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Auto Auctions: It's Probably Worth Only $500!
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Despite claims to the contrary, the auto auction guides some companies sell don't contain specific information about dates and locations of auto auctions or lists of available cars.
Rather, they contain general information about auto auctions and addresses and phone numbers - all of which are available in your phone book. You'll still need to call for details about upcoming auctions.
And, despite what you might hear about auction guides or see in the ads, cars at auction typically sell for their fair market value. These auctions attract a variety of buyers, including used car dealers, so the bidding can get competitive.
At many government sales, the items are appraised before the sale and won't be sold if the bidding runs too low. Indeed, it's rare to find high-end or late model vehicles for sale, especially at "bargain basement" prices. And the truth be told, the cars that sell for $500 or less usually are damaged or junk vehicles purchased for scrap.
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For More Information: The FTC works for the consumer to prevent fraudulent, deceptive and unfair business practices in the marketplace and to provide information to help consumers spot, stop and avoid them. To file a complaint or to get free information on consumer issues, visit www.ftc.gov or call toll-free, 1-877-FTC-HELP (1-877-382-4357); TTY: 1-866-653-4261. The FTC enters Internet, telemarketing, identity theft and other fraud-related complaints into Consumer Sentinel, a secure, online database available to hundreds of civil and criminal law enforcement agencies in the U.S. and abroad.
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