If you have looked for vehicle penny auction sites lately, you will have noticed that very few exist. Moreover, among those that are exclusively devoted to cars, trucks, and other vehicles, few have earned the reputation enjoyed by the largest and safest penny auction sites.
Having said that, there are places at which you can bid on cars, and walk away with a fantastic deal. We’ll introduce you to some of those sites below. We’ll also explain why there are so few places to win a car in a penny auction, and the reason this is likely to continue into the foreseeable future.
Where Can You Find Car Penny Auctions?
Beezid.com – huge site with a wide inventory, great bidding tools, and the largest selection of cars
QuiBids.com – largest penny auction site, first-class reputation, and offers “buy-it-now” option on all auctions
MadBid.com – offer cars fairly often
BidCactus.com – great reputation with outside audits, offers “buy-it-now” option, currently no car penny auctions
Cars are clearly an expensive item to purchase at an auction, especially given that you’re unable to test drive the vehicle prior to bidding on it. However, it’s possible to win a car in a penny auction while paying a fraction of its sticker price. For example, QuiBids offered a Honda Civic Coupe LX in July 2010. The auction drew 2,030 real bids, and ended with a final price of $1,740.78. That represents an enormous discount (QuiBids quoted the value at $20,000).
Here’s our suggestion: if you’re hesitant to participate at vehicle penny auction sites, stick to our preferred list above. Each site has been vetted and reviewed. Each is safe and trustworthy. We also recommend adding SkoreIt.com to your watch list. They rarely host car penny auctions, but may do so in the future.
Top Site To Win A Car In A Penny Auction
Beezid.com is an easy choice for the top honors. They host more car penny auctions than any other site. In addition, they offer a wide range of different vehicles. For example, in 2010, Beezid put a brand new Ford Mustang GT on auction (it was won by a bidder who placed 637 bids for only $719.66). They have also offered a Kia Soul in the past. At the time of writing, Beezid is allowing bidders to vote from among the following vehicles for an upcoming car penny auction:
1. Jeep Wrangler Sport
2. Chevy Camaro Coupe LS
3. GMC Terrain SLE-1
4. Toyota Prius II
5. Dodge Challenger SE
They promise more of the same down the road. This gives you an idea regarding the effort Beezid has put into hosting these types of auctions. Not only are such auctions difficult to coordinate, but there’s a lot of risk involved for the penny auction site.
Other (Untested) Penny Auction Sites With Cars
Over the past few years, there has been increased interest in penny auction sites with cars. More people than ever are open to the idea of winning – or, trying to win – a vehicle for pennies on the dollar. A number of new penny auction sites have emerged to fill the demand. They include Bidding4Cars.com and FastPennyCars.com. Both are devoted exclusively to car penny auctions.
We are unable to recommend either site at this time. One of the reasons is because we have not yet reviewed them to determine whether they are legitimate and trustworthy. Another reason is because both have received criticism that might have merit. Bidding4Cars.com has denied at least one winning bidder the car he claims to have won. They have also made claims about the volume of successful car penny auctions they have overseen in the past that are difficult to validate.
FastPennyCars.com has been criticized for having repeated server problems.
If you intend to participate at either of these vehicle penny auction sites, be careful and trust your instincts.
Why So Few Car Penny Auction Sites
One of the main reasons there are so few sites at which to win a car in a penny auction is because such auctions are very risky for the penny auction site. A high-end item, such as a Mustang GT or Jeep Wrangler, must draw a sufficient number of bids to make the auction worthwhile (i.e. profitable) for the auction site.
For example, suppose a $20,000 vehicle draws 500 real bids, for which bidders paid $.60 each. The winning bidder would be ecstatic at securing the car for very little money. But the auction site might suffer an enormous loss, depending on their agreement with the dealer that supplies the car.
A large site, such as Beezid.com, can absorb the risk and if necessary, the loss. But a smaller penny auction site might suffer a severe cash flow problem. This is the reason you are unlikely to see small penny auction sites with cars.
Preparing To Win Vehicle Penny Auction Sites
If you’re going to bid on a car, it’s a good idea to focus on that one auction. Not only will you need all of your bids, but it’s easy to lose track of an auction if your attention is split between several of them. Beezid offers automated bidding tools that will help you to stay on top of things (read our Beezid bidding strategies).
Also, if you lack experience with penny auctions in general, start by bidding on a few small items. Doing so will help prepare you for the car penny auctions, which can become very competitive.
Not a Car Penny Auction but Gas Scooters Penny Auction
While a car may seem like a logical means for transportation you may find that a gas scooter with 80 mpg capabilities is actually what fits your budget. Quibids.com has been auctioning off gas scooters regularly for a bit now and with shipping costs at a relatively reasonable rate its no wonder that people are jumping on these hot, new items.
Lastly, remember that it is possible to lose money. These auctions are different than those hosted by eBay, where bidding costs nothing. Take a few minutes to read our penny auction bidding tips to improve your chances of beating your competition.
Check out Beezid.com today for a large selection of cars!