Sometimes, people see buying repo RVs as an easy task. You simply go to an auction, find the RV you want and then buy it. But in reality, it involves a lot more work, especially if you’re going to find an RV that is an incredibly good deal. One of the first things you’re going to have to do is to find out what types of RVs are being sold at the auction. Then you’re going to do some research and determine what the market value is for all these different types of RVs. You also want to compare the market value to the actual selling prices. If you have been in the RV business for a long time, you definitely have some advantages when it comes to knowing what prices you can buy and sell RVs for.
The next thing you want to do is to arrive at the auction ahead of the crowd. This will give you some time to check out the auction’s inventory for sale. Try and inspect the RV you are most interested in and look for reasons why you would not want to buy it, or check for repairs that would need to be made on it. After you have taken the time to do this, then you are ready to set a selling bid for the RV at the auction. A selling bid is the highest amount that you would bid for this RV. Try to stay under this amount and stick to your budget so you won’t regret your investment decision for bidding on an RV.
Aside from repo RVs at RV auctions, you can also buy them directly from the bank. This works out better over time as you slowly build relationships with people that you will be making offers to on the bank repo RVs. If you buy from banks on a regular basis, it may be possible for them to give you an even better deal on the RVs that you buy.