B-J auction question

[JTH74]

If you consign a car at a B-J aution with reserve, as Charley did the 55, can you lift the reserve if the bidding gets close or does the reserve have to remain in place. The reason I am asking I have seen the reserves lifted at Russo & Steele while the car is on the block if the bidding gets close. Thanks.

[Stefano]

Yes, you can "lift" or remove your reserve.

As a general rule Auctions will let you sell for less than you agreed/contracted to but not for more.

[Mr70]

Great question.
Stefano,to ask further.....because the seller has a "reserve price" contracted before hand with the auction house,does the contracted auction house have to "OK" the lifting of the reserve price during the bidding too?..or is that decision strictly up to the seller,and no one else?

[JTH74]

one more question, if the reserve price is not met, does the consignor still owe 10% of the hammer price or just entry fees? Thanks.

[Stefano]

That scenario becomes a modified contract on the block which generally requires the agreement of both parties if the price is not within the general contract provision.

The auction does reserve some rights as to what they can do in order to make a sale as long as the seller/consignor gets the same amount agreed to contractually.

If the reserve is not met and there is no sale then generally there are no commissions/fees due to the auction, other than the entry fee or anything else agreed to by both parties.

[ohhawk]

I'd like to jump in with a couple of questions as well.

* When is the best time to be able to more closely inspect a vehicle as I notice some of the higher end vehicles are placed in roped off displays? Is there a time during the week where you can crawl around these or any cars a bit?

* If a car doesn't sell is there any process that allows for contacting the seller after the auction ends?

[Stefano]

Most auctions have representatives who can help you or allow you to inspect a vehicle prior to bidding on it. The sooner you can get that done the better, but you need to contact them in order to receive the help.

Usually you need to be a registered bidder with the proper line of credit for that particular vehicle, if they have no history with you.

Most auctions include a 30 day after the block sale clause. If a car your interested in didn't sell contact the auction and they will try to facilitate a deal.

[SS427]

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Stefano</div><div class="ubbcode-body"> Usually you need to be a registered bidder with the proper line of credit for that particular vehicle, if they have no history with you.
</div></div>

What about cases where you are hired to be there to inspect certain potential cars for a client? In this case I would not be a registered bidder but working on the bidders behalf. In some cases the bidder may not be on site yet.

[Stefano]

If the registered bidder/potential buyer sets it up in advance for you with the auction company then it should not be a problem.

[rubbinisracing]

Possible new forum???

Ask Stefano?