Barrett Jackson Question???

[HCS]

Lot#462 Cuda.
Ok.... I have an obvious question.
If your going to auction off your vehicle, what's to stop you from planting
your best freind in the bidding to drive up the price of your ride???
Then if he happens to blow it and bid too much, you give him the money
for the car then he gives you the money back later and you just keep
your ride.
I've had this thought for years and swear I see it happening.
Anyone else think it happens??? http://www.***boat.com/ubb/graemlins/idea_2.gif You know it does....

[396_WAYS_TO_SPIT]

Kinda like assclowns on ebay:mad: I was thinking the same thing!!!!

[HCS]

Kinda like assclowns on ebay:mad: I was thinking the same thing!!!!
Some of it has to be bull shit. How would you know if your getting goat poked
just cus you want the car.

[396_WAYS_TO_SPIT]

Some of it has to be bull shit. How would you know if your getting goat poked
just cus you want the car.
Very true! I feel ya bro

[Big Kahunaa]

Kinda like assclowns on ebay:mad: I was thinking the same thing!!!!
i had to deal with one of these guys the other night for a trany for my old ladys quad

[phebus]

There are fees involved, so it would cost a pretty penny to "not" sell a car.

[BadKachina]

You can put a reserve on your car so that it doesn't sell if it doesn't reach your price.

[BRAWNY]

There are fees involved, so it would cost a pretty penny to "not" sell a car.
yes the buyer pays barrett jackson 8% on top of the purchase price.
brawny

[TheCarDudes]

The problem is that at every auction there are fees to transact business through their auction.
I do 99% of my business at wholesale auctions where the fees are usually just a few hundred dollars.
At Barrett Jackson, there are several ways to sell your car....
If you sell it with out a reserve price, the fee is 8% plus a flat fee of anywhere between $300 and $1200 for a "Reserve" lot number. The price of the number is based upon what time and which day your car will run.
If you sell it with a reserve price, (minimum) the fees go up from there.
In the case of a sale where your "Buddy" is bidding on the car and he "wins" the car through the auction, he will also have to pay a buyers premium of 10%.
This gets to be very expensive for just passing money back and forth between friends to see of you cab catch someone in the bidding.

[Ryphraph]

I think it would be hard to drive the price up with the informed audience there. Most of the people buying cars there are pros or at least know what they are buying is worth or are looking for a good deal on it.
EBAY is like the free Internet poker tables, people don't know when to get out.
Ryph

[Misogynist]

Shill bidding has gone on for years in the auto auctions. How do you guys think Tom Barrett got his start in the car auction business?... He bought a lot of heavy iron in the 60's and early 70's for pennies on the dollar. Then he would auction the cars at different auctions. I've been in the classic car business for years. I personally knew Tom Barrett before he passed away. I am still in contact with his nephew. They would always have shills in the audience to boost prices up. They didn't have to put things through the stratosphere.. but they would get interest going. No one wants to be the first one to bid on a car.... but if the buyers think some one else wants the car... things can get out of hand. This is commonly know as "auction fever". It doesn't take someone to send the bidding out of a realistic price range... just get the auction moving. Remember.... Barrett Jackson has a stake in getting the highest price for the autos too. They can shill the cars and don't have to worry about "premiums". The really expensive and rare cars are traded privately and never see an auction podium. It's only the production stuff that is hawked this way today. People that own the truly rare and expensive automobiles are known. The buyers know how to contact these people and they don't auction their autos. Do you know how many times the cars pass over the block and aren't bid up to the reserve and yet are sold?...... This is because the auctioneer, the owner and the last bidder got together and closed a deal. Rick Cole of Cole-Yacoobian auctions used to hold the titles to auctioned cars for 30 days if the car didn't sell so the owner couldn't sell the car around the auction. If you are auctioning a car and see there is an interested buyer at the auction but the car doesn't meet the reserve, quite often the seller will introduce himself to the bidder and they will do a private sale after the auction, cutting out the auction and premium fees. It works both ways.

[HCS]

The problem is that at every auction there are fees to transact business through their auction.
I do 99% of my business at wholesale auctions where the fees are usually just a few hundred dollars.
At Barrett Jackson, there are several ways to sell your car....
If you sell it with out a reserve price, the fee is 8% plus a flat fee of anywhere between $300 and $1200 for a "Reserve" lot number. The price of the number is based upon what time and which day your car will run.
If you sell it with a reserve price, (minimum) the fees go up from there.
In the case of a sale where your "Buddy" is bidding on the car and he "wins" the car through the auction, he will also have to pay a buyers premium of 10%.
This gets to be very expensive for just passing money back and forth between friends to see of you cab catch someone in the bidding.
That really doesn't stop some very experienced bidders from driving prices up.
After all the idea would be to sell your car for as much as possible.
When the bidding gets down to the wire you can tell the cracking point of the
bidders.
I'm sure in curtain cases you could good pull and extra 20 or 30 grand out of
a vehicle if you played your cards right.
I'm not saying it's with most of the vehicles by know means. But with some of
the higher end cars I'm skeptical.

[Trailer Park Casanova]

There are fees involved, so it would cost a pretty penny to "not" sell a car.
Yep a 8+% minimum if I recall correctly. Plus some other fees.

[HCS]

Shill bidding has gone on for years in the auto auctions. How do you guys think Tom Barrett got his start in the car auction business?... He bought a lot of heavy iron in the 60's and early 70's for pennies on the dollar. Then he would auction the cars at different auctions. I've been in the classic car business for years. I personally knew Tom Barrett before he passed away. I am still in contact with his nephew. They would always have shills in the audience to boost prices up.
Thanks for that info.
Like I said you know it goes on.

[ToMorrow44]

Besides the auctioneer fees, when you register at the auction you have to show a bank statement showing that you have the money that you're bidding. At least that's my understanding...

[phebus]

They said on the broadcast today, that all cars sold at the auction were being sold "no reserve", and that whatever the high bid was, bought the vehicle.

[HCS]

It sounds like they have all their safe gaurds in place.
But that doesn't stop some secret human from driving up the price on any one perticular vehicle.

[Jbb]

You can put a reserve on your car so that it doesn't sell if it doesn't reach your price.
All cars are sold at no reserve....
you can have a shill try to bid ...up the price .....but if you play too long....you end up buying the car back yourself ...for the 8% buyers and 8% sellers fee...

[YeLLowBoaT]

I don't know about this year, but last year it was no reserve and they got like 17% of the auction total( split 50/50 with buyier and seller)

[Moneypitt]

Shelby "supersnake" Cobra............5 MILLION..................MP

[cola]

I don't know about this year, but last year it was no reserve and they got like 17% of the auction total( split 50/50 with buyier and seller)
The fee went to 10% this year, seller & buyer. 20% of 80,000,000 already sold.

[ratso]

Shelby "supersnake" Cobra............5 MILLION..................MP
That was unfreakin' believable!!!:jawdrop:

[BIGRRNU]

That was unfreakin' believable!!!:jawdrop:
No Flippin' Shiat!! We were screaming at those fools. That is NUTS, I tell ya.

[Misogynist]

This is the same madness that happened 20 years ago. Bugatti type 57's going for 1 million dollars. Ferrari 275 GTB's going for 750k. Packard Victoria convertibles going for 400k... unbelievable prices... then the market crashed and people that were speculating on the prices going higher and selling the next year for more money ended up with cars that they couldn't sell for 30 cents on the dollar.. :mad:

[Moneypitt]

I think I smell a rat here. If I donate a car/truck/boat to a non profit organization like the Rescue Mission I am allowed to deduct the amount the vehicle sells for off my income taxes, right? Now, if I own/run the "foundation" and donate a classic car to the foundation to be auctioned off, I am able to deduct the selling price off my personal taxes. Meanwhile the foundation is paying me outragious amounts of money to work for "IT". So, this particular car sells for, lets say, 5 MILLION. I deduct 5 mil from my tax liability, and the foundation continues to pay me (tax free up to 5 mil) to be an agent, searching out, purchasing, restoring, and selling these cars. Seems to me, that this is somehow illegal. Money launderingm, tax evasion, or something........Alot of the high dollar vehicles are sold with this same "foundation" idea, again, proceeds being tax deductable. Anyone have any first hand information about how this works? ......MP