BJ Vegas...anybody watching?

[GregWeld]

DFRESH ---

You got it buddy... But remember (and you kind of said it) it takes at LEAST TWO to make an auction price go UP... So at some point - and this auction is the worst for it - EGO plays a big part of it.

They shove that camera in your face - and you're bidding - and it becomes a bigger D**k issue. Lots of these guys have (HAD?) more money than sense.

There are legitimate good buys, and some really, really nice cars to be had... but you'd better have your wits about you.. and check your ego at the door. Remember --- in the car biz --- the GAIN is made in the BUY... not in the sell. You've got to BUY the car right...

When I look at a car - my first thought is what would it cost me to build it EXACTLY the way the one I'm looking at. Add any changes you'd make -- and you know there will be some... and then see if the price is a bargain - or ridiculous... it's many times.. the latter. :>) But if it costs $500K to build a real custom - and the work is spectacular - and the build takes 3 years... and you love the car... then maybe $475K seems high - but isn't.

My personal problem with cars like that -- is that "everyone" has seen it -- it 's been on the show circuit -- so been there done that -- and in 4 years will be "out of date" either with the engine choice - or color - or style.... so now who's going to pay you what you paid for it. Better just take it out and drive the livin' snot out of it - and get your moneys worth!!

Like --- what would you pay right now for a Blown Bucket T?? And once all the mid to late 60 year old guys start to sell their '32 Fords with the 350 SBC and TH350 in them - and burlap upholstery -- what are they going to be worth...

[kochevy67]

I just finished watching the new series Chasing Classic Cars. While watching it they took a SC Cobra to Mecum and I heard them say that the auctioneer and Mecum have the right to run the bid up just shy of hitting the reserve. That to me is B.S. I always wondered if there were in fact people bidding now I guess this guy answered my question.

[GregWeld]

Originally Posted by kochevy67

I just finished watching the new series Chasing Classic Cars. While watching it they took a SC Cobra to Mecum and I heard them say that the auctioneer and Mecum have the right to run the bid up just shy of hitting the reserve. That to me is B.S. I always wondered if there were in fact people bidding now I guess this guy answered my question.

You got it buddy...

You go to an auction some time... the bidding starts and the auctioneer is babbling away - and the price is climbing... and NOBODY really knows who's bidding... and suddenly the price has gone from 25K to 50...

But here's the DEAL ---- IF somebody is willing to bid 55K... then what's the harm... and then somebody whacks it at 57,500.... and so on.... so really = there's no harm. But - big but - had these phantom bids not popped in there - you might have bought the car at 24,500 -- but then again - the crowd is there - and most of 'em know a bargain when they see one -- so if you think you're going to get a car at half price -- think again... 'cause there's other guys standing around that know the biz -- and they can bid too...

Only way to do this --- check the cars out --- have your list --- stick to it --- set YOUR price --- stick to it. Cars are like buses - there's another one coming by every 15 minutes...

:>)

[MarkM66]

Originally Posted by kochevy67

Two types of people wear sunglasses indoors, blind people and assh***s. BJ sure doesn't look blind to me. IMHO he ruined the collector car market. If you own one that's great if you have to buy one it's too late.

Too late? There are cars advertised all over with fair prices. As a matter of fact, prices have gone down some recently.

[Van B]

Originally Posted by GregWeld

Yes -- They went to all no reserve when prices went through the roof... and they have more guys wanting into their auctions than they can take.

But a typical auction has both reserve and no reserve - no reserve fees are LESS than reserve fees. I was trying to talk in GENERAL terms here - every auction is different. Plus - if you're a big seller - stuff is negotiable as well...

What you aren't aware of - and I'm not going to write a book on car auctions - is that these guys are DEALERS... and most of the inventory they're selling is from dealers... and these dealers aren't going to take a big loss on a no reserve sale.. they have friends in the audience that can whack a bid... and if a car isn't selling for what it should - they can end up buying their own car back... Don't get me started here - just trust me that I know what I'm talking about. You're naive (not you personally but anyone that doesn't understand how this stuff works) if you think the sellers are losing their ass on a car. Now that's not saying they won't. They may have just hit a home run on a previous car... and the bids are "close" and they'll cut it loose... but if there's a serious "difference" between what the car is "worth" and the bid... the gavel will drop... but you won't really know who bought the car.

Without the dealers in attendance at most of these auctions they would be pretty uneventful...I have worked 20+ years in the auction business. I have been debating this for years with all of those who are drinking the B-J kool aid. I have always contended that sure, you can advertise 100% sale rate but are 100% of those cars really changing owners? I doubt it. I'd bet my left nut on it.

It is the general public guy who gets his ass handed to him because he doesn't know how things work and if his car doesn't bring what he wants, he will take a beating. He probably doesn't even know he can buy his own car back-although that alternative isn't much better since he will pay both the buyer and seller's fee (no discount). So he will be in the car 16% deeper than he was before plus whatever he paid for the number plus transport there and back.

[Van B]

Originally Posted by kochevy67

I just finished watching the new series Chasing Classic Cars. While watching it they took a SC Cobra to Mecum and I heard them say that the auctioneer and Mecum have the right to run the bid up just shy of hitting the reserve. That to me is B.S. I always wondered if there were in fact people bidding now I guess this guy answered my question.

While all of the jacking may seem unethical to you (and technically it is). None of it matters unless the seller is willing to sell the car for the bid figure. Bidders are not forced to bid, so if they do, it means they are willing to pay the amount of the bid being called. You can have all the active bidding you want and if the price is short of the seller's reserve, the car won't sell anyway. It is just another way to get there.

The auction you mentioned will also buy cars if they seem cheap or sometimes just to try to stimulate some action. Sometimes you'll see the same cars popping up at more than one of their auctions. Sometimes they make money sometimes they lose, but they can create some action by selling one of their cars short if there is a lull.

Who do you think owned the $7 million Shelby Daytona Coupe that ran at Indianapolis and finally sold at Moneterey?

[GregWeld]

Jeff ---

Thanks for adding to what I said.... it's amazing how many people think these auctions are "good deals"...

They're good deals for the sellers...

[70rs]

I was just watching on line and they were asking the people up in the side stands to come down to floor level. The ushers were going to let them through. I guess attendance is not what it should be maybe? This auction just didn't have the excitement that the Scottsdale one does. Or the money.

[GregWeld]

Scottsdale might be just about as bad...

Think about it -- it took me 10 months in advance to get a room at SEMA in '07... and about 5 minutes this year...

ERIC.... Since I saw you at Monroe, I ran into a guy that knows the numbers - and attendance was DOWN 50% from 2 years ago there (Monroe SM).

They had to work HARD to get the 289 Cobra up to 400K -- my guess was an opening bid of 450K and thought it might go to 600K... Noticed two of my buddies (one is my next door neighbor) on the stage... and both own REAL cobras.. and neither were bidding.... just watching.

[70rs]

Originally Posted by GregWeld

Scottsdale might be just about as bad...

Think about it -- it took me 10 months in advance to get a room at SEMA in '07... and about 5 minutes this year...

ERIC.... Since I saw you at Monroe, I ran into a guy that knows the numbers - and attendance was DOWN 50% from 2 years ago there (Monroe SM).

They had to work HARD to get the 289 Cobra up to 400K -- my guess was an opening bid of 450K and thought it might go to 600K... Noticed two of my buddies (one is my next door neighbor) on the stage... and both own REAL cobras.. and neither were bidding.... just watching.

I did notice the event today was a little light on people. But 50% is HUGE. I have not been there in about 4 years.
I thought that Cobra should have brought better money too. I was just talking to someone about how hard they were working to get the price up. That was not the only car they had to work the crowd for either.

It was good to see you today. One of these days we will have to actually plan on running into each other and hang around a while together.