When it comes to buying and selling your heavy-duty salvage, insurance auction sites have grown in popularity over the past few years. Before, many people interested in salvage did not have a direct way to buy or sell their heavy-duty vehicles, leaving a wide gap in the market for reputable and high-quality salvage auctions. With the mounting growth of the salvage industry, insurance salvage auctions have grown in participation as they allow buyers and sellers to explore a wide range of inventory in one place.
The Ins and Outs of Insurance Auctions
When thinking about insurance salvage auctions, you may assume they are similar to auto auctions where buyers can snag used vehicles at a bargain price. However, insurance salvage auctions, whether online or at a physical location, tend to sell commercial-grade vehicles (semi-truck, semi-trailers, and construction equipment) that have been written off by an insurance company.
In these cases, the insurer has decided to mark the commercial vehicle with a salvage title rather than repair it, as many of these vehicles experience extensive damage with a high cost to repair. After paying out the proceeds based on the policy, the insurance company takes possession of the car along with the title brand issued to it. But insurance companies have no reason to hang on to a damaged car, which is why insurance companies across the country offer them up through auctions. For many decades, auctions for salvage-titled commercial vehicles have been closed to the general public and only available to buyers with dealer’s licenses. However, online salvage auction sites like Heavy Salvage have changed that, allowing for easier accessibility for those interested in salvage.
Another common sight at insurance salvage auctions is commercial vehicles that have previously been fleet leased. When a company goes out of business, its entire fleet of vehicles goes up for auction. You can also find vehicles that are in the insurance salvage auction simply because they reached a certain mileage. While some vehicles in this category can show signs of wear and tear, others can be without a scratch. Either way, these salvage commercial vehicles can be yours at a much lower price tag compared to a brand new one of the same brand, year, and model.
Who can attend insurance salvage auctions?
Those unfamiliar with insurance salvage auctions may think that auctions are only for those who plan to buy in bulk. On the contrary: Many different types of buyers participate in insurance salvage auctions, from commercial dealerships to exporters and small businesses to private individuals. Dealerships and exporters usually take part in in-person auctions because they have a special license to do so. However, it’s common for individual buyers and small businesses to participate through online auction sites, as these sites act as authorized online brokers.
Are salvage insurance auctions safe to use?
Yes, insurance salvage auctions are safe to use! As the salvage industry introduces more technologies and rules, it’s standard that salvage auctions include all necessary information regarding the vehicle’s history and condition. This means that the complete history of the vehicle will be documented along with its current condition and any service history on parts and components that have been replaced or need to be replaced. There are also third-party inspection services available to verify the condition and history of your future salvage find.
Finding the Best Bargain
Many people use insurance salvage auctions due to the wide variety of online inventory auctions have to offer and the incredible deals one can find. Online insurance auctions give buyers the chance to get a commercial vehicle that isn’t old and that performs well at the lowest possible price. Insurance salvage auctions are an intelligent option for anyone looking to buy commercial salvage that doesn’t break the bank.
Online Insurance Salvage Auction | Heavy Salvage
Heavy Salvage offers the industry’s most trusted buying and selling commercial salvage system. We specialize in connecting verified buyers to certified sellers of wrecked or salvaged semi-trucks, trailers, equipment, or other heavy-duty specialty vehicles with insurance companies and certified sellers. Check out hundreds of certified salvages today.