auction 'buy backs'

[rich p]

Jude the car was sweeeet!! But just like the guy who called me with a 4 door Hemi car(red) and asked me for 1,000,000 and it sold for 400-500K. I guess he was unhappy it needed a lot more O's..

[NovaMob03]

My main complaint witnessing the BJ auction was that the announcers were not properly informed about the cars AND that they rush the cars across too fast. Face it, when you consign your car with them, they should act as your representative in the sale. The owners should be allowed to write up their car's bio & have it read to the buyers. Give each car a 1 minute description, then let the bidding begin. John, as well as others, got shortchanged IMO

[427king]

[ QUOTE ]
they rush the cars across too fast. Face it, when you consign your car with them, they should act as your representative in the sale. The owners should be allowed to write up their car's bio & have it read to the buyers. Give each car a 1 minute description, then let the bidding begin

[/ QUOTE ] As Charley said they turned down 3000 cars. They probably should have turned down 4000 cars and did a better job of selling fewer cars for more money. The other issue is if you take 20 mach 1s instead of 30 mach 1s you will see better prices for those cars. Then again,they are only trying to make the most money and that means getting the most cars thru, they dont care about any one car or group of cars.

[442w30]

[ QUOTE ]
My main complaint witnessing the BJ auction was that the announcers were not properly informed about the cars AND that they rush the cars across too fast.

[/ QUOTE ]

The announcers are merely reading the description supplied by the owners. Otherwise, I agree - I think some of the descriptions are bordering on fraudulent.

[LS6 RAT]

Dave,

Thank you for the "buy back" explanation, it makes sense how it works to me, now.

[Lynn]

The rules can vary from state to state, but most states have a similar provision in their Uniform Commercial Code to this provision in the Oklahoma Code regarding auctions.

"... (4) If the auctioneer knowingly receives a bid on the seller's behalf or the seller makes or procures such a bid, and notice has not been given that liberty for such bidding is reserved, the buyer may at his option avoid the sale or take the goods at the price of the last good faith bid prior to the completion of the sale. This subsection shall not apply to any bid at a forced sale."

Does the Barrett Jackson bidder agreement give notice that buyers may be bidding on their own cars?

[mrrec]

[ QUOTE ]
Does the Barrett Jackson bidder agreement give notice that buyers may be bidding on their own cars?

[/ QUOTE ]

No. As stated before, the B-J seller contract specifically states that the seller may NOT bid on his car. Also as stated previously, this does not prevent the sellers friend or agent from bidding on the car and there is NO way to prevent this. If you bought and suspected it, collusion between the parties would be very hard to prove, I would think.

Dave

[427king]

[ QUOTE ]
If you bought and suspected it, collusion between the parties would be very hard to prove

[/ QUOTE ] Im sure you can prove it when the "seller" has the car listed on ebay a week after the BJ auction, or if its a legit sale to a friend,money must change hands,appropriate income taxes filed etc. Im sure no one does that on a false sale. So it would be easy to track whats goping on if one really wanted to.

[BUIZILLA]

[ QUOTE ]
Jude the car was sweeeet!! But just like the guy who called me with a 4 door Hemi car(red) and asked me for 1,000,000 and it sold for 400-500K. I guess he was unhappy it needed a lot more O's..

[/ QUOTE ]sooooo, was this car a buyback? the winning bidder didn't look very happy that he was top dollar...

JH