Anyone can attend a government run auction where you can snatch up great deals, sometimes for half the market value, and then sell them on for profit. It can be a creative and fun way to earn some extra cash. Here is your step-by-step guide of how to make a profit from government auctions.
Step one: Find out what’s on offer
There are several different auction organisers that deal with different types of goods. Before you just rock up to your closest auction, check that they are selling things you are interested in buying.
- Government Surplus Auctions: For overstock stationery, ex-MOD and council vehicles, redundant hardware and school equipment, nationalised utility, service machinery etc.
- Police Auctions: Sales of confiscated and stolen/recovered /unclaimed personal possessions looking for a new home. Bicycles, household items, jewelry, business equipment and, of course, a great many car radios and mobile phones.
- HM Customs Auctions: Sales of seized and impounded articles from the effects of drug traffickers and racketeers.
- Property Auctions: Government bodies, local authorities, receivers, executors, banks and building societies who have made repossessions, and many others besides now sell property at auction. Prices start from literally £2,000.
Step two: Find an auction
Police auctions are a great place to start. Check out Bumblebeeauctions which is regularly updated. The site disposes of unclaimed stolen property; it’s quite similar to eBay, with buyers bidding until a deadline. There are plenty of bargain-bicycles in particular, that go very cheaply. There are lots of car stereos (of course!) that can sell for just a few pounds and electrical items like DVD players and TV’s that sell for much less than they’re worth. You can also pick up cars at Bumblebeeauctions which tend to be in fairly poor condition but really, really cheap so if you fancy putting in some work and cleaning it up you could make a real profit.
The Disposal Services Agency sells off army surplus for the Ministry of Defence (MoD). The prices are not particularly cheap, but the range of items available is quite amazing. The things on offer can include anything from parachute linen and riot helmets to quad bikes and aircraft! The Disposal Services Agency don’t sell to you directly but instead use contractors to store and sell the items. They provide the contact details that you need and viewing dates for the bigger vehicle items. Go to their website to view the surplus MoD items. Surplus MoD property disposal is organised by Defence Estates. You can find out the details of any MoD property for sale by contacting your regional Defence Estate Office. You can find contact details for those regional offices here as well as links to the properties on sale in those areas.
The West Oxfordshire Motor Auction (WOMA) is an independent motor auction house that holds police vehicle auctions on two Thursday evenings each month. Police cars are stripped of any markings, sirens, and radios etc. Clearly they will have clocked up more miles than most cars but they are also likely to have been serviced more than a normal car and kept in great condition in terms of tyres and oil. Click here for WOMA’s 2009 auction dates.
The Driver and Vehicle Licensing Agency (DVLA) hold auctions about six times a year at locations in different parts of Great Britain, selling personalised registrations. Go to the DVLA website here to find out where and when the next auction is.
Step three: Be careful
Check the retail price for any item you bid on. You need to know how much the item would cost as new to make sure you get a good price. If you’re selling it on you need to be able to make a profit.
Step four: Selling off the goods
The most popular online auction house is eBay however Loot is another website worth researching. The site eBid boasts that they do not charge a listing or final fee, so this is a great site to start auctioning off your goods and retaining more of your final profit.
If you’ve bagged yourself a cheap car and you want to sell it on, at Bestcarbuyer you can attain a free estimation of your car’s value just by entering the car’s registration number and mileage.
If you were lucky enough to find antiques or art pieces then auctioning your merchandise at Ewbankauctions can be a good starting place.
Once you have the hang of buying bargains and selling off for profit, then the government site Businesslink is a great one to visit for advice on how to exploit the benefits of trading online and some helpful tips on how to set-up a basic online shop. Also, see our guide to selling items on eBay for more information.
How much can you make?
It is difficult to predict or estimate exactly how much can be made, however police auctions offer the best money making opportunities with bikes worth over £100 regularly selling for £20 to £30. It is a tougher challenge to make a profit with the army surplus and personalized number plates as the prices are higher, however with a bit of research some speciality websites can be found. In fact if you visit Millionairesbay you just may find your millionaire that is looking to buy that Non Effective Gloster Meteor, Tail Number WX800 plane!
Useful Links
- Bumblebee Auctions
- Police-Information
- Disposal Services Agency
- The Outdoor – sells army surplus clothing
- DVLA
Have you picked up a bargain at a police auction? Tell us about it on the Forum.
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Great content, i totally agree with you. Definitely bookmarked
. Will come back tomorrow, gotta go to work now.
Lots of good information in your article. I live in the us, but still can use some of your information.
EPIC article! I am definitely looking forward to seeing more