How long does it take to complete the transfer process for a total loss vehicle auction?
1 Answers
Under normal procedures, after the auction, the dealer repairs the vehicle. Once the repairs are completed, the ownership transfer is processed, and only after the transfer is finalized can the license plate quota be updated. This entire process is quite time-consuming, typically taking about a month. Detailed auction process: Price evaluation: Price evaluation is a prerequisite step before the auction. Before liquidating the seized, impounded, or frozen assets of the party subject to enforcement, the court must commission a legally established and qualified asset appraisal institution to evaluate the price. The court should promptly deliver the appraisal report to both parties involved in the enforcement. If either party disagrees with the appraisal result, they may request a reconsideration from the court, which will then require the appraisal institution to conduct a review. Decision on compulsory auction: After the price evaluation is completed, the court may organize negotiations between the enforcement parties to settle the debt by transferring the assets of the party subject to enforcement to the enforcement applicant at the appraised price. If the parties cannot reach an agreement on the asset-for-debt settlement, the court should issue a decision to compulsorily auction the assets of the party subject to enforcement.
