Mecum Rule?

[Mr70]

While watching the auction last week,someone bid,and the hammer yelled "Mecum Rule...Mecum Rule".
It was hard to listen to over the TV announncers and I thought it was a joke,but it looked/sounded like they accepted a bid by the same previous bidder seconds earlier,meaning he just raised himself.

Is that true?....meaning if a bidder raises his own bid because he's not paying attention,and offers the next amount being asked for,Dana holds you to it.

Do anyother car auction houses do this too?..because I was surprised they were labeling this "Mecum Rule".

[Charley Lillard]

That is Dana asking the high bidder to raise his own bid to the reserve. If he does, nobody else can bid and the person that raised his own bid gets it. I think Mecum is the only one to do it.

[Plowman]

If the bidding stops and you were the last bidder, you can raise your own bid and go Mecum Rule - your bid will be accepted at the higher bid and bidding will stop-if Mecum says okay. This is the understood rule-same as reply above.

[Mr70]

Thanks.

[Charley Lillard]

A example of it was on the yellow 67 Yenko I think. Bidding had died at I think around 300K and reserve was not met. Dana asked the high bidder to raise his own bid to 325K which apparently was the reserve or close enough so the seller would get his net if Dana waived some fees etc. Bidder raised his own bid to 325, someone jumped in and bid 350, orig guy bid 375. The bid of 350K was not accepted because the auction was down to just the high bidder that raised his own bid. Dana charged the orig high bidder 325K and Dana now has a customer for life. If it wasn't for that orig. high bidder the car would have never met reserve or sold.

[PeteLeathersac]

Cool rule really and hats off to Dana!
To clarify also question further, the auctioneer gives only the high bidder one chance to bid an exact amount necessary that meets reserve or whatever figure calculated that can make it sold...right?
If so does this apply to all Mecum reserve auctions and regardless of bids reached or is there a % of bid amount versus 'sell' ratio necessary before the auctioneer offers this?
Using the example above, the bidding stalled at over 90 percent of the 'sell' amount but if reserve was say 400 thousand and bidding stalled at 300 thus a 75% bidding/sale ratio, is it still offered to the high bidder at the 400 etc, etc?


<<GRAEMLIN_URL>>/beers.gif
~ Pete

[Charley Lillard]

Yes, only the high bidder. The Mecum rule I think that is a personal call that Dana makes on a case by case basis.

[njsteve]

Man, this is like the Infield Fly rule in baseball or the En Passant rule in Chess.

Definitely goes to show that you really need to know the rules before you do the auction dance.

Thanks for the explanation.

Now lets discuss the Alternative Minimum Tax rule......

[Mr70]

Don't forget the NFL's &quot;Tuck Rule&quot; too.
I know the Oakland Raiders won't.

[SIR-VIVOR]

I think most anything goes to get get the deal done on high end great cars. I fortunately didn't need to worry about that with Godfather Stefano Bimbi raising his hand and writing the check for $600,000.00 big ones. Thank you Godfather!

[njsteve]

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Mr70</div><div class="ubbcode-body">Don't forget the NFL's &quot;Tuck Rule&quot; too.
I know the Oakland Raiders won't. </div></div>

And of course there is always the &quot;Adam's Apple&quot; rule when looking at the prospective &quot;ladies&quot; in a dimly lit bar room at the end of the night.... <<GRAEMLIN_URL>>/blush.gif

[DW31S]

I never heard of the &quot;mecum Rule&quot; until now, but I attend at least four car auctions a week for a living selling trade-ins and supplying the used car lots for a new-car dealership (been working there 31 years). It is customary procedure that if the car on the block hasn't met the floor price (reserve) that the LAST (high bidder) bidder has the first right to raise his or her offer. If that bidder chooses not to, then the car is offered to whoever may want to pay what price the seller is willing to take. When I am on the block selling, the same applies and the AUCTIONEER controls the sale--NOT the consignor (seller). Sometimes a buyer way wander in that lane near the end of the sale and NOT hear the conditions under which the car is being sold (announced defects, branded title, etc.), make a bid, win (buy) the car and THEN want out!!! Under auction policy he owns it---it is then up to the seller if he/she wants to &quot;un-wind&quot; the transaction.
Those TV auctions are usually all &quot;AS-IS&quot; so many of the daily auto-auction rules will not come into play.
TAKE MY ADVICE---read ALL the rules BEFORE you bid!!!!!!!!The bigger auction houses will many times negotiate the fees to get a car sold---&quot;part of something is better than all of nothing&quot;. The daily auctions will not do this and their fees are non-nogotiable. Then there is the whole subject of ARBITRATION. I could write a book!!!
Enough for now............Dave.

[dl7265]

I'd think a savvy buyer, would say well, I'm only one in the ballpark. It can go to &quot; bid goes on&quot; and seller can sweat awhile for it. When he get's desperate for a sale call me.

DL

[Plowman]

That is Dana asking the high bidder.

[YENKO DEUCE REGISTRY]

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: njsteve</div><div class="ubbcode-body">Man, this is like the Infield Fly rule in baseball or the En Passant rule in Chess.

Definitely goes to show that you really need to know the rules before you do the auction dance.

Thanks for the explanation.

Now lets discuss the Alternative Minimum Tax rule...... </div></div>

AMT anyone?? <<GRAEMLIN_URL>>/grin.gif

[x Baldwin Motion]

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: njsteve</div><div class="ubbcode-body">Man, this is like...... the En Passant rule in Chess.

...... </div></div>


Been playing idiots for 40 years I guess, just had someone pull that on me for the first time last month. <<GRAEMLIN_URL>>/dunno.gif