Fairbanks conducts auto auctions. These are moderated and conducted by companies. Vehicles that may be put up for auction include classics, early or late model cars, trucks, SUVs, motorcycles, boats, snowmobiles, jet skis, recreational vehicles and many others. The bidders at the auction may be individuals, or companies such as finance companies, banks, dealers, fleets, rental car or insurance companies. These auction houses have a catalog of a number of models of different auto manufacturers, and one can bid on a model one is interested in. The bids carry on for a period of time, at the end of the which the bidder with the highest price wins. The auction house facilitates the legal process of ownership as well. There are charges for the service, which is over and above the retailer price/bid. Many such auction houses have a number of outlets spread all over the country. Online auto auctions are also popular.
