Carmax Auction Run List (2024)

FAQs

Why would CarMax send a car to auction? ›

CarMax will even buy cars that they don't expect to sell, such as badly damaged vehicles, that they will sell to auction. There are exceptions to the vehicles that CarMax will buy. The retailer will not buy a salvage vehicle. It will also not buy one with frame damage or flood damage.

Indicates a vehicle being sold without a title on the premises. It is usually announced from the auctioneer's stand that this vehicle is “title absent” (or “title attached.”) If this vehicle is sold, the seller has a certain period of time to deliver the title to the buyer. Types of Consigned Vehicles.

In some cases, the negative equity can be included in your financing when you buy a CarMax car. If not, we'll calculate the difference between your pay-off and our offer to you and you can pay CarMax directly. If the amount you owe is less than $250, we will accept a personal check.

The rationale is to relieve themselves of excess new car inventory imbalances or aged new cars, and instead replace them with fresh merchandise that they think will sell more quickly to a consumer. The whole reason cars go to the auction is to ensure inventory balance at the dealership.

CarMax has a no-haggle policy, which means you can't negotiate the price. This can be a benefit, though, because you know you're getting CarMax's best rate first instead of a lowball offer. You can still sell your car to CarMax after the seven-day period, but you'll need to get a new offer.

Typically, CarMax will resell cars it purchases on its lots. However, they may not be able to resell cars that have serious damage, mechanical problems, or have otherwise broken down. In order to make a profit, they might offer you a trade in value or cash value lower than your vehicle is worth.

If a consignor has any vehicles that have not sold, they can ask to put them through the lanes again that day, store the vehicle until the next sale, offer it for sale online or arrange for the vehicle to leave the auction site.

A "title delay" generally refers to a situation where there's a delay in the transfer or clearance of a property's title. This can occur in real estate transactions and it impacts the ability to complete the sale or transfer of property ownership.

Examine the car and talk to the seller

Make sure you understand the reason the car doesn't have a title. It could be stolen or have a flood, fire or other salvage title. There could be a bank, mechanic's or legal lien attached to the title that the seller would have to pay off to transfer the car.

After comparing multiple car buying websites, our team found CarMax pays top dollar for used vehicles.

Can I sell my car to CarMax if I'm behind on payments? ›

What if I still owe money on my car? If you have a lien on your car or truck, we'll contact your lien holder to facilitate a payoff. To pay off your lien, we'll need the following: Your lien holder's name and contact information.

CarMax offers a 10-day Money Back Guarantee so you have plenty of time to decide if the car you buy is right for your life. As long as the vehicle's condition is consistent with when you purchased it, you can bring it back within 10 days to the store where you purchased it and we'll help you complete your return.

Buying a car that was sold at an auction isn't necessarily bad, but it comes with its own set of considerations: Unknown History: Cars sold at auctions often have limited or unknown histories. You might not know why it ended up there or its maintenance record.

Hidden Mechanical Issues

Cars sold at auctions may harbor concealed mechanical problems that are difficult to identify during a cursory inspection. Such issues can culminate in costly repairs and potential safety hazards, making them a serious concern for buyers.

Sometimes the car is a trade-in. Some cars at auction are from rental fleets, retired because of age or high mileage. Other cars at auction are repossessed by a bank because of missed payments, for example, and sold to the auction. Wherever they come from, expect to get a great deal on a used car at an auction.

Auto Technicians perform a 125+ point inspection process on each vehicle. A small sample of our inspection includes checking engine components and associated systems for proper operation, leaks, abnormal noises, corrosion, bad connections, or excessive wear.

Why do they push cars at Mecum? Mainly for overall safety and to minimize exhaust fumes from being released at the auction.

The short answer to this question is yes, they do. CarMax buys cars in all types of shape. They buy cars with transmission trouble, engine trouble, blown head gaskets, bad clutches and more. CarMax will buy almost any vehicle.

Carmax's core business is selling late-model cars, trucks, vans and SUVs for a profit. Their business model requires a constant inflow of used vehicles from various sources, making Carmax the largest used car buyer in the country too. There is an old saying in sales, “you can't sell apples from an empty apple cart.”