A C T U A L E X A M P L E
Here's a very low mileage, extra clean 1997 Ferrari GTS that we ourselves purchased from an insurance vehicle facility in Atlanta Georgia. We purchased this vehicle for $23,880 which is approximately 1/3 of its retail value. We did not make any repairs to the car, we simply cleaned it up and listed it "as is" on Ebay where it sold in 4 days for an amount of $38,660. Our net profit was $13,590.
We are frequently asked why doesn't the insurance company just pay to have these vehicles repaired for their customers. They often do, but in many instances an insurance company will pay the vehicle owner a settlement and then simply resell the car at one of the nationwide insurance facilities. Insurance companies are in business to make money and they often decided it is more cost effective to settle the claim and resell the vehicle rather than repair it.
When it incurred its damage, the front bumpers for this particular model were 10 months on back order from Ferrari in Italy, The insurance company paid a settlement to the vehicle owner and avoided an indefinite period for completion of repairs and uncertain costs (rental car, storage fees) that would have accrued while the vehicle was idle waiting for parts to arrive. The claim was documented as a "repairable collision".
This is just one example of the many, many insurance vehicles we at AutoSource have purchased for ourselves using the same bidding process available to all our members. As an AutoSource member you will enjoy the same profitable opportunities that we've experienced since 1976. You'll have immediate access to 1000's of vehicles being auctioned daily at insurance vehicle facilities nationwide.
1997 FERRARI 355 GTS Mileage 7,028