Buying wrecked cars from Insurance companies?

[Samckitt]

Anyone know what is involved in doing this? Buying wrecked cars like junk yards do..... How where, what permits/licenses are required?

[ProdigyCustoms]

http://www.copart.com/c2/home.html

[Samckitt]

I want to buy the whole car and part it out myself.

[ProdigyCustoms]

http://www.copart.com/c2/home.html

[rjsjea]

We just bought a totaled 94 4runner from an insurance company, through the body shop it was towed too. The insurance adjuster helped us get it done

[UNWRITTENLAW1910]

check out copart, insurance salvage transportation, insurance auto auction, most require a sellers permit, if not a disamtlers licence.

[BonzoHansen]

http://www.copart.com/c2/home.html

I want to thank you for wrecking my night, lol.

So I just sign up & bid on a whole wreck?

[Samckitt]

I want to thank you for wrecking my night, lol.

So I just sign up & bid on a whole wreck?

I haven't got to that point yet, but kindof looks that way. There is a $25 registration fee. Haven't paid that yet, until I research some more. And don't know after that point.


http://www.copart.com/c2/home.html

So Frank have you bought from here?

Thanks.

[Van B]

Just beware of their fees. I just bought a deer hit Miata to build my next race car. By the time the transporter picked the car up, the $1750 car was $2165. I knew this going in, but some people won't expect it. Buyer fee, internet fee (which is funny because you can't attend their auction in person) and loading fee.

Also, if you happen to get the car home and something is not as they described it, there is no recourse-you own it. You might get them to take the car back, but you will lose transportation money, etc.

A salvage dealer I know watched the truck driver damage something while unloading the car at his lot and it was "tough sh**".

Moral to the story is to be prepared for the worst and hope for the best.

[Samckitt]

You have to use their transportation company? Can't go pick it up yourself?

[Van B]

It is optional. You can go pick it up but they will still charge you a loading fee and they may want to just forklift it onto your trailer. Mine ran and drove, but they still forklifted it onto the truck. Might have been because it was full of glass from the windshield.

[camaro68]

How long is the registration fee good for? Is the 25 dollar good for a month or the whole year?

[Van B]

Not sure, I went through a salvage dealer friend.

[novaderrik]

i've bought a few complete cars from a local junkyard for parts cars. since they knew me, they loaded them on their flatbed and hauled them to my house for free. i'd then strip them of all the good stuff and call them to tell them to come take the shell back to be crushed and shipped to China to make cheap goods to be purchased at Wal Mart.
there is no title or registration to deal with if the car is never going to see the highway again.

[ProdigyCustoms]

Sam, I quite messing with wrecks quite a while ago, but I bought from them before they went public. Now that they are open to the public, everything is more expensive because the public pays more then us dealers did.

[Derek69SS]

We used to buy from IAA, but they became too expensive to deal with, whether you bought anything or not... bought several repairables for slow times at Dad's body-shop.

A friend of mine watches those auctions daily for tractors, backhoes, and snowmobiles... gets some killer deals on those, as there's not as many small shops buying them as the repairable cars.

[Steve68]

I was thinking on buying a wrecked diesel truck from one of those places, anybody seen deals???

[Samckitt]

OK so what is involved in buying it from a place is not "public"? What licenses/permits/etc is requred to do that?

[Restomod]

Every state has different requirements to buy salvage cars.

[ProdigyCustoms]

OK so what is involved in buying it from a place is not "public"? What licenses/permits/etc is requred to do that?

A dealers licsence, and in Florida, it is easier to get a liscence to sell guns then it is cars!

After a full anal prob, meeting the property requirments, zoning, you have to get bonded for $250K. And as a rookie dealer that is getting more difficult to do. Dealer insurance and expenses is north of $6K a year for bare minimum coverages.

Much easier to pay $500 to much for the cars you want. You can do it 12 times before you equal the expenses of being a dealer.

[Dieseltorkin]

I currently buy vehicles through copart. The main License you need is A Rebuilder/Dismantlers license. With that license only you will be required to sign a waiver for your state saying that you agree to only sell parts at wholesale and never retail. If you want to sell retail then you must get a tax ID etc. to be able to do so. There is more to it than that but thats the just of it. If you have any questions feel free to ask. Jared

[camaro68]

What does it take to get the dismantlers license from Alabama?

[Samckitt]

A dealers licsence, and in Florida, it is easier to get a liscence to sell guns then it is cars!

After a full anal prob, meeting the property requirments, zoning, you have to get bonded for $250K. And as a rookie dealer that is getting more difficult to do. Dealer insurance and expenses is north of $6K a year for bare minimum coverages.

Much easier to pay $500 to much for the cars you want. You can do it 12 times before you equal the expenses of being a dealer.


Holly cow! That is nuckin futs!

[Dieseltorkin]

I charge $250 to buy any vehicle someone wants if they are wanting it strictly for themselves and i am not doing any of the work to it. 25% percent of the maximum price willing to pay for vehicle as deposit 24 hrs previous to auction. If car is won at auction the remainder is due within 2 business days as that is the time frame Copart gives me to pay. There are various late penalties but i have yet to have anyone stiff me yet so i wont mention those. If anyone wants a car i would be willing to do it for them. Just PM me or email if you are interested and i will give you the details of how i do it. Thanks Jared

[Samckitt]

Hey Diesel, what is involved in getting this Rebuilder/Dismanteler license you mentioned? What state are you in?

[camaro68]

if you can bid on the car. can anyone buy it? i was looking at some that appear to have little damage to buy for myself.

[Dieseltorkin]

I am in Missouri. Pretty much you get your facility inspected by the HWY Patrol, they sign off stating that your building meets state standards. Then you Pay $130 per license you want send it into the state for approval then they mail your license to you once approved. I went the more detailed route. I know in Missouri and Iowa you can get your licenses and join copart for around $1000 just in paperwork, member fees and license fees. Hope this helps. Jared

edit: That is except for retail vehicle dealers license

[Dieseltorkin]

if you can bid on the car. can anyone buy it? i was looking at some that appear to have little damage to buy for myself.


If you wanted me to buy a car for you it would work as stated above. Say the price you were willing to give for a specific vehicle was 10k, you would have to put down a $2500 deposit within 24 hrs of the start of the auction plus the $250 buying/bidding fee so total to bid would be $2750. Say the car goes for $10,500, you would get your $2500 deposit back within 3 business days via wire transfer or can choose to apply towards purchase of another vehicle, also if vehicle is not won i refund $150 of the buying/bidding fee as i dont have to run the vehicle through my books. Whomever purchases the car will pay the copart invoice price for it and will receive a copy of it. So if ur 10k car sells for 8k your not gonna get stiffed for an xtra 2k. I wouldnt like it if someone did that to me so im not gonna do that to someone either. For an extra $50 i can also do an estimate with my insurance repair software and give an estimate of parts cost to repair any vehicle interested in. Its sort of lengthy to type out if anyone is interested in this my personal email is [email protected] pm me if you would like my # and we can discuss it all. Thanks Jared