I asked them before it went on the block to find the real money, that I wanted to net 70k but I may drop a little more depending on the mood. They never found real money and pretended they had bids from 50k or whatever to 71k. Disappointing. 4 vacation days and $1000 plus in expenses to come down to the two minutes that matter and that's it.

I probably would have taken $65 or $70.

That's a lot of car for that money. :wow: Well built and with the Camaro hype it seems resale would remain strong.

Jeff,

Sorry you did not get what you wanted. I am curious and since you are in the business yourself what would have happened if you lifted the reserve at 71K? You said the real money stopped at 50K so would Mecum have bought it?

How much was your spot time?

At least you were able to take it and bring it home yourself.

You can only lift the reserve when there is real money; so he could of lifted it at $50k. After that it was all just for show, hoping someone else would throw a real bid in.

I'm stumped as well, what do you mean by "real money" and "pretended they had bids"?

They kept advancing the money and ringmen we going yep like they were pointing to a bidder in the crowd but there was no one actually bidding. The very thing I told Frank Mecum not to have them do. It was like the auctioneer decided it was never going to bring my reserve so they didn't try. I had told Frank when I went up there that they needed to find real money (bids) because I was really flexible on the price.

I am not sure what happened, and after 2000 cars this week he is not going to remember. Just a real crappy situation.

I was sorry to see this Jeff. I still think that was the best auction to try, but you need at least one guy in the room that wants it (if the house is bidding it to the reserve), and two preferably.

There was at least one guy who had been on the phone while looking at it and shook his head no when the ringman asked him if he wanted in as the "bid" approached 70k. Depending where his limit was, we may have been able to put something together. I tried to find him after, but couldn't.

It's called PHANTOM BIDDING.....


The "house" just tosses in numbers like someone was/is bidding. Real bidders are called "real money"...

What you don't know - and it happens all the time - is that the "pros" have guys that will bid to "bump" a bid along, but they know what the reserve is. And sometimes a seller will buy their own car back in a no reserve auction rather than lose money.

I was looking to net $65-$70k.

Van
 

Hate to hear that it did not work out for you. Try RK motors of Charlotte

Did they sell your car for you?

They did
 

to a guy in AZ

Payton,

Got your PM. Thanks, I'll keep them in mind. I am working with a potential buyer in CA right now. We'll see what happens.

Hope it works out for you
 

Good luck, great car.