What is an insurance auto auction?

An Insurance Auto Auction is a type of auction where vehicles that have been declared a total loss by insurance companies or have been repossessed are sold to the highest bidder. These auctions are typically attended by licensed dealers, salvage buyers, and sometimes the public. Buyers can find vehicles for parts, repair, or resale, often at lower prices than traditional used car lots. The vehicles at these auctions may have varying degrees of damage, so it's important to inspect them thoroughly and understand the auction's terms before bidding.