Banks, finance companies, bailiffs, and repo companies are all overstocked with record numbers of stock, more than they have ever had before!
They have to get rid of them to recover some of their losses.
Their ONLY GUARANTEE of actually selling them is at auctions where everything sells to the highest bidder, even if that is only pennies on the dollar.
Car dealerships are hurting like never before.
It has become very difficult for the average person to get a car loan today.
Without any sales, dealers are forced to dump some of their stock in auctions. They know it is the only place where they are GUARANTEED A SALE!
They know they will get nowhere near their asking price at an auction, but they have no choice. Many of them are near bankruptcy themselves. They are desperate. They have to sell something every month, even if it means an auction.
