Every day thousands of Americans are defaulting on their new or almost new cars car loans and lease payments. Banks and other financial institutions are being forced to repossess more cars than they can store.

Automobile storage is a very costly expense, and banks want to get these cars liquidated quickly so that they don't lose any more money. In fact, car dealers purchase these cars and sell them for a huge profit. You're effectively cutting out the middle man. You can get access to direct sources where the cars are being sold at prices that look unbelievable to the average car buyer.

We'll review the basic types of car auctions, give the pros and cons of each auto auction and the scams you may encounter.