Help With Selling #1 Car at Auction - Mecum Indy? - Page 4

OldZ28Owner · #31 02-10-2014, 04:17 PM

"Don't for a minute think that someone who may not <span style="font-style: italic">look</span> like a buyer isn't one!"

I always remember working at a Lexus dealer when a couple of guys came in, both wearing bib overalls. No one wanted to wait on them, but the guy with the patience to walk up sold an SC430 ($72,000) and an LS600 ($120,000). Turns out that they owned a Christmas tree farm in western NC and had more money than a deity!

**bashton** · #32 02-10-2014, 06:05 PM

Trust me...there are people that regularly attend the MCACN show that you wouldn't for a minute know have what they have based on their outward appearance, including some of the participants!

Bashton
MCACN Managing Member

Smokey · #33 02-10-2014, 06:21 PM

Jim brings up a good point. You never know who is a buyer these days. Met some kids the other day all muddy who just dropped Copo money on a new pulling truck motor. Then I was at a customers house right before Christmas who were farmers. 2 miles down the gravel...and her husband pulled up with a new LS600 Lexus. I go wow that's a nice present for your wife. He goes ya...beans were still pretty good for us this year. Not as good as last year but not bad either. Remind you he was wearing his dirty Carharts full of dried on pooo on them. He has 4 midyears in the machine shed.

**rubbinisracing** · #34 02-10-2014, 06:55 PM

From past experience I have found it helpful to have instructions for the seller's assistant who will work with you as your car is being auctioned. The 90 to 150 seconds while your car is active is not a good time to develop strategy. There are basically 2 methods the auction house can use for cars with a reserve.

1.) The seller's assistant will ask you about your reserve price and if your firm on that dollar amount. If he senses that you’re adamant on not letting your car go for anything less than your reserve they will most likely proceed as follows. They will recognize real and non-existent bids, as allowed by their agreement, very quickly to just short of the reserve to see if there is any real money on your car at that price. If there is real money on the car they will work to get the bids to the reserve. If not, they will quickly move to the next car and your time in the sun is over.

2.) If you instruct the seller's assistant that you want to know where the real money is and that you might lower your reserve or accept an amount lower depending on the level, the auctioneer after initially acknowledging non-existent bids to get the pump primed will switch to only real money bids. Now you can see the bids you have to work with and can make a judgment, albeit quick, on how to proceed. If the real money is close to the reserve and there is more than one interested bidder the auctioneer will work to get the bidding to the reserve or an acceptable level for the consignor to accept. If the real money is far short of the reserve and a deal can't be made they will close the bidding and move to the next car.

Both methods have their advantages. With the former, the auction house has a much higher "bid to" amount to work deals from post block. The consignor leaves the auction with a car that just fell short of his reserve with verifiable auction results to support his price. But unfortunately, in the quick run up of the bidding to reach a level just below the reserve amount real money bidders may have been bounced off the car while it was on the block. Meaning that real money that fell 5 to 10k short of where the auctioneer took the bidding has been lost and the consignor has lost those bids and has no way to accept them. Thus, the consignor has no real feedback on the perceived value of his car.

With the later, the consignor has good information about how the bidders felt about the car and had an opportunity to work a deal for real money. Unfortunately in this method the consignor may leave the auction with a high bid that is tens of thousands less than what he had hoped for and the auction house has a large gap to bridge in trying to work post block sales. In addition, there may be less than favorable historical bids that can be used as a gauge for subsequent efforts to sell/purchase the car. These precedents can give pause to buyers who may have wanted to pony up for the car initially.

If I really want to move the car I go with no. 2. If I plan on attending other auctions and don't mind the expense and time of prepping the car for auction and see it as entertainment and enjoy the ride I use no.1.

Just some thoughts that might help!

**GaryC** · #35 02-10-2014, 07:25 PM

I'm a firm believer of never judging a book by it's cover. What you might see on the outside is not always a true view of a person...neatly dressed or a slob.

**Xplantdad** · #36 02-10-2014, 07:37 PM

Good info Howard! Also, as far as the fuel....make sure you have enough...but just like MCACN or any other indoor event, I believe that you have to have less than a quarter tank of gas...Fire Marshal rules [img]<<GRAEMLIN_URL>>/smile.gif[/img]

Also, spend the money on a good show board, if you don't already have one.

Finally, as been said above-be around your car as much as possible. One of my buddies just scored a really nice Chevelle...because the owner wasn't there...and it was dirty until it hit the block! [img]<<GRAEMLIN_URL>>/beers.gif[/img]

**Ryan1969Chevelle** · #37 02-10-2014, 10:52 PM

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Xplantdad</div><div class="ubbcode-body">Good info Howard! Also, as far as the fuel....make sure you have enough...but just like MCACN or any other indoor event, I believe that you have to have less than a quarter tank of gas...Fire Marshal rules [img]<<GRAEMLIN_URL>>/smile.gif[/img]

Also, spend the money on a good show board, if you don't already have one.

Finally, as been said above-be around your car as much as possible. One of my buddies just scored a really nice Chevelle...because the owner wasn't there...and it was dirty until it hit the block! [img]<<GRAEMLIN_URL>>/beers.gif[/img] </div></div>

BINGO.........a really really nice Chevelle.

Ryan

Vern B · #38 02-11-2014, 01:18 AM

Really good information and strategies, thank's.

Do you consider taking a chance and letting it go to "The Bid Goes On"?

Obviously, it's best to sell it on the block, but I also understand Mecum may negotiate to the point of eliminating the sellers fee during this last chance option. That's probably not a huge thing, as it relates to the entire transaction, but on a high dollar car it could be a factor.

Maybe the "mood" is broken by letting the buyers walk, but they do seem to sell a lot of vehicles after they cross the block.

I was looking for an older truck at the recent Kissimmee auction. Several I was interested in, that were a little above my price, sold a day, or two later.

**bulletpruf** · #39 02-11-2014, 01:19 AM

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: bashton</div><div class="ubbcode-body">Take heed to Stevens recommendations. Be with the car as much as possible to answer questions from anyone who may ask. Don't for a minute think that someone who may not <span style="font-style: italic">look</span> like a buyer isn't one!

Prepare some information sheets that outline why your car stands above the others, with plenty of detail and have them available at all times. Don't assume that people know. List your national awards, (cough-cough; MCACN) as they were well earned and respected, not lawn show awards that almost anyone can get.

You have a beautiful car and it will stand out if you take the proper steps to assure it is not lost in the crowd. Be sure it starts right up and runs properly at all times and you have enough high octane fuel. There are a lot of cars there and many that may have more instant eye appeal, but not nearly as many that have the quality of yours.

Best of luck and we'll see you there! [img]<<GRAEMLIN_URL>>/beers.gif[/img]

Bashton
MCACN Managing Member </div></div>

Bob -

Thanks for the advice and kind words. Agree 100% on the quality; other cars can match the rarity, pedigree, etc, but workmanship and attention to detail by Darrell and his team at Supercar Creations is unbeatable. This is one car that won't have to be re-restored by the new buyer.

Thinking about printing up some color flyers with details on the car, awards, magazine coverage, etc.

Car runs quite well; will certainly ensure that it's got plenty of high test fuel for the event.

Look forward to meeting you in May. [img]<<GRAEMLIN_URL>>/flag.gif[/img]

Scott

**bulletpruf** · #40 02-11-2014, 01:22 AM

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: OldZ28Owner</div><div class="ubbcode-body">"Don't for a minute think that someone who may not <span style="font-style: italic">look</span> like a buyer isn't one!"

I always remember working at a Lexus dealer when a couple of guys came in, both wearing bib overalls. No one wanted to wait on them, but the guy with the patience to walk up sold an SC430 ($72,000) and an LS600 ($120,000). Turns out that they owned a Christmas tree farm in western NC and had more money than a deity! </div></div>

I know what you're talking about. One of the wealthiest people I know (heir to tobacco family fortune) reminds me of the Duck Dynasty crew, but not nearly as clean cut as they are...