Auctions in general

[southernfriedcj]

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My rant has given rise to an idea for a business that I think might work...What we need is an "auction advocate", someone who can assist in consigning a car to auction. They would provide the following services:

1. Advise the best aution company for the particular car whether sportscar, muscle, postwar and the like

2. Help arrange transport the car to the auction.

3. Assist in setting the reserve and the write up that the auction house uses in their literature and while its on the block. Proper photo taking for submission

4. Preparation of auction literature and signage.

5. Arrange for detailing and preparation of the car for auction and while at auction

6. Video taping of the auction while your car goes through

7. Assist with negotiations with the auction house while your car is on the block such as the lowering of the reserve.

8. They could also help with shipping the car home if it didn't sell

9. Negotiate the terms on the consignment.

A single consignor with an average car is not going to get as favorable terms as a mutiple consignor or one with rare and desireable cars. But this "auction advocate" who may possibly control many cars may get much better terms. If he's able to get a single auction house to play ball then the others will be forced to follow suit.

[/ QUOTE ]

Great idea!

I am surprised auction houses don't have a "lower the reserve and/or commision" contract on the block ready to be signed for each car. The seller could review the contract before his car went up on the block so all he would need to do is sign the paper if an agreement to lower or drop the reserve was made.

[69LM1]

Sounds good, have you ever been able to get them to change any contract? I have never tried. I know with other things like homeowners policies, phone companies etc, if you say that you don't agree with a clause or some such and want it changed they tell you to go pound dirt. All of the carriers have the same verbage, and you really have no choice if you want that service....

The idea of a consignor service however seems like a good one, and with multiple cars, might be able to garnish some concessions. I like that one, and as a hobbiest, I would use that service. I bet he could even get better rates with the car carriers for volume etc.

[Charley Lillard]

Isn't "Auction Advocate" exactly what the guy was that brought the red GT500 to R-S was ? Did he not do just about all that stuff except he screwed up and entered the car at the wrong reserve ?

[rubbinisracing]

Good observation Charley!

I'd suggest using someone competent not Mr. Haney.

[joey]

My brother owns a auction company and I help him reguraly. Another larger and older auction company that has been here for over 40 years started having classic car auctions and my brother who is a world class auctioneer helped them a time or two.He has since been weaning them off of his skills due to the fact that if you want a bad name start selling cars the way it is currently done.

[JHS]

After going to Scottsdale B-J in 2007, I was infatuated and disgusted with the whole process. Appeard that the appeal of the auction was to be on TV and flaunt how much money you have. Main objective of the televised sales was to be seen with the dude with the sun glasses, as if he is someone special. If these cars that run through these high-profile auctions are so valuable why are they not sold outside the auction process to the collectors that end up with them when the hammer drops? Unless you are Carol Shelby I have not seen any real deals for the seller and fewer for the buyer after factoring in the costs of vehicle and personal transportation, lodging, food, venue tickets, time off from work (I have to do that to survive), buyer and seller's premiums, etc.. The only thing really worth looking at was the women and I can not afford them either. The shill bidding just adds another distasteful element to the process. At least Russo has a reserve. I think a person that would agree to a no reserve auction is taking a very big risk or has something up his sleeve to protect his investment.

[AutoInsane]

I have seen multiple $100k + cars sell on this website in under 4 days. Obviously these are the more rare and perfect cars. Even so, in this day and age of Ebay, and the internet in general, it would seem a guy could market a car himself to potential buyers who would want to buy the car. I would guess it would be the same guys who go to the auctions.

For those who have sold cars through auctions, would it really be that hard to sell a car and not utilize an auction? I know often times the hype of the auction and the "dopn't miss it for just a grand" push the price to a higer level but then there is the 10% seller's fee which negates the increase in price.

In my opinion unless you have a $200k+ car to sell you could do it via classified ads in magazines and on the internet. $500 - $1,000 in marketing would go a long way!

I think I should go into the business of selling collector cars........

[BARNFOUND YENKO]

Ive sold many of cars/high dollar cars and not one time have i ever needed any help! ie.. auctions/all the BS associated with them.

[redbaron]

We need a better way to put large groups of buyers and sellers together than through the auction houses. Whether this could be done as a car only swap meet style sale or just what I'm not sure. As a collective group lets take back our sport and come up with ideas to help end this madness. It doesn't make sense that the seller loses 4 to 10%, while the buyer pays an additional 6 to 10%.

[Charley Lillard]

I like the auctions. As a buyer I can go and look at hundreds of cars that are for sale and they are in one place. I don't have to go on wild goose chases all over the country looking at one car at a time. So I pay 10% to the house for bringing them all together. As a seller....Barrett-Jackson brings 5000 registered bidders to see my car. I think they earn their money.