auction 'buy backs'

[rich p]

Jude the car was sweeeet!! But just like the guy who called me with a 4 door Hemi car(red) and asked me for 1,000,000 and it sold for 400-500K. I guess he was unhappy it needed a lot more O's..

[NovaMob03]

My main complaint witnessing the BJ auction was that the announcers were not properly informed about the cars AND that they rush the cars across too fast. Face it, when you consign your car with them, they should act as your representative in the sale. The owners should be allowed to write up their car's bio & have it read to the buyers. Give each car a 1 minute description, then let the bidding begin. John, as well as others, got shortchanged IMO

[427king]

[ QUOTE ]
they rush the cars across too fast. Face it, when you consign your car with them, they should act as your representative in the sale. The owners should be allowed to write up their car's bio & have it read to the buyers. Give each car a 1 minute description, then let the bidding begin

[/ QUOTE ] As Charley said they turned down 3000 cars. They probably should have turned down 4000 cars and did a better job of selling fewer cars for more money. The other issue is if you take 20 mach 1s instead of 30 mach 1s you will see better prices for those cars. Then again,they are only trying to make the most money and that means getting the most cars thru, they dont care about any one car or group of cars.

[BigG]

Posts: 52
Loc: Florida/ Montreal Re: Barrett Jackson..... [Re: markinnaples]
#248127 - 01/23/07 12:57 AM Edit Reply Quote Quick Reply



I too spent the weekend in Arizona.I spent wednesday and thursday at Barretts and Friday at RM and again Saterday at the circus/Barretts.Wed and Thurs nothing but junk period. Friday I got a lesson in Class and professionalism at RM and Saterday was incredible. First of all It seemeed like someone had called the used car hemi factory and placed the largest order in history for Hemi cars. I believe they ran 29 hemi cuda;s It looked like a clearence sale., but still I have to say for the 70;s hemi cuda;s the prices were very consistant and quite strong. Most of them sold for betwwen $240000 and $260000 plus the juice except for some 74 mile survivor that went for $500000 a 70 roadrunner coupe went for $210000 while a 70 roadrunner convert only brought $200000 a hemi 4-door brought $600000 being a one of three, which I thought was incredible later in the day is when things seemed to go South for our mossed prized 71 hemi cuda;s two went off'' not really the two of the best examples so it is really hard to gauge the market by these. A 4-speed $480000 and auto non build board plain jane ev2 $375000 plus the juice. In my opinion the worst thing is that they saved some of the best mopars for after ten oclock when nobody was left there so again impossible to gauge the market a Hemi Daytona and Superbird which they made the owner package $790000 plus.The one thing I can say is it was obvious something seemed to be going on with very fast hammering on some cars being sold and alot of odd retractions on bids on others that made you have to wonder who the bidders and buyers these cars were comming from and going too''In my opionion any one who didn;t do well here had only Barrett and themselves to blame.Anyone who would take there more than $200000 plus mopars and let these people run it a no reserve shows you don;t have enough respect in these cars yourself., and letting them run so many on you shows they have no respect for these cars or you as a client.The thing Barretts doesn;t get is the cars are the Stars not the Venue, and the TV they think they are what brings the prices and the people you and your cars have nothing to do with it. Steve Davis didn;t take his sun glasses off the whole day and night Saterday. I think He thinks He;s Steve McQeen'' Not Steve Davis. this is a going to be a very hard lesson for some of these guys who didn;t do well, but NEVER place a RARE and DESIRABLE MOPAR in SUCH a NO RESERVE CIRCUS like that again because you and Barretts Hurt the market the CARS and the reputation of RARE CAR COLLECTING in General By the Way RM SOLD the 71 Hemi Cuda convertible with reserve for 2.2 Million plus the juice On Friday. Barretts also sold a GTO RAM 1V Judge White and Black 4- speed very well documented but the owner who was honest with every one and said the car had been completely replaced from the cowl back by a dooner GTO Still sold for $117000 plus the juice

[mrrec]

[ QUOTE ]
I'm still not quite understanding how this auction buy back works. If you are not allowed to bid on your car as owner, and must have someone else bid, then aren't you on the hook for paying the entire bid amount, not just the 18% seller/buyer portion, but also the bid amount as well? Because if someone else bids (and they must have a bidders number) isn't that considered a legitimate buy? I'm still fuzzy on how this all pans out. Thanks for any clarification to this.

[/ QUOTE ]

You're basically floating a check. If you "buy back" my car for me and win it at $110k, we've already worked it out so I loan you the $$ and you write a check to the auction co. for the $110k. In about 4 weeks a check comes in the mail for $90k ($100k sales price minus 10% commission). Net loss: $20k.

And by the way, buy backs have been going on forever! It was just extremely obvious this year. Auctions are a real game - if you are cautious and dilligent, there can be some real buys. If not, there's a good chance your paying too much for a questionable car. An illustration: years ago I was talking to the seller of a 67 SS/RS. It looked very nice. No docs. Question: "It's a real car?" Answer: "You'll have to figure that out for yourself" Buzzzzzzzzz. I just did.

Dave

[442w30]

[ QUOTE ]
My main complaint witnessing the BJ auction was that the announcers were not properly informed about the cars AND that they rush the cars across too fast.

[/ QUOTE ]

The announcers are merely reading the description supplied by the owners. Otherwise, I agree - I think some of the descriptions are bordering on fraudulent.

[LS6 RAT]

Dave,

Thank you for the "buy back" explanation, it makes sense how it works to me, now.

[Lynn]

The rules can vary from state to state, but most states have a similar provision in their Uniform Commercial Code to this provision in the Oklahoma Code regarding auctions.

"... (4) If the auctioneer knowingly receives a bid on the seller's behalf or the seller makes or procures such a bid, and notice has not been given that liberty for such bidding is reserved, the buyer may at his option avoid the sale or take the goods at the price of the last good faith bid prior to the completion of the sale. This subsection shall not apply to any bid at a forced sale."

Does the Barrett Jackson bidder agreement give notice that buyers may be bidding on their own cars?

[mrrec]

[ QUOTE ]
Does the Barrett Jackson bidder agreement give notice that buyers may be bidding on their own cars?

[/ QUOTE ]

No. As stated before, the B-J seller contract specifically states that the seller may NOT bid on his car. Also as stated previously, this does not prevent the sellers friend or agent from bidding on the car and there is NO way to prevent this. If you bought and suspected it, collusion between the parties would be very hard to prove, I would think.

Dave

[427king]

[ QUOTE ]
If you bought and suspected it, collusion between the parties would be very hard to prove

[/ QUOTE ] Im sure you can prove it when the "seller" has the car listed on ebay a week after the BJ auction, or if its a legit sale to a friend,money must change hands,appropriate income taxes filed etc. Im sure no one does that on a false sale. So it would be easy to track whats goping on if one really wanted to.