The Collecting Cars Porsche thread…

[blackmamba]

ChrisW. said:

To be fair to CC this market isn't being kind to them.

The number of lowered reserves and the sell through appear to be high and low respectively ... yesterday evening most cars had lowered reserves and this morning only four cars appear to have sold ?

For today there are 16 significant sales on offer, I wonder how many will complete ?

If the car doesn't sell, CC are paid nothing for their work ... if the photographer keeps their fee.

Goes with the territory / model surely? Can't have it both ways, make out like bandits when market was buoyant and not be impacted when the market softens.

[Cheib]

blackmamba said:

ChrisW. said:

To be fair to CC this market isn't being kind to them.

The number of lowered reserves and the sell through appear to be high and low respectively ... yesterday evening most cars had lowered reserves and this morning only four cars appear to have sold ?

For today there are 16 significant sales on offer, I wonder how many will complete ?

If the car doesn't sell, CC are paid nothing for their work ... if the photographer keeps their fee.

Goes with the territory / model surely? Can't have it both ways, make out like bandits when market was buoyant and not be impacted when the market softens.

Yup. Seems like they’re being much more proactive in trying to find cars to be listed (know a couple of people that have been approached)…I guess if that’s the conversation reserves are going to be high.

[BertBert]

Cheib said:

Yup. Seems like they’re being much more proactive in trying to find cars to be listed (know a couple of people that have been approached)…I guess if that’s the conversation reserves are going to be high.

Yes, I was approached by CC as a previous buyer and seller. As it happens I am thinking of whether it's the right time to sell my 911 hot rod. My view with advice of a few friends is that it should be worth 80-90. In the current market I don't know whether the price is in any way right. The suggested reserve from CC is 70k. Then it's my choice whether to go with that or not. To me that's just the challenge of going to auction!

[AyBee]

BertBert said:

Cheib said:

Yup. Seems like they’re being much more proactive in trying to find cars to be listed (know a couple of people that have been approached)…I guess if that’s the conversation reserves are going to be high.

Yes, I was approached by CC as a previous buyer and seller. As it happens I am thinking of whether it's the right time to sell my 911 hot rod. My view with advice of a few friends is that it should be worth 80-90. In the current market I don't know whether the price is in any way right. The suggested reserve from CC is 70k. Then it's my choice whether to go with that or not. To me that's just the challenge of going to auction!

Do they put any stipulation on advertising the car for sale pre-CC? i.e. could you try to sell it for £80-90k, see if you get any bites and if not, stick it on CC?

[bigmowley]

I tried to place a car on CC just after Christmas. A nice circa £100K quite rare car, still under warranty so bang on their target market. As part of my due diligence I rang around a few trade buyers and got a good feel for the current trade market valuation. I then rang CC to put the car on the site. They would only accept the car if my reserve price was set nearly £10K lower than the trade bids I already had in for the car. They would not budge from that position even when I explained in words of one syllable that they were wrong with their “market appraisal” of my car. This just doesn’t make any sense to me, once the car is listed you are contracted to accept any bid that meets the reserve, why would you risk nearly 10% of the value of the car just to see if you can chip a couple of thousand more. Madness.
Needless to say the car is now sold to the highest trade bidder and I am quite satisfied with what I got for it. Odd way of doing business IMHO.

[b0rk]

CC surely need cars to sell for their business model to be viable. So in a down market trying to low ball the reserve is both logical and to be expected.

Taking a hair cut on the fee by topping up the highest bid to the reserve level wouldn’t be sustainable either.

The difficulty is of course that with low balled reserves the platform becomes far less attractive than disposal directly to trade bidders for more desirable vehicles.

This then becomes a risk that platform develops a reputation of being the “goto” place for owners (and traders) to offload somewhat more ropey cars.

Edited by b0rk on Wednesday 22 February 00:14

[PaulJC84]

I see the low mileage 997.1 GT3 that JZM bought put back standard and sold on is coming back up up for sale.

https://collectingcars.com/for-sale/2008-porsche-9...

Old listing:
https://collectingcars.com/for-sale/2008-porsche-9...

[GT4RS]

PaulJC84 said:

I see the low mileage 997.1 GT3 that JZM bought put back standard and sold on is coming back up up for sale.

https://collectingcars.com/for-sale/2008-porsche-9...

Old listing:
https://collectingcars.com/for-sale/2008-porsche-9...

Ah remember this one, the condition didn’t reflect the miles. Looked unloved considering it’s low mileage.

I’m sure JZM made out it was some garage queen when they eventually sold it on.

[BertBert]

AyBee said:

Do they put any stipulation on advertising the car for sale pre-CC? i.e. could you try to sell it for £80-90k, see if you get any bites and if not, stick it on CC?

No not at all, free to do what I like as it were.

I don't think I'll do it yet and will probably advertise privately in April with the spring weather to see how it goes.

[ChrisW.]

What happened to the 964RS that was sold on CC for £125k but has now disappeared ?

The tortured story 2.7RS didn't sell at £370k .... another Belgravia car.

[thegreenhell]

ChrisW. said:

What happened to the 964RS that was sold on CC for £125k but has now disappeared ?

It's still there marked as sold?

https://collectingcars.com/for-sale/1992-porsche-9...

[ChrisW.]

You are right ... maybe I expected to see it after the Avocado 2.4E ... thanks for setting me right !

[Cheib]

ChrisW. said:

The tortured story 2.7RS didn't sell at £370k .... another Belgravia car.

I think the lesson is make sure you know the history of a car backwards before you put it up for sale at somewhere like CC. Having discussions about whether your engine is the original one or not (among others) is not ideal…..

[melv]

thegreenhell said:

It's still there marked as sold?

https://collectingcars.com/for-sale/1992-porsche-9...

Er, that’s because it’s sold? 🤷🏻‍♂️

[jason61c]

bigmowley said:

I tried to place a car on CC just after Christmas. A nice circa £100K quite rare car, still under warranty so bang on their target market. As part of my due diligence I rang around a few trade buyers and got a good feel for the current trade market valuation. I then rang CC to put the car on the site. They would only accept the car if my reserve price was set nearly £10K lower than the trade bids I already had in for the car. They would not budge from that position even when I explained in words of one syllable that they were wrong with their “market appraisal” of my car. This just doesn’t make any sense to me, once the car is listed you are contracted to accept any bid that meets the reserve, why would you risk nearly 10% of the value of the car just to see if you can chip a couple of thousand more. Madness.
Needless to say the car is now sold to the highest trade bidder and I am quite satisfied with what I got for it. Odd way of doing business IMHO.

they have 20 year olds trying to say what the market value is, they've vanished up their own bottom hole.

given the wider reputation, it'll be interesting to see how long it lasts or if they're already trying to sell?

[993rsr]

jason61c said:

bigmowley said:

I tried to place a car on CC just after Christmas. A nice circa £100K quite rare car, still under warranty so bang on their target market. As part of my due diligence I rang around a few trade buyers and got a good feel for the current trade market valuation. I then rang CC to put the car on the site. They would only accept the car if my reserve price was set nearly £10K lower than the trade bids I already had in for the car. They would not budge from that position even when I explained in words of one syllable that they were wrong with their “market appraisal” of my car. This just doesn’t make any sense to me, once the car is listed you are contracted to accept any bid that meets the reserve, why would you risk nearly 10% of the value of the car just to see if you can chip a couple of thousand more. Madness.
Needless to say the car is now sold to the highest trade bidder and I am quite satisfied with what I got for it. Odd way of doing business IMHO.

or if they're already trying to sell?

Not if but when I'd say. Now offering referral fee's finance, ringing ex customers are they buying/selling, anything in an attempt to drive up sales/value. Could go either way IMO, lot's of stuff not reaching reserve and situations like the 73 RS won't help. No IP, anyone else could have a crack, just they have Monkey's smile in an attempt to add a veneer of credibility.

[birdcage]

I think the problem is to sustain such a model like this you rely on a fast turnover of cars, which is fine for a while as it's a merry go round, then people own too many cars, they also realise that auction sites are a good place for trade to punt out cars they would rather not put on the forecourt.

Chuck in some bad news about the economy, nothing that would wildly effect me today but by same token I'm not cracking open the bubbly.

It was a good time for sellers last couple of years, this year so far mixed with the next few months better for buyers..

Problem is Just good for sellers is better as you can move on that car you bought after a few sherberts without getting too much earache!

[BertBert]

It's always going to be tough for them when the market moved from a strong sellers market to a weaker one. I'm actually happy with the reserve that we have agreed on my car, just not 100% sure yet whether to give it a go.

It's just not a very good time to sell at the moment. As I've got more cars than the skirt spaces I've got to sell one or put one into storage. All my own fault!!

[ChrisW.]

They have already increased their commission from 6% to 7.2% ip to £100k .... whilst The Market is still at 6% but paid by the seller rather than the buyer .... might this also mean that the bidder has no jeopardy if they fail to complete ?

I guess they hoped that this would be overhead and turnover neutral or better, by their increase in marketing ... but they do have competition in this space.

The commission of course resides in the real sale value whichever way it is paid ...

[blackmamba]

BertBert said:

It's always going to be tough for them when the market moved from a strong sellers market to a weaker one. I'm actually happy with the reserve that we have agreed on my car, just not 100% sure yet whether to give it a go.

It's just not a very good time to sell at the moment. As I've got more cars than the skirt spaces I've got to sell one or put one into storage. All my own fault!!

I don't think classic 911s sell very well on CC, wrong audience if you ask me. Better off placing with a specialist dealer or Car&Classic etc.