We’re thrilled to extend our congratulations to First Choice Auto Auction in Louisiana on their recent acquisition by E-Automotive, a prominent conglomerate of automotive transaction companies. This partnership marks a significant development, especially considering the essential role First Choice Auto Auction has played in our title processing services. As they join forces with E-Automotive, we anticipate positive changes and streamlined processes in the automotive auction landscape.
E-Automotive, based in Canada, stands out as a major player in the realm of automotive transactions. Specializing in digital transactions, they facilitate seamless exchanges primarily between auctions and car dealerships. Their comprehensive platforms cater to both industry professionals and consumers, making vehicle transfers more efficient and user-friendly. With a forward-thinking approach, E-Automotive is transforming the automotive landscape by digitizing and simplifying traditional pen-and-paper processes.
E-Automotive’s recent acquisition of First Choice Auto Auction is part of a broader strategy to expand its presence in the automotive market. The conglomerate has been on an acquisition binge, not only adding auctions to its portfolio but also incorporating dealerships and lenders. By connecting digital and physical auctions under one umbrella, E-Automotive is creating a logistics hub that promises a smoother experience for dealers engaged in buying and selling cars.
In addition to its digital auctions, E-Automotive is strategically enhancing its physical presence by acquiring auto auctions in key regions. The recent acquisitions extend their footprint across the Southeast, spanning Alabama, Florida, Georgia, Kentucky, and reaching up to West Virginia. This geographical expansion positions E-Automotive as a formidable force in both the digital and physical auction spaces.
Prior to acquiring First Choice Auto Auction, E-Automotive made headlines with its purchase of Fast Lane, a significant auction player in Michigan. By integrating Fast Lane into its network, E-Automotive further solidified its standing in the industry, offering a comprehensive suite of services to dealers and ensuring a smooth transfer of vehicles.
E-Automotive is renowned for providing cutting-edge digital tools that empower dealerships to acquire used inventory seamlessly. One key advantage is the reduction of title problems commonly encountered by other companies in the industry. As digital transactions become the norm, E-Automotive’s commitment to innovative solutions ensures a hassle-free experience for both buyers and sellers.
For those considering purchasing a vehicle from an auction, understanding the title processes employed is crucial. E-Automotive’s emphasis on digital transactions raises pertinent questions: Do they use traditional paper methods or modern electronic systems? Is the title readily available on-site, or is it an electronic title? These considerations become vital in determining potential delays in acquiring proper paperwork post-purchase.
We invite you to share your thoughts and experiences in the comments section. Have you encountered title problems with auction vehicles? Are you a dealer facing challenges with lien payoffs from auctions? Engage with us, share your insights, or pose any questions you may have. Let’s continue the dialogue and navigate the ever-evolving landscape of automotive transactions together.
We recently received a distressing account from a client who purchased a car but found themselves in a title predicament. As we delved into the matter, conducting thorough research and investigations, a troubling narrative unfolded. It became evident that the last owner of the vehicle had not been compensated for it, leading to a series of unfortunate events.
The story revolves around a car dealer who made a commitment to sell a vehicle on behalf of a consumer, assuring them payment once the sale was completed. However, the title obtained from the seller was not properly signed – the seller insisted on payment before signing it over. Undeterred, the dealer proceeded with the sale, leaving the buyer without a legal title and the seller without their car. Shockingly, this was not the first time the dealer engaged in such fraudulent practices; they had been arrested three times previously for similar offenses.
In this recent case, the dealer faced arrest for the third time, this incident occurring in upstate New York. Allegations pointed to the sale of a car without providing the victim with the promised compensation. A complaint about a fraudulent vehicle sale in Bethlehem triggered an investigation, revealing that the owner had sold the victim’s car at auction and withheld the proceeds. Consequently, the buyer at the auction was left with a car but no title – a predicament that unfortunately occurs more frequently than one might think.
This unfortunate incident serves as a stark reminder of the risks associated with buying a car without obtaining a proper title. Even with a bill of sale or an auction receipt, securing a title becomes nearly impossible if the last owner has not been fully compensated. The last owner retains rights to the vehicle, making it a legal quagmire for unsuspecting buyers.
In light of this incident and our commitment to ensuring smooth title transactions, our representative recently advised a potential customer against purchasing a car without a title. This advice extends to a variety of situations, including a unique case involving a 1967 GTX classic muscle car stored in a barn for 20 years. Despite being in the title business, we emphasize never buying a car without a title, even if it means paying a bit more.
For those who have yet to make a purchase, our recommendation is clear: do not buy a car without a title. Encourage the seller to obtain the title before any transaction takes place. While it might seem tempting to secure a good deal, the potential risks far outweigh any initial savings.
Returning to the dealer in our story, their fraudulent actions resulted in serious legal consequences, including charges of third-degree grand larceny, falsifying business records, and engaging in a scheme to defraud – all felonies. Despite being arrested for the third time in the last year, this individual’s case highlights the persistence of such practices in the automotive market.
The importance of acquiring a valid title cannot be overstated. Purchasing a vehicle without a title puts your investment at risk, with potential financial losses and legal entanglements. As you navigate the process of buying a car, prioritize obtaining a valid title to safeguard your interests.
We invite you to share your thoughts and experiences in the comments. Have you encountered challenges with vehicle titles, or do you have additional insights into ensuring secure transactions? Let’s continue the conversation and help others navigate the complexities of the automotive market.
Do you need to obtain a title bond for a bonded vehicle title? Here’s what you need to know about title bonds.
A title bond is a type of surety bond used to secure the claim of ownership over a vehicle that does not have sufficient evidence of ownership. A title bond is also referred to as a type of insurance, though it differs from other types of insurance in that it is not designed to protect against financial loss or physical damage. Instead, a title bond ensures that the party claiming ownership is providing factual information, and the DMV or title-issuing authority is not held liable for false claims of ownership after the title is issued.
A bonded title is a type of vehicle title that can be issued when proper evidence of ownership is not available. A bonded title is a very common method used to obtain a new title and is often a simple process if your state allows for this title method.
The cost of your title bond will be based on the value of your vehicle. Before obtaining your title bond, make sure you know the bond amount that your state requires. Most states require the bond amount to be 1.5x the book value of the vehicle. For example, if the book value of your vehicle is $5,000, a bond valued at 1.5x that amount would be worth $7,500.
However, that doesn’t mean you have to shell out $7,500 to get a title bond. You’re only required to pay a fraction of that amount to secure the bond. Most bonds for average-valued vehicles range from $100-$150 to purchase. If there is a discrepancy in ownership or false documents submitted, then the remaining amount of the title bond will go into effect and you’ll be responsible for paying back the surety company.
Typically, title bonds are purchased from a surety company, such as ProBonds.com. Alternatively, most insurance providers can also issue title bonds for bonded title applications.
TIP: Before purchasing your title bond from a surety or insurance company, VERIFY the bond amount needed in your state. Once issued, surety bonds are nonrefundable.
A title bond is a very powerful document that can grant you ownership over a vehicle. Before doing this process, make sure that bonded titles are accepted in your state. If it’s your car, you deserve a title in your name.
Looking for a title bond quote? Get one from ProBonds.com!
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For as little as $159 for most processes, we will save you the headache and prepare all of the car title paperwork needed to get you a new title. Simply choose the title recovery method you’d like to use and we’ll get started!
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Do you have a lien on your car title? If you do, you’ll need to get it released by your lienholder to obtain a clean title. What is a lienholder, who are they, and how do you contact them?
If you took out a loan to purchase a vehicle, the lienholder is the company that financed the purchase. They lent you the money to purchase the vehicle and they technically own the vehicle during the duration of the loan until it has been paid off in full.
The lienholder is also called a secured lender because they have a security interest in your vehicle. This means they are first in line to be repaid from any proceeds from selling your car or after an insurance claim has been settled on your behalf if there is an accident or total loss.
If you haven’t been making regular payments, the easiest way to tell if a car has a lienholder is to check the certificate of title. If there is an active lien, the lienholder will be listed above or next to your name on the title. If you don’t have the certificate of title, but the vehicle is in your name, you can contact the DMV to request this information. If the vehicle is not in your name, you may have trouble obtaining this information.
The duration of a lien, or a loan, on a car title, will vary based on the purchase agreements between the buyer and dealer. Some liens are active for as little as 2 years or as long as 7 years. After 10 years on a title record, many DMVs will purge lien records from their system to make room for new ones.
No, you cannot sell a car if it has a lienholder on the title, the lien must first be released by the lienholder. As long as the lienholder is listed on the title, they are considered the owner of the vehicle. You must either get a lien release, letter of non-interest, or get approval in writing from them before selling or trading the vehicle.
When a lien is satisfied by the borrower, the lienholder is supposed to pull the certificate of title, stamp it paid, then send it to the owner listed. Unfortunately, many times the vehicle owner is left to handle this task. To remove the lienholder from your title, first, make sure that your lien is eligible to be removed. Then, locate your lienholder and send them an official lien release request letter and letter of non-interest by certified mail. Once this is received, your lienholder will return the lien release letter or letter of non-interest and you will be able to remove the lienholder from the title at the DMV.
Your lienholder has the power to stop you from selling your car without their permission. When you’ve paid off your loan, it’s important to remove your lien information so that your car is clear to go.
At Car Titles, our extensive clientele includes the esteemed Mannheim Auto Auctions, the nation’s largest and most prestigious auto auction company. Processing millions of vehicles annually on behalf of dealer consignments, Mannheim holds a significant influence over the automotive market. In this post, we delve into Mannheim’s data to decipher current trends and gain insights into the ever-evolving car market.
Mannheim Auto Auctions play a pivotal role in the automotive ecosystem, serving as a vital platform for dealer consignments and sales. Nearly every licensed new and used car dealer engages with Mannheim, either buying or selling cars. This not only highlights the auction’s significance but also positions it as an invaluable source for understanding market dynamics.
In a time marked by inflation and rising interest rates, the automotive market seems to defy conventional economic expectations. Mannheim reports a marginal increase in wholesale used car prices, standing at a noteworthy 10 percent higher than the previous year. This surge comes on the heels of a substantial jump in prices in 2021, showcasing the industry’s resilience.
While there was a slight pullback in wholesale prices at the beginning of 2022, potentially attributed to seasonal and economic factors, the market quickly regained momentum. It’s a testament to the unwavering demand for vehicles, even amidst economic uncertainties. The winter months may have seen a temporary pause, but the fundamental need for cars prevails.
The new car market is still grappling with inventory shortages. Dealerships, faced with empty lots and a scarcity of new cars, turn to Mannheim to bolster their used car inventory. This strategic move ensures that dealers have vehicles to sell, meeting the ongoing demand from buyers.
Mannheim’s extensive inventory sources contribute to the rich data it provides. Dealerships send vehicles to Mannheim that may not align with their inventory profiles. Additionally, fleet companies, rental companies, lease buybacks, and corporate fleets contribute to the large volume of vehicles that pass through Mannheim’s auctions.
What sets Mannheim apart is its unique auction dynamics. Prices are not dictated by the auction house or the sellers; instead, they are entirely driven by the buyers. Bidding wars and competitive offers determine the final sale prices, reflecting the mood and preferences of the auto industry.
Mannheim Auto Auctions serve as a reliable indicator of the automotive market’s pulse. The auction’s ability to adapt to economic shifts, coupled with its diverse inventory sources, makes it a valuable resource for understanding current trends. As we navigate through dynamic market conditions, Mannheim continues to provide essential insights into the world of auto sales.
Share your thoughts in the comments below. How do you perceive the current state of the automotive market? Stay tuned for more insightful updates in our next video!
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