One of the best ways to save money when buying a motorcycle involves considering repossessed bikes. Motorcycles are repossessed for reasons including nonpayment, numerous tickets or law enforcement seizure. You can often find repossessed motorcycles at auction.
Auto auctions often feature motorcycles too. The two main types of vehicle auction -- those open to the public and those that require a dealer's license -- often provide vehicle reports on motorcycle history for interested buyers. Bidding begins at a price set by the auctioneer and increases as interested motorcycle buyers place bids; if your bid wins, you must pay the same day.
Obtaining a Dealer's License
A dealer's license auction decreases the amount of potential bidders because the general public cannot gain access. Obtaining a dealer's license begins by contacting the Department of Motor Vehicles. Laws vary by state.
You must buy repossessed motorcycles as is. Overlooking problems, missing parts, cosmetic damage or fees required can turn a great deal into a costly endeavour.