UPDATE: post accident, ICBC sells my car
 

Ive been doing some cleaning and came across a few of my OE parts that I had for my IS.
I posted them on CL, and got an email requesting most of them.
When I met up with the guy, he said he bought my car. Pretty easy to identify slammed ride, teal wheels, and dual exhaust.
So looks like after two reports by ICBC saying that the rebuild cost is over 12k and writing off my car, they sold it to be rebuilt.

The guy is already a bunch of money into it, still missing parts and looks like (according to him) it was a bad investment to buy it.

So my question is, does ICBC make money on this? And if so, how?
I know for a fact he won't, because he offered to sell it back to me for 6k, and it's still not complete.
At this point, I'm glad I didn't try to rebuild it myself.
Posted via RS Mobile

They don't make money doing it, they just recoupe some of their losses from paying you out.

.

Well, it should also be mentioned that ICBC doesn't rebuild the car. They sell as a wreck to someone that rebuilds it and sells for profit. Obvious that the less money they spend to re-build, means more profit, which is why the car now sucks.

Business as usual.

anyone remember the huge scandal a few yrs back regarding icbc selling off totaled loss/rebuilt cars without any declaration on the title? people were buying the cars thinking they got good deals but were getting scammed.

Anyone got any update? Pretty sure that got swept under the rug too

Heard something about that. Not enough to comment about it.
Maybe I'll see the car on CL soon once it's "fixed"
Posted via RS Mobile

Shop owners and shady used car dealers buy write-offs.

Its not worth the headache buying a wreck.
I know bodymans who can weld 2 cars back together...and even they wont bother buying them.

hard to make money on rebuilds, the whole point is to make it road worthy and flip and the only way to do that is to cut corners.

Unless the individuals/shady companies have access to a u-pick yard or have a warehouse full of inventory, it doesn't make sense to do it

You must have a shop and be a certified auto tech to buy cars from icbc. Apparently its a online silent auction. My dads friend does it for a living but he ships out the cars to other countries where the person buying it doesn't know it was wrecked.

The guy that bought my car is no mechanic. He fixes escalators and does the cars on the side.
Posted via RS Mobile

Maybe he has a friend who's a tech that bought it for him, my dads car was bought from icbc through his friend.

1. you get in an accident
2. icbc makes money off you by selling your shit
3. shady surrey dealer buys your shitty car
4. idiot buys shitty car from asshole surrey dealer
5. car breaks and idiot gets into an accident
6. icbc says it's his fault and charges his bitch ass

Not all cars bought from icbc are "shitty", my dads owned his car for 4 years now problem free, but it had been hit on the side so no mechanical damage. Shady dealers usually buy cars with mechanical damage for dirt cheap (cheaper then cosmetically damaged cars), fix them then sell them for profit.

looks like the guy gave up,
my car is selling for parts on CL right meow