Texas Appraiser good morning and welcome to the community...are you talking about when trying to determine if a vehicle is an economic total loss? Does the company that you work for have a salvage contract? Please expand on your question. _________________ Have you been helped by a poster? Do you want to show your appreciation? YOU CAN !! Just simply click on the donate button and send them some coin!
Posted: Thu Jun 19, 2008 3:59 pm Post subject: Salvage Bids
The way it was explained to me, is that a towyard cannot bid on a total loss vehicle. That they are required to be moved to an Auto Auction (IAA, Co-Part, etc.), and the insurance company must pay the full storage charges, and salvage bids were not allowed.
I've never heard that about TX but I guess it's possible. what I can say is that some insurance companies won't entertain a bid from a towing company and _only_ use the same vendor, which is usually one of the larger auction companies such as the ones you mentioned.
I just can't see why TX law would state that a towing company could not buy a salvage vehicle and I _can_ see that an insurance companies _policy_ would be to only use their own vendors.
Well I don't know re: texas law...I do know that the way I (company I work for) handles it...I call IAA and ask for a bid on the vehicle, to figure out the total loss figures etc...HOWEVER...if it's a junk car...or the sal.bid is say 500 bucks...and the tow and storage on the thing is about the same or more, then I just (with the lots approval) sign the title over for the tow and storage fees. It would be stupid to pay 1k in tow and storage, then haul it to the auction and get 100 dollars for it...when I could at the lot negotiate signing the title over and no money exchanges hands... _________________ Have you been helped by a poster? Do you want to show your appreciation? YOU CAN !! Just simply click on the donate button and send them some coin!
Try the texas dept of ins web site...are you an independent? If so.. What are the rules of the company you are working for? _________________ Have you been helped by a poster? Do you want to show your appreciation? YOU CAN !! Just simply click on the donate button and send them some coin!
Perhaps what the towing companies means to say is that they don't have a dealers license so the law does not allow them to buy salvage.
From a salvage company in Texas:
"ATTENTION ALL DEALERS: Please review the following bidding requirements:
"* All buyers must must have an automobile dealer license issued by the DMV in your respective state. You may also be an automotive recycler having all appropriate and current licenses in place"
Perhaps what the towing companies means to say is that they don't have a dealers license so the law does not allow them to buy salvage.
There we go t that makes sense, hadn't even occured to me..did occur to me they may just not want the blasted thing.. _________________ Have you been helped by a poster? Do you want to show your appreciation? YOU CAN !! Just simply click on the donate button and send them some coin!
