Repossession Remarketing

A financial institution’s most common method of liquidation of repossessed automobiles consists of sealed bids and public or dealer auctions.  All three of these methods work, yet may not maximize your return.

 

Sealed Bids - Individuals participating in sealed bids are often fearful of overbidding. Most losing bidders would have been willing to pay as much or more than the winning bid if they had known the final outcome.  This method often limits the maximized exposure needed to recover the full potential of the vehicle’s worth.

 

Public Auctions - Public automobile auctions are relatively small in attendance which limits the vehicle’s potential worth.  A small percentage of the vehicles being auctioned may sell for a fair value; yet a larger percentage receive an unfairly low bid.

 

Dealer Auctions - A vehicle’s exposure at a dealer auction is substantially higher than a sealed bid or public auction.  Although exposure is greater, this does not always guarantee maximized value.  While a small percentage of the vehicles being auctioned may sell for a fair value, many still receive an unfairly low bid.  This is often due to poor levels of reconditioning and representation.

 

Patty Sullivan Inc provides the necessary reconditioning services along with proper representation which is crucial to obtaining the full worth of a vehicle.  The vehicles we represent are sold at Fredericksburg Auto Auction in Fredericksburg, Virginia.  This dealer auction is one of the largest on the East Coast.  We have been a recognizable force in the area’s remarketing industry for over thirty years.  We have the resources needed to provide our customers with the absolute highest level of service.