Police departments all across the United States regularly hold auctions where they sell off all types of assets that they’ve collected through forfeiture, abandonment, and other methods. Some of the most common types of assets include household items, jewelry, collectibles, bikes, cars, and trucks. These auctions are open to the public, and can be a source of great deals if you’re willing to put in the time to do a bit of research.
How are police auctions conducted?
These days most police assets are auctioned off online. For most listings you can see detailed pictures of the item, the current bid, and the number of bidders. Some people are worried that items at online auctions might not be as described. Luckily, many online auctions allow you to preview certain items like cars during specified times before bidding. For other items you will have to carefully read the description, and decide if the risk of not knowing exactly what you are getting is worth it for you.
Why is it possible to get good deals at police auctions?
What makes police auctions risky also makes them lucrative. For example, some of the abandoned cars at these auctions might be in poor condition, and won’t attract a lot of attention from buyers. However, if you know what you’re doing, you might be able to sell the individual parts for a profit.
Why do some police auctions have buyer’s premiums?
Usually police departments enlist the services of a private auction company to auction off its property. They do this, because professional auctioneers have expertise in researching, listing, and marketing items. In order to compensate the auctioneer for their services, the buyer will have to pay a 10%-15% buyer’s premium. This amount will be added on to the final price. So if the final price is $1,000 and the premium is 10%, the buyer will end up paying $1,100 total.
How do I find out about police auctions in my area?
One way to find out about police auctions in your area is to contact the local police headquarters in your area and ask them. You can also see police auction items from all over the United States at GovernmentAuctions.org.
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