Insurance Auctions

**happyscraper** · 04-04-2014, 09:32 PM

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.

**Sirscrapalot** · 04-04-2014, 10:02 PM

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

**Focker** · 04-07-2014, 03:23 AM

i am just waiting on where you are from lol.
I have some feedback for you

**src3collector** · 04-07-2014, 11:00 AM

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%.