|Police Auctions at Liberty Auction House|
On Monday, US Marine entrepreneur, Michael Strom unveiled a police auctions site with the promise to offer memberships with no charge to the user. LibertyAuctionHouse.com offers a fresh database of police auctions containing used cars, trucks, boats, and heavy machinery to US citizens. Strom started the website by offering a $1 auctions and daily deals revealing deep discounts on jewelry, stamps, watches and rare coins.
In the USA, police auctions are relatively unknown to the public, but play a major role as a wholesale market for second-hand vehicles. Most car auctions are closed auctions, meaning only dealers can use them. There are also auctions that are open to the public. Majority of these auctions are a primary outlet for financial services firms to dispose of their large volume of off-lease returns, for rental and other companies to sell off their aging fleets and for car dealerships to dump trade-ins or other unwanted inventory.
Some auctions in the United States are used by banks, the IRS, and other government agencies to sell vehicles that were repossessed for failure to make monthly payments or pay taxes, or were seized by the FBI, DEA, or the police. Also, there are some that sell US Government vehicles. Finally, there are those catering to the salvage market where insurance companies sell totaled vehicles.