CarMax Auctions Reviews | Hear From CarMax Auction Customers (2024)

FAQs

Why would CarMax send a car to auction? ›

CarMax will even buy cars that they don't expect to sell, such as badly damaged vehicles, that they will sell to auction. There are exceptions to the vehicles that CarMax will buy. The retailer will not buy a salvage vehicle. It will also not buy one with frame damage or flood damage.

Indicates a vehicle being sold without a title on the premises. It is usually announced from the auctioneer's stand that this vehicle is “title absent” (or “title attached.”) If this vehicle is sold, the seller has a certain period of time to deliver the title to the buyer. Types of Consigned Vehicles.

You cannot negotiate with CarMax. The company's offers are good for seven days. That gives you time to compare offers from other companies and see which one is best.

Can I pay for my vehicles with a wire transfer? Yes, you can.

Yes, and our offer will be the same whether you're buying from us or not. Is the online offer a real offer or an estimate? We provide real offers, both online and in-store, and they are valid for 7 days.

Both Carvana and CarMax advertise no-haggle pricing, but Carvana offers a seamless selling process that helps it come out ahead in our rankings. We give Carvana the edge over CarMax as a car selling website. Our team rates CarMax just slightly ahead of Carvana for its car buying services.

If you want the best price for your car, consider placing an ad on a private seller marketplace or to potential buyers in your local area. However, dealers and online car buying services may be your best choice if you want an easy process with a quick turnaround.

Carmax commissions are the lowest in the industry so you have to push out more units in the same 6 day work period.

If you make a final payment that exceeds your total amount due we will mail you a refund check.

Are CarMax interest rates high? ›

CarMax is the largest dealer of used cars in the country, offering a wide range of financing options. Here's what you need to know before filling out your loan application: Competitive rates: With APRs as low as 5.99% for the most qualified borrowers, CarMax may give other online lenders a run for their money.

Bank transfers are a secure and efficient way to exchange money in a car sale. The buyer's bank will verify the availability of the funds before processing the transfer. This assurance offers added security for the seller, making a bank transfer an excellent option for high-dollar transactions.

Sometimes the car is a trade-in. Some cars at auction are from rental fleets, retired because of age or high mileage. Other cars at auction are repossessed by a bank because of missed payments, for example, and sold to the auction.

The #1 reason cars go to used car auctions

As pre-owned, and in some cases new car inventory ages (sits on the lot unsold), dealers will often take those vehicles to the auction. Their goal is to turn that “dead” inventory into cash that can be used to buy other cars that they expect to sell faster.

All vehicles are sold "AS IS, WHERE IS" and with all faults. Seller makes no warranty or refunds. Vehicles are sold in an open competitive bid auction. The highest bidder is the buyer.

Often dealers will send vehicles to auction to avoid a hassle. A vehicle may be too old, have a mileage discrepancy, have a bad CarFax, or have other concerns. Auto auctions take vehicles as-is. This makes selling at a car auction a great way to get rid of complicated units.