Barrett Jackson COPO Camaro

[showyourauto]

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As far as the shill bidding, I'm a car dealer by trade. I go to wholesale auctions weekly. Shill bidding is as common as a cup of bad coffee.It happens on , I'd bet 70% of all cars thru a wholesale auction. If the seller won't sell the car under, say, $10,000 , the auctioneer runs the car there [$9900] with or without a 'real' bidder. Next 'real' bid buys the car. [these are NOT 'no reserve' auctions..]

Yeah if I was the buyer I'd be pissed off Reggie was a seemingly obvious shill for the owner...but that's the way auctions are. It can be a really lousy place to buy a car...wholesale or retail.

I personally wouldn't get NEAR a collector car at an auction without superior knowledge about a car...

Maybe the buyer knew exactly what he was doing...he paid the premium to be on TV.



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Shill bidding is part of the sellers agreement at Russo Steele Reserve Auction as explained by Drew last Feb:


"Advancement of Bidding: RS retains the right to advance the bidding up to, but not in excess of, the Reserve, as agent for the Seller. RS further reserves the right, at its sole discretion, to Sell the Vehicle at a high bid price less than that price identified as the “Reserve Price,” provided that RS nets the Seller the specified reserve amount less all-applicable sales commissions and fees.


This clause is clearly stated in Russo and Steele’s Consignment Agreement under section 8, d.

Drew Alcazar"

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Mecum and others have the same type of language in their contracts, allowing the owner of a car bid on their own vehicle up to the reserve.

[Johnny Horsepower]

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Paceme,

That is exactly what happened with my '69 L78 Camaro SS convertible that I consigned with Russo & Steele in their inaugural event at the Marriot Hotel in Monterey in 2001. I set the reserve at $70K, the high bid went to $71K, Drew called it sold, even though with their commission taken out the net amount to me as owner would be less than I set the reserve at. Russo & Steele forego their sellers fee and collected only the buyers portion. I netted $70,200 to me from that auction.

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I have not sold a car at auction (bought a couple), but I was always under the impression , that reserve price that you set was before fees. Sounds like Drew treated you right.

Anyone know for sure. Reserve price= before ar after fees?

JG

[Johnny Horsepower]

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John...were you wearing a black Nickey Tshirt on Saturday? I think I saw you

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That was I
you should of grabbed me Bruce, I would have had a libation with you.

John

[Seattle Sam]

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As far as the shill bidding, I'm a car dealer by trade. I go to wholesale auctions weekly. Shill bidding is as common as a cup of bad coffee.It happens on , I'd bet 70% of all cars thru a wholesale auction. If the seller won't sell the car under, say, $10,000 , the auctioneer runs the car there [$9900] with or without a 'real' bidder. Next 'real' bid buys the car. [these are NOT 'no reserve' auctions..]

Yeah if I was the buyer I'd be pissed off Reggie was a seemingly obvious shill for the owner...but that's the way auctions are. It can be a really lousy place to buy a car...wholesale or retail.

I personally wouldn't get NEAR a collector car at an auction without superior knowledge about a car...

Maybe the buyer knew exactly what he was doing...he paid the premium to be on TV.



[/ QUOTE ]


Shill bidding is part of the sellers agreement at Russo Steele Reserve Auction as explained by Drew last Feb:


"Advancement of Bidding: RS retains the right to advance the bidding up to, but not in excess of, the Reserve, as agent for the Seller. RS further reserves the right, at its sole discretion, to Sell the Vehicle at a high bid price less than that price identified as the “Reserve Price,” provided that RS nets the Seller the specified reserve amount less all-applicable sales commissions and fees.


This clause is clearly stated in Russo and Steele’s Consignment Agreement under section 8, d.

Drew Alcazar"

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Mecum and others have the same type of language in their contracts, allowing the owner of a car bid on their own vehicle up to the reserve.

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I don't see the harm in this, it's not going to sell if it fails to meet reserve, and it takes a real buyer (willing to pay what he bids) to get it past reserve. You might have a willing buyer sitting at $25,000 below reserve, nobody to bid against him, who is also willing to pay the reserve price? You wouldn't have a sale if they didn't push the bid to the reserve. If the guy at $25K below is not willing to pay the reserve price then it doesn't sell. Tell me who gets hurt?

[Hylton]

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I don't see the harm in this, it's not going to sell if it fails to meet reserve, and it takes a real buyer (willing to pay what he bids) to get it past reserve. You might have a willing buyer sitting at $25,000 below reserve, nobody to bid against him, who is also willing to pay the reserve price? You wouldn't have a sale if they didn't push the bid to the reserve. If the guy at $25K below is not willing to pay the reserve price then it doesn't sell. Tell me who gets hurt?

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I agree. It's not like the interested party can possibly pick up the car for less at the auction.

[Xplantdad]

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John...were you wearing a black Nickey Tshirt on Saturday? I think I saw you

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That was I
you should of grabbed me Bruce, I would have had a libation with you.

John

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You looked like you were on a mission...

You were over by the Ford drifting area...and walking pretty quicly the other way. It's all good...

[Steve Shauger]

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As far as the shill bidding, I'm a car dealer by trade. I go to wholesale auctions weekly. Shill bidding is as common as a cup of bad coffee.It happens on , I'd bet 70% of all cars thru a wholesale auction. If the seller won't sell the car under, say, $10,000 , the auctioneer runs the car there [$9900] with or without a 'real' bidder. Next 'real' bid buys the car. [these are NOT 'no reserve' auctions..]

Yeah if I was the buyer I'd be pissed off Reggie was a seemingly obvious shill for the owner...but that's the way auctions are. It can be a really lousy place to buy a car...wholesale or retail.

I personally wouldn't get NEAR a collector car at an auction without superior knowledge about a car...

Maybe the buyer knew exactly what he was doing...he paid the premium to be on TV.



[/ QUOTE ]


Shill bidding is part of the sellers agreement at Russo Steele Reserve Auction as explained by Drew last Feb:


"Advancement of Bidding: RS retains the right to advance the bidding up to, but not in excess of, the Reserve, as agent for the Seller. RS further reserves the right, at its sole discretion, to Sell the Vehicle at a high bid price less than that price identified as the “Reserve Price,” provided that RS nets the Seller the specified reserve amount less all-applicable sales commissions and fees.


This clause is clearly stated in Russo and Steele’s Consignment Agreement under section 8, d.

Drew Alcazar"

[/ QUOTE ]

Mecum and others have the same type of language in their contracts, allowing the owner of a car bid on their own vehicle up to the reserve.

[/ QUOTE ]

I don't see the harm in this, it's not going to sell if it fails to meet reserve, and it takes a real buyer (willing to pay what he bids) to get it past reserve. You might have a willing buyer sitting at $25,000 below reserve, nobody to bid against him, who is also willing to pay the reserve price? You wouldn't have a sale if they didn't push the bid to the reserve. If the guy at $25K below is not willing to pay the reserve price then it doesn't sell. Tell me who gets hurt?

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To me it artificially inflates the price a real bidder is willing to spend and what the real market price of the car(not what the seller wants). If I'm at an auction I don't want to bid against myself. If a car doesn't legitimately meet reserve then possibly something could be negotiated by both buyer& seller once it is off the block.

[Steve Shauger]

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I don't see the harm in this, it's not going to sell if it fails to meet reserve, and it takes a real buyer (willing to pay what he bids) to get it past reserve. You might have a willing buyer sitting at $25,000 below reserve, nobody to bid against him, who is also willing to pay the reserve price? You wouldn't have a sale if they didn't push the bid to the reserve. If the guy at $25K below is not willing to pay the reserve price then it doesn't sell. Tell me who gets hurt?

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I agree. It's not like the interested party can possibly pick up the car for less at the auction.

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Why not it happens all the time at reserve auctions. Once off the block the buyer,seller and auction house work out a compromise.

[camarojoe]

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To me it artificially inflates the price a real bidder is willing to spend and what the real market price of the car(not what the seller wants). If I'm at an auction I don't want to bid against myself. If a car doesn't legitimately meet reserve then possibly something could be negotiated by both buyer& seller once it is off the block.

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I agree, and if you only have one interested party for a car at a way undervalued price at an auction, then you're running a pretty crappy auction. Besides that, the general public sees some car that the seller has set an insanely high reserve on get pushed up to nearly that amount via shill bidding, and then does not sell...they think the car has a value of way more money than it really does, and use it as justification for setting their own rediculous prices. How many times have you heard the line "My price is cheap, did you see what a similar car was bid to at B-J or Russo-Steele, etc.?" Shill bidding at these auctions should not be allowed, encouraged, or endorsed IMO.

[Denis]

"Numbers matching engine" at Barrett-Jackson now means the engine and trans have the same restamps, or the block predates the car.

"Numbers matching car" means all four tires are the same size.