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A few years ago I had a wholesale license and spent a lot of time at my local auctions. I was shocked at how high the bidding would go on decent cars.
I had a retail dealer I could sell through. Based on book values vs retail (Craigslist, AutoTrader, Cars.com), I'd come up with a target auction price. Usually, the hammer price would be higher than what I thought I could sell it for retail! I made more money buying off of Craigslist and selling at the auction than I did buying at the auction and selling retail!
I'm not saying there wasn't an occasional bargain, but for the most part it wasn't worth the time/effort. I made the most money buying cars that appeared broken, but were an easy fix. Nice cars? Forget it!
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Lee
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