Bidding in Japan auto auctions for used cars
Bidding in Japan auto Auctions for used cars is a great way of purchasing a car if you are not financially strong enough to buy a new car. Even if you are financially capable, Japanese used cars are still a great option as they offer great value for money.
Practically, the Japan car auctions have a large variety of cars, all inspected to ensure high quality, being offered at competitive rates. In fact, it is a safe, hassle-free way of purchasing vehicles from a huge pool of cars.
Generally, the Japanese used cars auction is a platform whereby used vehicles are sold through the auction bidding system. Consequently, this auction system offers an edge as it eliminates the car dealers from the supply chain, thereby saving the additional cost of the dealer’s profit. In turn, this allows for cheap and competitive rates for used cars.
On the other hand, these auto auctions are not for the general public. Only dealers registered in Japan can participate in auto auctions. In order to be a part of the auction, the exporters need to become car dealers and get membership rights. Moreover, it is done by a lengthy process with guarantors involved. However, these dealers often take foreign potential buyers to the auctions under the pretense of employees and these foreign buyers bring good business.
How is bidding in Japan auto auctions performed?
The bidding in Japan auction happens in large halls with hundreds of tables equipped with the latest gadgets. As a result, the computer screens show pictures of vehicles up for auction.
In today’s day and age, when technology has taken the front seat in all walks of life, bidding at the car auctions too is done live by clicking a button. In other words, you must constantly click in a war of attrition until the opponents can no longer offer a yen more. The biggest Japanese auto auction that happens is the USS Tokyo auction USS AUTO AUCTION GUIDE , where non-stop bidding continues until 8 rows of cars are auctioned off.
Another method of bidding used is the “Nyusatsu Auctions“, whereby registered bids are secretly placed and then at a given time, the winner is declared at the auction.
Best time for Bidding in Japan auto Auctions
Usually, most cars are auctioned close to the March-April period as the Japanese accounting year ends in March. The number of cars and trucks up for auction per week during these months can be up to 150,000. During the off-season (January, August, and December), the numbers fall by approximately 65 percent. These auction houses are found all over Japan. They have a wide array of used cars to choose from.
Quality of Vehicles
There are very stringent quality assurance measures in place which ensure that every car that goes into the marketplace is compliant with export rules and regulations. As a buyer, when choosing the vehicle, you are provided with a proper inspection sheet that holds details about any flaw or dent that the vehicle may have. Because the quality checks are so stringent, one can think of buying a big asset like a car online, without any misgivings about the quality. You don’t need to visit a warehouse physically to select a car to your liking.
A step-by-step guide for Bidding in Japan auto Auctions
Auctions can be an efficient and productive way of purchasing a car, provided the buyer is familiar with the procedure. We bring you the guidelines in detail to ensure your purchasing experience is a smooth one.
1. Choose the auctioneer, Japan auto Auction agent
The used car auction happens at many different auction houses in Japan. The auctioneer basically auctions for the buyers. Once you make up your mind about the car you want to purchase, you should find an auction agent to help you. It is important to ensure that the car you have chosen doesn’t have any restrictions on the country it has to be imported to.
2. Security Deposit
To begin the auction process, you are required to send a Telegraphic Transfer (TT) deposit. Once the deposit is cleared, the auction consultant will start searching for the type of car you are looking for. Without the deposit, the consultant will not start bidding.
3. Bidding price in Japan Auto Auction
Carefully consider the price you want to bid for your chosen car. Whatever bidding price you determine, the auctioneer will bid for the car at that target price.
4. Auction Outcome
If the buyer’s bid is successful, the auctioneer will send him the invoice. The buyer will then have to pay the outstanding amount coupled with the auction agent’s fee to the supplier’s account.
If the bidding is unsuccessful, the buyer will be refunded the security deposit. He can even transfer the deposit amount to bid for another vehicle if he wants.
5. Vehicle Shipment:
After the buyer makes the payment upon successful bidding, the supplier will send the car to your port with all the required paperwork.
PROS
- The information provided regarding the vehicle is accurate
- Hassle-free process- no need for physical visits
- High-quality options
- Large pool of cars to choose from
- Competitive prices
- An array of agents to choose from
CONS
- Importing a used car can be tricky
- Chance of fraudulent agents
Conclusion
It may seem overwhelming to do car shopping using a bidding system online. However, the high success rate of the auction houses operating in Japan shows it is a great way to find a used car that has all the options you are looking for.