RE: Luxury And Performance Under The Hammer

[mocca]

Mr serge said:

silversixx said:

I did spot one supercar dealer there who was bidding on all of them, but stopped bidding short of the final prices. I asked him why but he wasn't telling! They must have been decent for him to bid in the first place...can only assume that he couldn't see enough margin.

probably bidding up his own cars

Shill bidding is quite hard to spot, but entirely legal and prevalent I would say.

I was looking at a couple of DCT Auto M3 convertibles coming through in a similar forthcoming event but the level of interest has put me off quite a bit!

[legalknievel]

mocca said:

Mr serge said:

silversixx said:

I did spot one supercar dealer there who was bidding on all of them, but stopped bidding short of the final prices. I asked him why but he wasn't telling! They must have been decent for him to bid in the first place...can only assume that he couldn't see enough margin.

probably bidding up his own cars

Shill bidding is quite hard to spot, but entirely legal and prevalent I would say.

I was looking at a couple of DCT Auto M3 convertibles coming through in a similar forthcoming event but the level of interest has put me off quite a bit!

Something I wrote on this topic on my firm's website.

"Shill bidding offences can be charged either under the Business Protection from Misleading Marketing Regulations (where the genuine purchaser is a business) or the Consumer Protections from Unfair Trading Regulations (the CPRs - where the genuine purchaser is a consumer). The maximum sentence for these offences is 2 years imprisonment. Where the allegations appear to be part of a larger or more serious planned operation with a number of people involved, the offences may be charged as ‘conspiracy to defraud’."

That said, there aren't many prosecutions for it, although the coolest antiques dealer in the world Lovejoy gets a bit close for comfort to the authorities in an episode or two, as I remember....

[Dr G]

rash_decision said:

Some of those Auction prices don;t seem like such a bargain for the risk involved. I would rather have a test drive and a good thorough inspection of a car of such caliber as those going through the sale. And I notice at the bottom af the write up that all prices are "exclusive" of buyer's premium and VAT.

Auction prices have been high for ages and loads of petrol engined stuff is leaving the country; I've sold a fair few cars to exporters at UK retail money.

[BAHN-STORMA]

legalknievel said:

rash_decision said:

And I notice at the bottom af the write up that all prices are "exclusive" of buyer's premium and VAT.

Spoilsport!

They do include VAT (just not the VAT on the buyers premium).

VAT is only added to 'hammer prices' for commercial vehicles, in the same way as outside of the auction environment.