience that's small time, they make more taking it to auction or sticking it on the side of the road with a for sale sign. An their not all damaged vehicles. Impounds, abandonment's, wrecks, etc.
I can tell you in Northern Va most of them use an auction service to sell the cars. An 3 or 4 companies run that area for the most part, under various company names. There used to be a car auction place in Fredricksburg, Va. ...Eh what was the name...ADB..I think it was. If I remember right they sell off cars. My grandfather took cars there for a long time back when I was a kid, for insurance companies. Just acres of wrecked vehicles.
Like Mech said..don't be vague with the questions, you'll get further. I trust you tried searching Google/whatever you use, for these answers on they run? If not, you should. May have to change up the wording to get the best results.
Good luck.
Sirscrapalot - The pressure to being a comedian is being funny, but I've given that up, so there is no pressure whatsoever. - Gilbert Gottfried
i am just waiting on where you are from lol.
I have some feedback for you
On average totaled insurance vehicles tend to sell for about 25% of the vehicle's ACV (actual cash value) before the accident. For example say a 2008 Honda Civic has damage in the front from rear-ending someone and is totaled. You go to autotrader and see the average value of that car is 10,000, at an insurance auction that car will most likely sell for around 2,500. Of course there are some other factors on that selling price like if the car is still a "run and drive" or "non-driveable". And by run and drive I don't mean street legal, I mean literally be able to start up, put it in drive and move (I've seen cars with axles bent so bad it's "limping" but they still consider it a run and drive.
I was an insurance auto damage adjuster for many years and have worked directly with IAA and attended many of their auctions. For the better part of a year I was actually based out of an IAA yard and only dealt with total losses. Part of the process on many total losses is getting the salvage value of a vehicle for which I had access to the IAA database and would look up past auctions and see what the vehicles sold for compared to their acv's. I've easily handled thousands of total losses and they almost always fall in around 25%.