Quote:
Originally Posted by GregWeld
Really? He bought at the top.... When you're the buyer at the BJ (or any other) auction --- that means you paid the very top price for that car at that time... otherwise you wouldn't be the buyer. Nobody else in the room - or on the phone - was willing to pay more.
He hasn't bought much (and I'm usually there sitting about 5 chairs away from him) during the recession. He bought a TON of cars in the 3 and 4 years when cars where at their absolute peak and he paid peak prices.
Now -- Like real estate -- you also have a buyers premium paid -- now you have to add entry fees and selling fees to recoup.
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Personally -- I think it's a mistake to try to sell so many of the best of the best cars at one time.... There are only so many people in the car world that can even get close to the cars he owns. And if a guy just steps up to buy one -- that may be a guys "budget". When you're buying cars that sell for 3 and 4 and 5 million bucks each... even rich guys begin to get stretched.