There is a product already on the market that does that... If you Google electromagnetic dent puller you can find info on them..They run about 250 dollars US. I have talked to dent removal experts who say they are no replacement for the picks end other tools that push the dent out from inside the panel. I have seen demo videos of the electromagnet quickly removing small symmetrical dents like minor hail style dents and in theory if the magnet is skillfully used it can shrink the dented metal back into shape but as Caitlins dad said this is a risk for damaging the finish. The demo video I saw showed the user circling the perimeter of the dent in a circular motion and then gradually lifting up and away as he approached the center of the dent.
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I have tried without luck to use several large permanent magnets to remove a large dent. Though they would have had hundreds of pounds of strength on a solid iron block, the panel was apparently too thin to hold more than a fraction of the field.
An array of small magnets glued together with their poles in a checkerboard pattern might have been more successful in gripping the panel.
I think there are more effective tools used to pull out auto dents. There are your super-power suction cups with handles. Or other formed bars and hooks and hammers that push out the dent from reaching around the inside. Putting an electromagnet in direct contact with the metal would probable mess up the finish if used incorrectly and would get hot after prolonged use.
An electromagnet might do well to "pop" out a big dent but you need the other tools to work and smooth out the rest of the dent to make a good looking repair.