How to Buy a Car at CarMax Auctions

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CarMax auctions are held in select locations across the country. Depending on the location, some auctions can run twice a week. You can find a list of auction locations at carmax.com/auctions. If you are interested in buying a vehicle, there are several steps you need to take to be ready for the auction.

The first step is to be registered with CarMax. You should make sure that you are a registered dealer and that you are qualified to purchase cars from the auction. CarMax only sells used cars to registered dealers. This ensures a high level of quality and ensures a profit margin for the dealership. Before attending an auction, do your research and appraise each car you plan to buy. Then, set a price ceiling for the vehicles you intend to bid on.

NextGear Capital has made an agreement with CarMax through which dealers may use NextGear Capital lines of credit at CarMax auctions. This new program is available to dealers with over a thousand online and live auctions. Dealers can use NextGear Capital for a variety of purposes, including trade-ins, off-street purchases, and loan payoffs.

The run list is not 100% accurate until the day of the auction, so it’s vital to do your research before bidding. You should arrive at the auction site two hours before the auction begins. Inspect each vehicle carefully for cosmetic problems or obvious damage. Look for information on the window, such as the title information. If the title is missing, make sure you ask the seller about this information. If the title is missing, you can bid on the car for its Retail Market Value (RMV). Remember that the Retail Market Value varies depending on the year, mileage, and condition of the car.

When you buy a car at a CarMax auction, you can rest assured that you are dealing with a professional, experienced car dealer. The company will buy any vehicle you want to sell at a great price, and they will also offer an arbitration process in the event of any major problems. While there are many advantages to purchasing a used car from a dealership, you need to know that CarMax doesn’t accept credit cards, debit cards, or wire transfers for purchases.

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