Final answer:
Buying opportunities in online and live auctions include convenience and potential savings, but also come with risks. The five default auctions commonly chosen offer a wide selection of vehicles and reliable sellers. To appraise a car, research market value, inspect the car, and consider additional fees. To add auctions to FirstLook, create an account and follow the platform's instructions.
Step-by-step explanation:
In online and live auctions, there are several buying opportunities available for individuals. Some advantages include the potential for getting a good deal on a car, as well as the convenience of being able to compare prices and options from the comfort of your own home.
However, there are also disadvantages such as the inability to physically inspect the car before purchasing, as well as the risk of encountering fraudulent sellers.
The five default auctions that are commonly chosen include eBay, Auto Auction Mall, Copart, Manheim, and IAA. These auctions are popular due to their wide selection of vehicles, reliable sellers, and established platforms.
When appraising a car going to auction, you can follow a few steps. First, do research on similar cars to get an idea of their market value.
Then, inspect the car thoroughly, noting any damages or issues that may affect its value. Finally, consider market demand and any additional fees associated with the auction, such as buyer's premiums, to determine how much you should be willing to pay for the car.
If you want to add auctions to FirstLook, you can do so by following the platform's instructions. Generally, you will need to create an account on FirstLook and provide the necessary information.
FirstLook will then verify your account and allow you to browse and participate in auctions.