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HOW TO BUY A CAR AT AUCTION.(Special Report)

AutoWeek

| January 02, 2006 | COPYRIGHT 2006 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

Byline: BILL McGUIRE

Who says men hate shopping? Guys love to shop, it just depends on what we are buying. Just cruise past Cabela's or the local pro shop: full of guys, all shopping. Or check out the action at the ultimate shopping fantasy for car guys, Barrett-Jackson. Could there be any more fun?

Shopping is always more fun and successful when you come prepared. Car auctions are exciting, so knowing the ropes will help you keep your wits. The basics: First, you must register to bid. At Barrett-Jackson the fee is $350, which includes seating for you and a guest in the bidder's area, and other VIP perks.

With your credentials you receive an information packet; read the material carefully. The auction company will take a commission: At Barrett-Jackson it is 8 percent, or 10 percent for absentee bidders, added to the final hammer price. Purchases can be settled with cash, a cashier's check, wire transfer, or personal check accompanied by your bank's letter of guarantee.

Give yourself time to inspect cars in the staging areas before they go up on the block. "Make sure you interact with the consignor,'' says Steve Davis, Barrett-Jackson senior executive vp. "Ask questions, look at the documentation. If the car has show credentials, you want to see the records.''

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