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

**bulletpruf** · #1 02-09-2014, 04:25 AM

Fellas -

Thinking about selling my car at Mecum (Indy) in May. It's a 1970 GTO, Ram Air IV, M21 4 sp, 4.33, manual steering, manual drums, bench seat, no radio (not "radio delete" since radio was an option). Documented by PHS. Just finished a concours nut and bolt no expense spared restoration at a noted Pontiac resto shop. Won "Best Concours Restored" at 2013 GTO Ass'n of America Nationals against 93 other concours restored cars. 1 of 326 RAIV/M21 GTO hardtops in 1970. Was up for sale here for $120k.

Bottom line is that I've spent WAAAYYY to much on this car and can't justify keeping it. On a related note, I can't really afford to make any mistakes when I sell it; I'm not independently wealthy (active duty Army) and taking a bath on this one would really hurt me financially.

Here's why I'm thinking Mecum (Indy) in May:

Mecum is a better venue than Barrett-Jackson for this car. The B-J crowd is more likely to appreciate a Carousel Red Judge than they are a Pepper Green GTO with a bench seat, even if the Carousel Red Judge was put together with hardware store bolts and really needs to be re-restored. Obviously, this is a generalization, and I have to confess that I've never been to B-J or Mecum, so I'm going off auction results and what I've heard.

I can go with a reserve at Mecum, so I don't get financially crushed if it only brings 1/2 of what I expect.

GTO prices are looking good lately; see results from most recent B-J auction for details (i.e., 69 Judges bringing six figures for average quality cars with nice color scheme). Obviously, B-J doesn't dictate the value, but it is one indicator.

If I do go with Mecum, what's the best time slot? Friday at 7 pm? How can I influence the day and time besides paying the fee to go on Friday? I know that the wrong day or wrong time of the day can really make a huge difference.

Any reason not to put it on eBay with a healthy "Buy It Now" price before the auction?

Thanks in advance for any input.

Scott

GTO_DON · #2 02-09-2014, 05:33 AM

First of all Scott,I would put the car back as it was ordered with bucket seats and a radio. Make it exactly as the Phs says it was born. As for the time slot that's a tuff one. You have to find out from other sellers when the money is in the room. It changes from auction to auction. Also it never hurts to try ebay first. I do hear that indy is usually pretty good to Pontiac. I was thinking about hauling my 72 convert out there to try my luck. It hurts me to be honest but I think your going to have a tough climb getting that money out of a non numbers matching car that's not a Judge. I do wish you luck cause you seem like a nice guy that's doing our country a honorable service and its a shame to lose money on a car like that but I do feel it's likely you will lose money on this one. That's just the nature of the beast these days.I've taken a bath in a few of my cars over the last few years so I feel you concern. Sorry for the not so great news but you wouldn't want me to lie to you I'm sure.

**bulletpruf** · #3 02-09-2014, 09:50 AM

Don -

Appreciate your input. Yes, it had buckets and radio from the factory, but at the end of the day, I wanted the car to be how I would have ordered it in 1970 - inexpensive, stripped down, and built to race. Just thought that radio and bench was more appropriate for an RAIV/M21/4.33 car with manual drums and steering. If that hurts the value, I'm ok with that.

I expect to lose $ on this car. I haven't added up the receipts, and frankly, I'm afraid to. I didn't go in intending to make $, but I would like to figure out how I can minimize my losses.

Realize that a non-numbers non-Judge isn't going to pull $200k or anywhere near it. I just hope there are a few folks at Mecum that appreciate the rarity and workmanship.

FYI - the original block is out there. I have seen it, touched it, have pictures, etc. Just can't talk the guy out of it; it's correct, including date, for his 70 RAIV Judge. It's been sitting patiently, already built, waiting to go into his car, for about 10 years. I think one day it will be reunited with my car, but haven't been able to close the deal.

Will give some thought to putting it on eBay. Seems that some folks do this just to publicize their cars (think Greg Teeters does this) before the auction. Curious to hear what other folks think about this.

Thanks,

Scott

**njsteve** · #4 02-09-2014, 11:59 AM

Saturday, in the early afternoon is the prime slot. That is when I sold my Charger last May. Place a reaosnable reserve on it and the next point is key: get there early and "sell" the car.

I brought mine on the prior saturday as it was in the "Saturday" feature car area. I then stood around the car for the next 7 days, 10 hours a day, talking to anyone and everyone who stopped to look at it. If it is a rare and unique car like yours, the average musclecar guy may not know how truly unique and valuable it is unless you give them a quick schpiel on the car. A qui k schpiel can turn into an extended conversation which then hooks the persn as a potential bidder, or he may know someone who is. A lot of people came up to my Charger and just thought is was a nice 70 hemi Charger until I started explainng things like the rarity, the orignal mieage, the incredible paper trail, the crazy original owner stories, etc. The collector that bought it was one of the guys that I spent a lot of time talking with during the week.

I saw a lot of cars just get dropped off, and no one was around them the entire week to even open the hood! They were neat, real cars and never made reserve because they weren't properly represented at the auction.

Also, l would have the orignal bench seat and radio available at the auction to go with the car. My Charger originally had manual steering and I carefully wrapped up the original steering column, box and pitman arm and had them in the trunk to go with the car.

**Ryan1969Chevelle** · #5 02-09-2014, 12:21 PM

Steve hit the nail on the head.

I just attended Kissimmee Mecum Auction and the cars I was interested to see were not well represented, no-one to talk to, no cell number to call when the owner was away, and a couple were filthy dirty. If you are selling remotely, have a trusted friend or the restorer SELL the car before it goes across the block. I will do it but don't be surprised if you odometer reading is higher by 1320 feet:-)

Ryan

marxjunk · #6 02-09-2014, 01:43 PM

its going to be hard for him to "be there" he's stationed out of the country....

weranc55 · #7 02-09-2014, 02:07 PM

As Don said be prepared to take a hit on it. Its a very nicely restored car. That's one thing it's got going for it. It's not a judge, not original motor, and not a great color combo. It was my car I would try eBay first with a buy it now and best offer. At least this way you will get a pretty good idea were people value the car. If you are committed to taking it to an auction I think Indy is your best option. Friday afternoon or Saturday early afternoon a good time slots. FYI I have a blue 70 ra4 Judge that I may bring to the auction. Frame off sr block car. I have over 100 in it. If it gets close to 70 grand I'd sell it. I'd like to get more but have to be realistic.
You also could try to consign it at rk motor? They try to get high retail. Cars seems to sit there for a while but I'm sure some do sell.

**njsteve** · #8 02-09-2014, 02:25 PM

WERANC55 sold a car or two last year at Mecum...and I was the one answering the main question of the day which was "Where the hell is that SD that is going on Saturday". [img]<<GRAEMLIN_URL>>/grin.gif[/img]

**DW31S** · #9 02-09-2014, 03:49 PM

Don't get discouraged. First of all, we all owe you a big THANK YOU for your service to us and our country! Green is "HOT" now and I, for one LOVE it!!! I searched for a specific for and was LUCKY to find it in GREEN! The '70s earth-tone colors are very much in demand and many like myself are tired of fake red and black cars, orange, too. If you really have $120,000.00 or more, be proud of that and tell prospective buyers where, how, and why. Tell them why you built it "your way" and how easy it is to change the car to "as-delivered" status. Auctions are fickle and anything and everything is possible. The better auction houses will educate you on what the best time slot is; listen to them and if that run number is a higher cost---pay it. That extra $100-200.00 could yield tens-of-thousands! Mecum Indy is a great muscle car venue. If you can't attend due to serving your country (and our's) make sure your representative explains that as your car is on the block, and make sure the rep. also knows EVERYTHING about your car. I've seen some strange stuff at auctions and to this day I maintain that at an auction "You never know what CAN or WILL happen". When egos (and alcohol) are involved, ANYTHING IS POSSIBLE!!!

weranc55 · #10 02-09-2014, 05:38 PM

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: njsteve</div><div class="ubbcode-body">WERANC55 sold a car or two last year at Mecum...and I was the one answering the main question of the day which was "Where the hell is that SD that is going on Saturday". [img]<<GRAEMLIN_URL>>/grin.gif[/img] </div></div>

Lol. I don't think I could handle sitting there all week and answering not so intelligent questions.