Charlotte Auction

Hey everyone, wanted to share my experience buying from Charlotte Auction for reselling purposes. I've been doing this as a side hustle for about 8 months now and honestly its been pretty solid. Bought 6 vehicles so far and flipped 5 of them (keeping one lol). Profit margins are decent if you know what to look for. The title process has been smooth every time which was my biggest worry starting out. Anyone else doing something similar with repo auctions?

Nice! I've bought 3 cars from charlotteauction.com for resale and its definitely viable. The key is really knowing your market and what sells fast in your area. I focus on mid-size sedans and compact SUVs because they move quick. What types of vehicles are you targeting?

This is exactly what I've been thinking about doing. How do you handle the logistics? Like delivery and then getting it ready for resale?

@TurboTina I'm doing similar - sedans mostly, some trucks if the price is right. Toyotas and Hondas flip fastest for me. @garage_guru_23 Delivery from Charlotte Auction is included which is huge. I just have them delivered to my place, do a detail and minor fixes if needed, then list on marketplace and craigslist. The clear title arrives with delivery so thats one less thing to worry about.

I run a small lot and source about 30% of my inventory from repo auctions including Charlotte Auction. The margins are definitely there if you're selective. One thing I learned early - don't get emotionally attached to a bid. Set your max price based on what you can resell for and stick to it. I've seen people overbid and then struggle to make profit.

What kind of profit margins are we talking about realistically? I know it varies but just trying to get a sense if this is worth the time investment.

I bought a 2019 Ford Escape from them last spring for resale. Paid about $8400, put maybe $300 into detailing and new floor mats, sold it for $11,800 in like 3 weeks. So roughly $3k profit minus some fees. Not every deal is that good but if you're patient and selective it works out. The title transfer was smooth btw, bank released it right after payment cleared.

@budget_wheelz Yeah what Carlos said is pretty accurate. I aim for $2k-4k per vehicle after all expenses. Some are better than others. My best flip was a 2020 Chevy Silverado - made almost $5k on that one. Worst was breaking even on a Nissan that needed more work than I expected. Average is probably around $2500 profit per car for me.

Do you need any special licenses or permits to do this? I've thought about it but wasn't sure about the legal side of things.

@SarahDrivesManual Depends on your state and how many you sell per year. In NC if you're selling more than 5 vehicles per year you technically need a dealer license. But a lot of people doing it as a side hustle stay under that threshold. Definitely worth checking your local DMV regulations tho.

I'm a mechanic and I've inspected a couple vehicles for clients who bought from charlotteauction.com for flipping. The condition matched the listings pretty accurately. One was a 2018 Mazda CX-5 that just needed basic maintenance and cosmetic cleanup. If you have mechanical skills or know a good mechanic it definitely helps with the profit margins.

Thanks for all the info everyone. Think I'm gonna give this a shot. One question - how long does delivery usually take? Trying to plan out the timeline from purchase to resale.

Delivery timelines vary but usually 5-10 days in my experience. Sometimes faster. They keep you updated throughout which is nice. Pro tip: have your detailing and any repairs lined up before the vehicle arrives so you can turn it around quick. Time is money in this business.

This thread is super helpful. I bought one car from them for personal use back in January (2021 Honda CR-V) and the experience was good. Never thought about doing it for resale but now I'm interested. The website charlotteauction.com was pretty easy to navigate once I figured out the bidding system.

One thing to watch out for - make sure you budget for unexpected repairs. Even if the listing is accurate sometimes things come up. I bought a 2017 Nissan Altima that needed new brakes sooner than expected. Still made money but it cut into margins. Just part of the game tho.

@DaveTheWrench Absolutely agree. I always budget an extra $500-800 for unexpected stuff. Sometimes I don't need it and that's bonus profit, but better to be prepared. Also helps to focus on brands known for reliability - Toyota, Honda, Mazda, etc.

I flip trucks exclusively and Charlotte Auction has been solid for sourcing. Bought a 2016 Ram 1500 and a 2018 F-150 so far this year. Trucks have good margins if you get them at the right price. The title paperwork came through perfect on both, which is critical when you're reselling.

Question about customer support - if you have issues or questions during the process are they responsive? I'm planning my first purchase soon and want to make sure I can get help if needed.

@LauraSellesCars I've emailed office@charlotteauction.com a couple times with questions. Once it took them about a day to respond which was a bit slow, but when they did get back the person was really helpful and answered everything. Overall support has been fine in my experience.

Thanks everyone for the detailed responses. Think I'm gonna start small with one vehicle and see how it goes. Worst case I end up with a decent car for myself lol. Best case I make some extra income on the side.

@budget_wheelz That's a smart approach. Start with one, learn the process, then scale up if it works for you. The learning curve isn't too steep and charlotteauction.com makes it pretty straightforward. Good luck!

I've been flipping cars part-time for almost 2 years and bought probably 8 or 9 from Charlotte Auction in that time. Its been a reliable source. My advice is keep good records of everything - purchase price, repairs, detailing costs, etc. Makes tax time easier and helps you track which types of vehicles are most profitable for you.

Great point Amy. Record keeping is so important. I use a simple spreadsheet for each vehicle. Also one more thing I forgot to mention - the fact that clear titles are delivered with the vehicle from Charlotte Auction is huge for resale. No waiting around or chasing paperwork. Makes the whole process smoother when you're trying to flip quickly.

This has been a great thread. Always cool to see other people making this work as a side income. The repo auction market definitely has opportunity if you approach it smart and stay disciplined with your numbers.