CarMax Auctions - Faq (2024)

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    • Honest, open and dealer-friendly auctions.

Auctions FAQ

  1. Announcements
  2. Arbitration
  3. Bidding
  4. Simulcast
  5. Contact Information
  6. General Information
  7. Payment
  8. Registration
  9. Runlists
  10. Titles

Announcements

  • Do you have a light system?
  • What types of announcements do you make about your vehicles?

Arbitration

  • What if I find a problem you didn't disclose in your announcement?
  • What are your auction policies? Can I have a copy of them?
  • Do you have age/mileage limits on your arbitration policies?
  • What are your arbitration fees?

Bidding

  • How is bidding conducted at your auctions?
  • Do you offer simulcast or online auctions?

Simulcast

  • Is there a document with this simulcast information on it?
  • Have questions about payment for a virtual auctions?
  • What are the terms and conditions for using CarMax’s simulcast service?

Contact Information

  • Who should I call if I have any questions?

General Information

  • What’s new with CarMaxAuctions.com?
  • Can anyone buy a vehicle at a CarMax auction? Is it open to the public?
  • Can I test drive your vehicles before I bid on them?
  • How can I get information on my purchase history and status?
  • Do you sell cars on an 'if' or a 'call'?
  • Can I preview the vehicles before the auction?
  • What type of background checks do you do on your vehicles?
  • What is the frequency of your auctions?
  • Can I make an offer to buy one of your wholesale units before an auction?
  • Can I sell my vehicles at a CarMax auction?
  • How do you get your vehicles? Are they all trades?
  • Who can I bring to the sale with me?
  • How do I find out if auctions are cancelled due to inclement weather?
  • What is a "modified as-is" auction?
  • Do you offer post sale inspections?
  • Does CarMax auctions offer vehicle transportation services?

Payment

  • Can I pay for my vehicles with a company check?
  • Can I pay for my vehicles with a wire transfer?
  • Can I use my floorplan at your auctions?
  • How long do I have to pick-up and pay for my vehicles?
  • Can I pay for my vehicles with a credit/debit card?

Registration

  • How do I register for CarMax Auctions?
  • How long does it take to register?
  • How do I add a representative to my dealership?
  • How do I remove a representative from my dealership?
  • Do I have to register prior to auction day?
  • Can I buy at any CarMax Auctions throughout the country?
  • Can I use my Auction Access card to register?
  • What do I need to register for your auctions?
  • What does it cost to register?
  • How do I get set up with AFC?

Runlists

  • Can I view the AutoCheck for vehicles offered for sale?
  • Can I get a runlist for an upcoming sale?

Titles

  • Will you cash my check if the title is not present?
  • Do all of your vehicles have titles on site?
  • Do you guarantee titles?
Do you have a light system?
No. We are a modified as-is auction. CarMax Auctions discloses any known major mechanical issues, title brands, and structural or flood damage as outlined by the National Auto Auction Association (NAAA). Mechanical condition should be verified on our lot. See our Auction Policies for details.
What types of announcements do you make about your vehicles?
CarMax Auctions is open and upfront with our wholesale customers. We make major mechanical announcements on vehicles that we know to have evidence of a bad motor, transmission, 4x4, front and rear differential, etc. CarMax Auctions also discloses any known title brands. Other announcements include structural damage and flood damage as outlined by the NAAA. See our Auction Policies for details.

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What if I find a problem you didn't disclose in your announcement?
Assuming that the issue is addressed within our Auction Policies, CarMax Auctions will take return of the vehicle or provide a price adjustment.
What are your auction policies? Can I have a copy of them?
Our Auction Policies are posted at each auction or you can click here to download a copy. Auction Policies can also be obtained by calling our Auction Information Line at (888)804-6604.
Do you have age/mileage limits on your arbitration policies?
No, our Auction Policies cover every vehicle we sell.
What are your arbitration fees?
Generally, there are no arbitration fees. For vehicles announced as “Title Absent,” CarMax will deduct $0.50 per mile driven over 300 miles as indicated on the wholesale purchase agreement if the vehicle is arbitrated.

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How is bidding conducted at your auctions?
CarMax Auctions is a live open-bidding format. We do not accept sealed or silent bidding.
Do you offer simulcast or online auctions?
Currently, we are testing simulcast or online auctions in select markets.

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Is there a document with this simulcast information on it?
For commonly asked questions about our virtual auctions Click here.
Have questions about payment for a virtual auctions?
Click here for answers.
What are the terms and conditions for using CarMax’s simulcast service?

The Simulcast terms and conditions can be found here

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Who should I call if I have any questions?
Please call our Auction Information Line at (888)804-6604 with any questions.

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What’s new with CarMaxAuctions.com?
Check out our new features and best practices for navigating the new experience.
Can anyone buy a vehicle at a CarMax auction? Is it open to the public?
CarMax auctions are DEALER ONLY auctions. All individuals attending a CarMax auction must be signed up as a representative of a licensed dealership.
Can I test drive your vehicles before I bid on them?
Unfortunately, our facilities do not have the space to test drive the vehicles. CarMax announces known major mechanical conditions on its vehicles and recommends that a dealer verify mechanical condition before removing a vehicle from our lot.
How can I get information on my purchase history and status?
You can access purchase history, member profile, registration status, etc. from the "Member Dashboard" page. Call the Auction Information line at (888)804-6604 for additional information.
Do you sell cars on an 'if' or a 'call'?
No, CarMax and its affiliates own all of the vehicles and we sell an amazing 97%-100% of our vehicles the first time.
Can I preview the vehicles before the auction?
Yes. We open our gates two hours prior to the auction for pre-inspection.
What type of background checks do you do on your vehicles?
We run an AutoCheck on every vehicle we purchase. AutoChecks are available to registered dealers by clicking on the VIN of a chosen vehicle in the runlist. Also, we briefly drive the vehicles to determine any major mechanical issues. We do not perform any kind of in-depth diagnostic evaluation.
What is the frequency of your auctions?
Our auctions range from biweekly, weekly, and monthly. Please refer to the current auction schedule on the home page for auction locations and times.
Can I make an offer to buy one of your wholesale units before an auction?
No, all units are sold through the auction.
Can I sell my vehicles at a CarMax auction?
No, all of the vehicles sold at CarMax auctions are owned by CarMax and its affiliates.
How do you get your vehicles? Are they all trades?
Through CarMax's unique appraisal process, we acquire thousands of units each week that do not meet our strict retail parameters. These vehicles are sold through our auction. Other vehicles may be CarMax Auto Finance repossessions.
Who can I bring to the sale with me?
Anyone attending the auctions must be signed up as an authorized agent of the dealership they represent. Our auctions are for DEALERS ONLY!!
How do I find out if auctions are cancelled due to inclement weather?
As soon as a determination has been made, the Auction Information Line (888)804-6604 and our website will be updated to reflect the most recent schedule. You can also receive text message alerts for auction cancellations and schedule changes. Messaging and data rates may apply. To opt in to receive text messages please: Text DEALERALERTS to 58523.
What is a "modified as-is" auction?
CarMax Auctions discloses any known major mechanical issues with our vehicles. We also disclose known structural and flood damage in accordance with the NAAA policies as well as known title brands. See our Auction Policies for details.
Do you offer post sale inspections?
No, CarMax Auctions does not offer this type of service.
Does CarMax auctions offer vehicle transportation services?
CarMax Auctions is currently testing vehicle transportation services at select auction locations. Terms and conditions applicable to vehicle transportation services are available here. For more information click here, or contact a CarMax Associate for details and available routes

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Can I pay for my vehicles with a company check?
To be eligible to write company checks, please fill out the registration application from our home page or call our Auction Information Line at (888)804-6604. Once the appropriate registration documents have been submitted, your check-writing ability will be evaluated. We will contact you directly to discuss your check-writing status.
Can I pay for my vehicles with a wire transfer?
Yes, you can. You might also want to talk to your bank about sending ACH credits, which can save you money on bank fees. You will be able to pick up your vehicles once the wire is received by our Home Office in Richmond, VA. Wire Transfer notifications are received by the Home Office Mondays through Fridays from 8:00am until 6:00pm EST. Please allow at least 1 hour for the banks to process the transfer before contacting us to confirm receipt.
Can I use my floorplan at your auctions?
AFC (Automotive Finance Corporation) and NextGear are floorplan providers for CarMax Auctions. To get information on AFC, visit their website at: https://www.autofinance.com. To get information on NextGear, visit their website at: nextgearcapital.com.
How long do I have to pick-up and pay for my vehicles?
Vehicles must be picked up and paid for by close of business on the day after sale.
Can I pay for my vehicles with a credit/debit card?
No, at this time, we do not accept credit/debit cards.

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How do I register for CarMax Auctions?
Registering online is your easiest and most efficient option. If you prefer paper registration, click here. You can also call our Auction Information Line at (888) 804-6604 to have the registration application sent to you. Onsite registration is available at each CarMax Auctions location on auction day, but we recommend that you register in advance to avoid any delays prior to the sale.
How long does it take to register?
Registration can be completed in one business day, as long as all required forms and documents are submitted. Check writing authorization may take additional time. Registering in advance is recommended to avoid delays on auction day.
How do I add a representative to my dealership?
Go to My Profile on your Member Dashboard and find your Invitation Code. Share this code with the person you want to add and direct them to Register for Auctions on carmaxauctions.com. Please note: the Owner/Authorized Officer(s) will be asked to approve every Buyer who requests to buy on behalf of their dealership. Buyers who have not been approved by an Owner/Officer will not be authorized to buy for that dealership.
How do I remove a representative from my dealership?
Visit "My Profile" section on the Member Dashboard, then go to “Account Options” and select "Paper Registration Activities”. Complete the form and fax it to (866) 360-0398 or email it to dealer_registration@carmax.com.
Do I have to register prior to auction day?
While you are welcome to register at a CarMax Auctions location on auction day, it is preferred that you register in advance to avoid any delays prior to the sale. Once your online application is submitted, we will review your application and will be in touch with you as soon as possible (usually within 30 minutes during normal business hours).
Can I buy at any CarMax Auctions throughout the country?
Your one-time registration gives you access to all CarMax Auctions locations nationwide. To buy, your dealership needs to submit any tax/resale documents required by the states where you will attend auctions. Once registered, your dealership’s Owner can add states at any time through their Member Dashboard.
Can I use my Auction Access card to register?
Currently, CarMax Auctions does not accept the "Auction Access" card for registration purposes. You can register online or call our Auction Information Line at (888) 804-6604 to have the registration application sent to you.
What do I need to register for your auctions?
You’ll need to submit any tax/resale documents required by the states where you will attend auctions as well as provide necessary documentation related to the payment options you select.
What does it cost to register?
There is no cost to register.
How do I get set up with AFC?
Please visit https://www.autofinance.com to find the branch closest to you.

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Can I view the AutoCheck for vehicles offered for sale?
Yes, AutoChecks are available by clicking on a specific VIN of a vehicle in a runlist or by clicking on the AutoCheck logo.
Can I get a runlist for an upcoming sale?
If you are registered, you can access runlists on the "Member Dashboard" page.

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Will you cash my check if the title is not present?
Assuming that your dealership is registered to pay by check, CarMax Auctions will hold your payment until the title is received.
Do all of your vehicles have titles on site?
No, however if the title is not onsite it will be announced.
Do you guarantee titles?
Yes, receipt of title is guaranteed within 30 days (or the maximum allowable under applicable state law, if any) for those vehicle purchased "Title Absent".

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If you don’t see your question here or still have additional questions, please contact Auction Services at 888-804-6604.

Auctions held every week!

Our auctions are conducted by professional auctioneers and are held in numerous CarMax locations across the country.

CarMax Auctions - Faq (2024)

FAQs

What does title absent mean at CarMax auction? ›

Blue Light: Title Absent. Indicates a vehicle being sold without a title on the premises. It is usually announced from the auctioneer's stand that this vehicle is “title absent” (or “title attached.”) If this vehicle is sold, the seller has a certain period of time to deliver the title to the buyer.

Why would CarMax send a car to auction? ›

Cars that don't meet our quality standards are sold to other dealers at CarMax hosted vehicle auctions, the 3rd largest vehicle auction house in the U.S.

Can I sell my car to CarMax if I still owe money on it? ›

In some cases, the negative equity can be included in your financing when you buy a CarMax car. If not, we'll calculate the difference between your pay-off and our offer to you and you can pay CarMax directly. If the amount you owe is less than $250, we will accept a personal check.

How long does a wire transfer take with CarMax? ›

Wire Transfer notifications are received by the Home Office Mondays through Fridays from 8:00am until 6:00pm EST. Please allow at least 1 hour for the banks to process the transfer before contacting us to confirm receipt.

What happens if a car doesn't sell at auction? ›

If a consignor has any vehicles that have not sold, they can ask to put them through the lanes again that day, store the vehicle until the next sale, offer it for sale online or arrange for the vehicle to leave the auction site.

What does it mean if there is no title? ›

If the seller can't produce the title, it could mean they aren't the rightful owner. While there are some legitimate reasons for someone not having the title—perhaps it was recently lost or stolen—you can ask the seller to replace the title before moving forward.

Are you supposed to haggle at CarMax? ›

CarMax has a no-haggle policy, which means you can't negotiate the price. This can be a benefit, though, because you know you're getting CarMax's best rate first instead of a lowball offer. You can still sell your car to CarMax after the seven-day period, but you'll need to get a new offer.

Why would CarMax not buy my car? ›

CarMax will even buy cars that they don't expect to sell, such as badly damaged vehicles, that they will sell to auction. There are exceptions to the vehicles that CarMax will buy. The retailer will not buy a salvage vehicle. It will also not buy one with frame damage or flood damage.

Why would a good car be sold at auction? ›

Often dealers will send vehicles to auction to avoid a hassle. A vehicle may be too old, have a mileage discrepancy, have a bad CarFax, or have other concerns. Auto auctions take vehicles as-is. This makes selling at a car auction a great way to get rid of complicated units.

Does returning a car hurt your credit? ›

Losing your car can hurt your credit quite a bit unfortunately. Having your car repossessed or surrendering it voluntarily is seen as a major negative event by lenders. They'll view you as high-risk. Expect your credit score to take a big hit, maybe over 100 points or more.

Do you get all your money back from CarMax? ›

Yes. As long as the vehicle's condition is consistent with when you bought it, you can bring it back within 10 days to the store where you purchased it and we'll help you complete your return. Any refund due back is typically mailed within 2 weeks of your return date.

How long does an appraisal take at CarMax? ›

Free Online Valuation

CarMax has a thorough appraisal process, but non-negotiable. You'll need to drive your car to a CarMax location and they'll complete the appraisal process while you wait. This takes around 30 minutes, after which you'll get an offer good for 7 days at any CarMax location.

Does CarMax pay immediately when you sell a car? ›

You will leave with payment in hand the same day you sell us your car.

Will CarMax let you skip a payment? ›

CarMax offers payment accommodations in the form of a due date change or payment extensions for those experiencing short-term hardships including a change in employment status, an unanticipated medical situation, adverse impacts from a natural disaster and more.

Should I accept a wire transfer when selling my car? ›

When selling your car, if you receive a wire transfer, then you can be confident the funds are in your account and are legitimate. You'll need to share your bank account and routing number with your buyer in order for them to pay you with a wire transfer.

What does title absent mean at auto auction? ›

“Title Absent” (or “Title Pending”)– When a vehicle is sold “title absent,” the title is not available on auction day and must be produced and delivered to the auction by the seller within a certain period of time.

Is it bad to buy something with no title? ›

Buying a car without a title is risky. You could end up purchasing a stolen car or being conned by an odometer rollback scam. If you want to register the car and drive it, the seller will have to follow the steps required by your state to obtain a title. If a deal feels too good to be true, it probably is.

What does title delay mean? ›

A "title delay" generally refers to a situation where there's a delay in the transfer or clearance of a property's title. This can occur in real estate transactions and it impacts the ability to complete the sale or transfer of property ownership.

What does it mean when a car doesn't have a clear title? ›

The clean title definition indicates that the vehicle has never been deemed a total loss. With a clean title, a car might carry the balance of its new car warranty and have a slightly higher resale value. The alternative to a clean title is a car with a salvage title, otherwise known as branded title car.

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