Hungarian garage shops and junk yard owners can now bid for wrecked cars at a new online auction hosted by Union Biztosító, writes car portal autostilus.hu. The system was introduced to replace auctions allegedly dominated by underworld figures.

The insurance company is selling its clients’ wrecked cars at a site called Roncsbörze (Wreck Exchange) in an attempt to reduce its insurance fees.

Prospective buyers register on the site and receive e-mail alerts whenever new wrecks are posted online. After logging in, they can view photos and detailed descriptions of the written-off vehicles and have three days to make a bid. Maják said 20 wrecked cars had been sold since the site was launched two weeks ago.

It is hoped the system will increase the sale prices of the vehicles, which were sold at physical auctions until now. Previous reports have suggested that organized buyers have flooded the auctions to keep prices down. A further advantage is that the winning bidder not only pays for the wreck but also for its transports, making damage settlement simpler and quicker, Maják added, promising to pass on any savings to customers.
autostilus.hu

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Posted: 05|4|07 at 2:05 pm. Filed under: Auction News.