Car for sale. First $3,000,000 takes it

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Car for sale. First $3,000,000 takes it - 1/30/2005 5:12:45 PM

happypervert

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Last night I was watching the Barrett-Jackson auto auction on the Speed Channel when the car on this link came on the block. The only one of it's type and we had no idea what it would bring. It was interesting to see the price just rocket up, and eventually the bidding became a measure of testosterone as one guy who had never been outbid went against a guy who had no limit to what he would pay. That $3MM set a record for the auctions run by this company; the previous record had "only" been $2MM.

Oh, the auction company charges an 8% fee, so that adds another $240k to the price.

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RE: Car for sale. First $3,000,000 takes it - 1/30/2005 5:19:57 PM

stef

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The auction fee comes out of the seller's end, I believe.

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RE: Car for sale. First $3,000,000 takes it - 1/30/2005 5:32:50 PM

happypervert

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nope. From the bottom of the page linked here:

"After the gavel falls and the auctioneer declares the car “Sold!,” the auction podium clerk will have a purchase acknowledgement form, known as a clerk ticket, that requires your signature confirming the final bid price on the vehicle. Remember, the buyer’s premium (or commission) is in addition to the final bid price. "

By the way, it is on again tonight (Sunday) until midnight EST. Last night I got numb from watching one car after another sell for hundreds of thousands of $$$$.

< Message edited by happypervert -- 1/30/2005 5:37:12 PM >

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RE: Car for sale. First $3,000,000 takes it - 1/30/2005 6:05:09 PM

stef

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Ouch! Then they get to pay sales tax on top of that when/if they ever register the thing. I wonder what kind of fees the seller gets hit with, if any.

Thanks for the clarification.

~stef

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RE: Car for sale. First $3,000,000 takes it - 1/30/2005 8:15:52 PM

happypervert

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Seller fees are listed on this page linked here. So the seller gets to pay a commission too. Plus there is a fee of up to $1,000 depending on which lot they assign a car to; I guess Sat nite was the expensive lot when all the high rollers were there, and less popular times are a bit less costly.

They used to let a seller have a minimum price they would sell for, called a reserve, but they don't have it this year. I recall seeing an old Jaguar go on the block and the bidding got up over one million dollars, but that car didn't sell because it was still below the reserve.

This thing just boggles my mind though -- folks buying these cars to just haul them around to shows or put them in museums or maybe drive on occasion. It is really more like an art auction.

< Message edited by happypervert -- 1/30/2005 8:16:58 PM >

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RE: Car for sale. First $3,000,000 takes it - 1/30/2005 8:36:12 PM

stef

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So B-J clears at least 16% of the selling price in commission fees alone on every auction. Auctioning off that Olds F-88 made them $480k. What a racket!

It's clearly a different world from the one I live in.

~stef

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