Some musings regarding eBay...

[Jeff Murphy]

Miscellaneous ramblings of someone bored at work...

I've been watching auctions generally and have noticed some interesting behaviour:

1. People can be successfully encouraged to pay higher prices with words like "rare", "Yenko" etc. even when you see the same thing five times in a row over a few days or the part in question isn't even appropriate to the application listed -- like the infamous Yenko steering wheel knob that has been on auction for over a year. Even worse is when they say it's rare and NEW at the same time -- notice the ads for the Motion style valve covers.

2. Setting higher prices seems to make some things more attractive. Remember "Giffen goods" from basic economics? -- things that have higher demand the more expensive they are. Classic examples were always Rolls-Royces or Picasso paintings, and have been joined by ZL-1 parts, BB motor mounts, 499 distributors, Berger license plate frames, etc.

3. People suggest that they are selling things for "no reserve" and set an opening bid price of $150? Seems like a reserve to me. [img]/ubbthreads/images/graemlins/confused.gif[/img] If you were really selling something at no reserve, you'd start it a buck or a 1¢ and take whatever you got...

4. There seems to be an increasing number of items being pulled because they "are no longer for sale." Too many side deals being cut, if you ask me. Is eBay destined to be more of an advertising forum than a marketplace?

5. Check out the value arbitrage that camarojoe has set up between these two auctions.

As a buyer: NOS Chevrolet License PLate , Dealer Item ! (Ended - May-18-03 15:48:45 PDT)

As a seller: 72 Chevelle Camaro License Plate NOS GM Rare! (Started - Jun-04-03 19:21:00 PDT)

I especially like the "Buy it now" for $150!?!

Looks like a eBay can be a good business! Better than the old stock market "day trading"...

[Jeff H]

I'd like to think that people are paying too much when someone says "rare" or "Yenko" or "COPO", but the stuff keeps selling at those high prices so I guess that's what it will cost to buy the parts. No reserve with a high starting bid is a bad auction tactic. Side deals do bother me, but I've had good success on both ends of auctions with some side deals so it's a legitimate part of the selling process as long as you list in your auction that you reserve the right to end the auction early. Ebay is tremendous for advertising. I just helped my boss sell his 1977 Corvette which he was the original owner with all paperwork and a "rare" color combination. It didn't meet the reserve, but 2 of the bidders kept following up on it until it reached the price he wanted. My thought process is to determine what I'm willing to pay for an item and either bid early or wait until the last second. But, I will not increase the amount I'm willing to pay.

[68l30]

Garnet in response to #3....Would you start a 69 ZL-1 at $1000 at the auction block? No! Why would you waste the time to approch the market value of 250 to 300K with wasted bidds.This weeds out a ton of people,it leaves you with serious bidders.If you know what the value is,as a seller you should,why fool around......As to #5 I don't see anything wrong.Buy low and sell for the market value.These dealer only plates are very tough to find in nice shape.There is a new plate every year and were prone to a lot of damage through the years.....


Steve

[FESTIVAL78]

Ebays the worst best thing thats happened for restorers in a long time, especially guys who can't go to the big swaps. I do all my Ebaying whilst being paid at work (like right now). A [img]/ubbthreads/images/graemlins/smirk.gif[/img] guy from Canada beat me out of a decklid by sending me a box of rust that was once a decklid. Conversely I got a 1 piece riveted 67 Camaro rs grille that is the ultra, ultra rare flat style not 68 style..I got this grill for 150 bucks because it was listed improperly..Good or bad Ebays here to stay. T

[JoeG]

Unfortunate, but you might be right.I remember , not too long ago, staying on the phone all day calling salvage yards all over trying to find a hard to find parts & sloshing thru rain soaked mud covered fields at swap meets to find a bargain. At the time, I use to think I was out of my mind , for going thru that, BUT OH DO I MISS THE DAYS OF THE LEVEL PLAYING FIELD OF SWAP MEETS & SALVAGE YARDS BEFORE EBAY.
JoeG------IMO [img]/ubbthreads/images/graemlins/smirk.gif[/img]

[Jeff Murphy]

On the other hand you are unlikely to sell a 69 ZL-1 without a reserve [img]/ubbthreads/images/graemlins/wink.gif[/img] I'd be happy to participate in that auction if you do have one to sell without a reserve....

Seriously though, you see a lot of no reserve auctions go by without a sale because the seller put his starting (in my books "reserve") price too high.

I also think that the wasted time/bids concept you mention also doesn't actually exist. Clearly all or most of us wait until the final few seconds of an auction to submit our killer bid (except poor Charlie on the Berger frames because he was on the road [img]/ubbthreads/images/graemlins/frown.gif[/img]). That's the phenomenon that gets us $3500 LS6 distributors and $900 motor mounts, something in each case that I'm sure the seller wasn't expecting.

I guess the opposite side of that is something like what happened recently on a full 69 Z28 smog setup -- the seller yanked the item and sold it away from the auction, even though a board member was interested, because "there didn't seem to be enough interest." Maybe he should have waited -- might have gotten $2000 for it??

Just my opinons. [img]/ubbthreads/images/graemlins/grin.gif[/img]

Also, not bashing camarojoe or buy low/sell high, but I'm amazed at how prices can ratchet so quickly. Guess it's all in what you know vs. the other guy...

[JoeG]

I agree , somewhat, in your opinion, but on the lighter side there use to be a saying, and I sure it's, true today -----Powered by Ford---- Powered by Chey---- Powered by Money.D'ont get me wrong, money is a good thing [img]/ubbthreads/images/graemlins/wink.gif[/img], but that's the arena your playing in when your bidding on ebay. Can rules be made or strictly enforced , that's a different topic. When your bidding on ebay keep your fingers crossed , that the guy who's bidding against had a computer crash. [img]/ubbthreads/images/graemlins/wink.gif[/img]
Joe-----IMO

[67BelAir427]

Interesting to note that as of today the value of "E Bay" as a corporation based on its market capitalization is $33 Billion dollars. For comparison, market cap of General Motors and Ford combined is $40 billion. That's with only 4000 employees compared to 700,000+ auto workers. At the current rate of growth it will not be long before you will be able to trade E Bay for Ford and GM combined in a straight swap.
Marc

[Supercar_Kid]

[ QUOTE ]


Looks like a eBay can be a good business! Better than the old stock market "day trading"...

[/ QUOTE ]

You said it man. Seems funny to me that so much criticism comes from this board about eBay and people's legitimate buying and selling practices. Garnet, it seems you have a good understanding of economic principles yet have a problem with buying low and selling high? Isn't that the name of the game? So what if Camarojoe bought the license plate in question and sells it for more than he paid? That's how you make money, that's how the capitalist system is supposed to work. Seems odd that everyone gets up in arms about the prices on eBay when no one is twisting arms when it comes to selling or buying. Ebay is an online auction, don't like the price, don't bid, it's that easy. My brother payed over $600 for those now INFAMOUS Berger license plate frames, mainly because YOU, who were obviously not a contender for them, posted the link on here, and all the people who wouldn't have ever seen them, SAW them... but regardless, he is very happy with his purchase, and believes in their value, yet members of the sYc still feel the need to ridicule. (I bring up yet another reason why the private auction has become attractive, no need to hear everyone's opinion on your purchase... how much did YOU pay for your house, your car, etc?) Camarojoe also bought the "building a better way" plate on ebay for $26, but now it's up to 50 something. The bidders who are bidding now seem to feel confident in it's value as well, and they had every chance to buy it the first time (as did you) when it came on and Camarojoe was high bid, except they didn't...maybe because they didn't see it, maybe it wasn't "worded" as well..AKA...using the "inappropriate words" Yenko, COPO, etc. that you find so offensive, yet everyone at the sYc seems to search on a daily basis. I don't understand the problem, do you want to sell your COPO for what you payed? I don't think so, neither does anyone else or the Supercar marketplace wouldn't have doubled it's prices in the last 5 years. I don't know how you make your money, or how you got your COPO, but I can bet it wasn't from selling things for what you paid. Everything from your COPO car to the toilet paper in your bathroom was sold at a markup, someone made money on it in the process, I can't speak for England, but that's how the US economy works, that's how people get income to exchange for goods and services. Some people make theirs by buying low and selling high being "day traders" doing it with stocks & bonds or "ebayers" doing it with license plates, to me it's all the same. Ask a real estate developer how he makes his money, he'll tell you he finds the "undeveloped" low cost/high potential land and develops it, making a profit for his efforts, Camarojoe finds the undeveloped/low cost car parts, and puts them in touch with people who are willing to pay more $$$ for them, I just don't see the need for all the ridicule. Camarojoe isn't a member of this board, and it isn't surprising why.
I don't see anyone holding guns to peoples heads to bid on ebay items. Don't insult the people who can (and do) afford these items. They can read and have their own brain. Decent people have made money on selling and reselling car parts (and everything else) for years. Let history continue. If you can't play the game, don't rip apart others who can roll with it. You'll have to use a dollar store wisk broom to clean up your AUTHENTIC, RARE, REAL, "NEW" Picasso Paintings, cause someone already bought the "overpriced" $200 berger one. [img]/ubbthreads/images/graemlins/tongue.gif[/img]
People are quick to pass judgement around here, cry about exorbanant prices or "rare" parts that just aren't "rare" enough, yet at the Supercar Reunion every year, people flock around Camarojoe's memorobilia display that he brings without any compensation or incentive other than to share with people who can dig it, and everyone seems to love it, giving compliments, asking for copies/favors/etc.,... yet he comes home signs on and reads what SOME members of the sYc have to say. [img]/ubbthreads/images/graemlins/thumbsdown.gif[/img]

[68l30]

Well said!

Steve