Barrett-Jackson lawsuit over the Ramcharger Cuda - Page 6

**427king** · #51 01-11-2008, 12:19 AM

[ QUOTE ]
The bottom line is there is no reserve

[/ QUOTE ] The "no reserve" is a incorrect term. If i bring a COPO there and say on the contract ill buy it back up to 200K, then the reserve is 200K,you as a bidder just dont know it. So in effect it isnt a no reserve auction.Then again it insures that the auction house receives boith seller and buyer commision on both ends whether a car actually trades hands or not . Its like bidding on an item on ebay with no reserve ,and then at the last second the sellers preset bid gos in effect. How the term no reserve gets used is beyond me.

**Charley Lillard** · #52 01-11-2008, 12:29 AM

As far as I know there is no place to tell the auction house you will buy it back. I think in fact they state that the seller cannot buy it back. That does not prevent a seller from having a friend that is a registered bidder buy it back for him but you better have friends that really trust each other.

x Baldwin Motion · #53 01-11-2008, 12:48 AM

"and then at the last second the sellers preset bid gos in effect"

Chuck, the seller bids on his own item under a different name to meet his (no)reserve?

Johnny Horsepower · #54 01-11-2008, 01:00 AM

[ QUOTE ]
[ QUOTE ]
The bottom line is there is no reserve

[/ QUOTE ] The "no reserve" is a incorrect term. If i bring a COPO there and say on the contract ill buy it back up to 200K, then the reserve is 200K,you as a bidder just dont know it. So in effect it isnt a no reserve auction.Then again it insures that the auction house receives boith seller and buyer commision on both ends whether a car actually trades hands or not . Its like bidding on an item on ebay with no reserve ,and then at the last second the sellers preset bid gos in effect. How the term no reserve gets used is beyond me.

[/ QUOTE ]

**427king** · #55 01-11-2008, 01:23 AM

Charlie, Why do you hear about people getting upset because they had to pay the sellers and the buyers premium just to get thier title back?? Weve all heard about the Crossram car from OK, that the seller had to cough up 20K plus just to have them release his car back to him, is that a false story??????

**Charley Lillard** · #56 01-11-2008, 02:32 AM

InI think in prior years to las year you could buy your car back. Last year they said no. I remember Andy Wolf wanting to buy his 68 Yenko back and they said no. He didn't think about having a friend there to buy it back for him. Ifyou don't want to let your car go under a certain amount then you should take it to a reserve auction. If you do buy your own car back and the hammer drops before they realize you are the owner I think all they can do is charge you both the buyer and seller fee. At 16% on a 100K car you only net 84K after you buy it back so you hadbetter really think about weather you think you can do better than 84K before you buy it back. You also have to have some consideration for the buyer that reads the catalog that says no reserve, flys across country only to have the guy buy his own car back.

**427king** · #57 01-11-2008, 03:24 AM

The simple solution to ending ALL and ANY type of shill bidding at any public auctions on high dollar items ,cars or otherwise is to have the venue issue IRS sales/purchase reporting forms to buyers and sellers just like when land and property change hands. At that point buyyer and seller have too much to lose on a false sale.

**Bill Pritchard** · #58 01-11-2008, 04:05 AM

[ QUOTE ]
I Hope they didn't give him a "Penny"........They did "Nothing" wrong.........

[/ QUOTE ]

In a perfect world, I couldn't agree more, Ken. Unfortunately, in the real world, things don't always work that way. B-J needed to make this go away before this year's event got underway, and have any accusations (real or otherwise) made against them refuted. They got that, in spades.

**Stefano** · #59 01-11-2008, 04:13 AM

I don't want to unjustly accuse anyone of anything, but: if you watch BJ, R&S or even RM, on TV last year you'll see Charley at each and every Venue with a bidders pass around his neck.

I think he might just be a professional Jacker?????

It is not the mfg of the "gun" we should blame, but the guy who pulls the trigger, so to speak.

Just watch the reruns

Johnny Horsepower · #60 01-11-2008, 04:21 AM

[ QUOTE ]
Charlie, Why do you hear about people getting upset because they had to pay the sellers and the buyers premium just to get thier title back?? Weve all heard about the Crossram car from OK, that the seller had to cough up 20K plus just to have them release his car back to him, is that a false story??????

[/ QUOTE ]

I think the point of contention is the term no-reserve; and it is a valid term. At a reserve auction you pay nothing but a stiffer enrty fee; if the car does not sell take it home. In a no reserve if you ended up buying your car back directly or not, you are paying buyer AND sellers fee. What does this mean. You did not have a reserve and the car sells to the highest bidder. If that bidder is you, it cost you money that it does not cost in a reserve auction. The goal of no reserve is to let people know the car really is for sale and it is. In short , I see no problem with the term "no-reserve" as it is very diferent from a reserve auction.

My $.02

JOHN

Dedicated to the Promotion and Preservation of American Muscle Cars, Dealer built Supercars and COPO cars.