Why do people sell cars at auction?
Discussion
vikingaero said:
12TS said:
Interesting that COYS GROUP LIMITED (04626263) are still active. Phoenix?
Very sad to read that people are going to be seriously out of pocket
I used to drool over some of the exotic machinery they had on display when I was a music student based in South Kensington back in the mid 90's. Quite handy location as their showroom was directly opposite my local pub, The Queens Arms..........
I used to drool over some of the exotic machinery they had on display when I was a music student based in South Kensington back in the mid 90's. Quite handy location as their showroom was directly opposite my local pub, The Queens Arms..........
They don’t make 20% on everything for a start but like most businesses they have costs such as staff, lawyers to threaten anyone who makes a negative comment, agencies to remove any negative social media reviews, advertising, cost of hiring a location, travel costs, flash London showroom etc
In a slowing market they also need buyers to pay the sellers reserve prices and at the moment I expect buyers and sellers have a distance of opinion.
Shame so many people will loose money.
In a slowing market they also need buyers to pay the sellers reserve prices and at the moment I expect buyers and sellers have a distance of opinion.
Shame so many people will loose money.
The thing that I find poor practice is that the media don’t seem to do any DD on their advertisers and pretty much take money from anyone. It always surprises me because it shows casual contempt to your readership that you’re willing to have your pages graced with people of dubious repute.
If the media did the right thing and refused to do business with them and write about their auctions it would collapse the air of respectability.
If the media did the right thing and refused to do business with them and write about their auctions it would collapse the air of respectability.
petestorey said:
What I really wonder is how on earth do they get in this situation?
Surely running auctions is money for old rope - so given they make 20% or so on the cars then...!?
I think part of their problem was the fact they set sky high estimates, high reserves and then pushed people to take less on the day, in order to get more cars on site and through the ring.Surely running auctions is money for old rope - so given they make 20% or so on the cars then...!?
They thought they could get us about 10% more than what everyone else did and played the little black book/heritage/prestige of Essen card to convince us of that. On the day we fell short by - you guessed it - about that amount. We were keen to sell and didn't think it was an unfair sum of money all things considered, but all it takes is a number of people to refuse to take less than the reserve and your profitable auction is now running at a loss - which is probably why they took 3 months and a load of crap to pay.
I wouldn't be surprised if the difference between making money or not is 3 or 4 of the top end lots - if they get the estimates wrong on those they're in the red.
We've used Silverstone/CCA ever since to sell and have no complaints whatsoever. Dreadful news for everyone left out of pocket by them.
I'm in the middle of a Coys nightmare... It started yesterday when I was pulled over by four police cars on the A11, a full-on synchronised tactical swoop. It was impressive. I learned that my car, which I bought at a Coys auction in February, had been reported stolen. It transpired that while I paid for the car in full (Coys wouldn't have let me drive it away if I hadn't) they never passed the money on to the previous owner. And then they went into administration and by the sounds of things liquidation. The previous owner, having received no money and been given the run around, had no idea where his car was and reported it stolen.
The police are on it and know I bought the car in good faith but they say I cannot drive the car until the civil action has been resolved, and that doesn't sound like a matter of days to me. To make matters worse, I have finally been put in touch the the previous owner and his lawyer has advised him it's a criminal matter and not to take the car off the stolen register. He says Coys told him it didn't sell. Apparently he also agreed a £30k reserve on it, and I bought it on the hammer at £21k.
It's all a massive ballache. I just want to be able to drive the car again. Has anyone had experience of this sort of thing?
The police are on it and know I bought the car in good faith but they say I cannot drive the car until the civil action has been resolved, and that doesn't sound like a matter of days to me. To make matters worse, I have finally been put in touch the the previous owner and his lawyer has advised him it's a criminal matter and not to take the car off the stolen register. He says Coys told him it didn't sell. Apparently he also agreed a £30k reserve on it, and I bought it on the hammer at £21k.
It's all a massive ballache. I just want to be able to drive the car again. Has anyone had experience of this sort of thing?
Adamski007 said:
I'm in the middle of a Coys nightmare... It started yesterday when I was pulled over by four police cars on the A11, a full-on synchronised tactical swoop. It was impressive. I learned that my car, which I bought at a Coys auction in February, had been reported stolen. It transpired that while I paid for the car in full (Coys wouldn't have let me drive it away if I hadn't) they never passed the money on to the previous owner. And then they went into administration and by the sounds of things liquidation. The previous owner, having received no money and been given the run around, had no idea where his car was and reported it stolen.
The police are on it and know I bought the car in good faith but they say I cannot drive the car until the civil action has been resolved, and that doesn't sound like a matter of days to me. To make matters worse, I have finally been put in touch the the previous owner and his lawyer has advised him it's a criminal matter and not to take the car off the stolen register. He says Coys told him it didn't sell. Apparently he also agreed a £30k reserve on it, and I bought it on the hammer at £21k.
It's all a massive ballache. I just want to be able to drive the car again. Has anyone had experience of this sort of thing?
Oh FFS I am sorry to read this what a nightmare. It’s s shame that when Coys was still trading the issues with Coys couldn’t be disseminated via this forum. On a Porsche forum 911 UK they’ve got a much more community minded approach. The police are on it and know I bought the car in good faith but they say I cannot drive the car until the civil action has been resolved, and that doesn't sound like a matter of days to me. To make matters worse, I have finally been put in touch the the previous owner and his lawyer has advised him it's a criminal matter and not to take the car off the stolen register. He says Coys told him it didn't sell. Apparently he also agreed a £30k reserve on it, and I bought it on the hammer at £21k.
It's all a massive ballache. I just want to be able to drive the car again. Has anyone had experience of this sort of thing?
Cheib said:
Adamski007 said:
I'm in the middle of a Coys nightmare... It started yesterday when I was pulled over by four police cars on the A11, a full-on synchronised tactical swoop. It was impressive. I learned that my car, which I bought at a Coys auction in February, had been reported stolen. It transpired that while I paid for the car in full (Coys wouldn't have let me drive it away if I hadn't) they never passed the money on to the previous owner. And then they went into administration and by the sounds of things liquidation. The previous owner, having received no money and been given the run around, had no idea where his car was and reported it stolen.
The police are on it and know I bought the car in good faith but they say I cannot drive the car until the civil action has been resolved, and that doesn't sound like a matter of days to me. To make matters worse, I have finally been put in touch the the previous owner and his lawyer has advised him it's a criminal matter and not to take the car off the stolen register. He says Coys told him it didn't sell. Apparently he also agreed a £30k reserve on it, and I bought it on the hammer at £21k.
It's all a massive ballache. I just want to be able to drive the car again. Has anyone had experience of this sort of thing?
Oh FFS I am sorry to read this what a nightmare. It’s s shame that when Coys was still trading the issues with Coys couldn’t be disseminated via this forum. On a Porsche forum 911 UK they’ve got a much more community minded approach. The police are on it and know I bought the car in good faith but they say I cannot drive the car until the civil action has been resolved, and that doesn't sound like a matter of days to me. To make matters worse, I have finally been put in touch the the previous owner and his lawyer has advised him it's a criminal matter and not to take the car off the stolen register. He says Coys told him it didn't sell. Apparently he also agreed a £30k reserve on it, and I bought it on the hammer at £21k.
It's all a massive ballache. I just want to be able to drive the car again. Has anyone had experience of this sort of thing?
Edited by rat rod on Friday 12th June 21:18
"The new owner had a knock at the door from the police saying that the Ferrari 330 GTC he now owned was reported stolen, same as this case, the owner reported the car as stolen as he hasn't been payed by Coy's,after a Solicitor's letter or two the new owner did get title to the car and i was told the poor guy who lost the Ferrari was prosecuted for wasting police time to add salt into the wound."
Well, if the previous owner gets told to drop the report of stealing that would be a huge relief to me and I can drive my car again. He can go after Coys for fraud and I hope he wins but I'm really stressed out about being drawn into this having done nothing wrong. I bought the car at a price I was happy with, paid for it on the day, and am 100% happy with the car, it's wonderful... and then learned yesterday the previous owner had reported it stolen.
Well, if the previous owner gets told to drop the report of stealing that would be a huge relief to me and I can drive my car again. He can go after Coys for fraud and I hope he wins but I'm really stressed out about being drawn into this having done nothing wrong. I bought the car at a price I was happy with, paid for it on the day, and am 100% happy with the car, it's wonderful... and then learned yesterday the previous owner had reported it stolen.
Adamski007 said:
"The new owner had a knock at the door from the police saying that the Ferrari 330 GTC he now owned was reported stolen, same as this case, the owner reported the car as stolen as he hasn't been payed by Coy's,after a Solicitor's letter or two the new owner did get title to the car and i was told the poor guy who lost the Ferrari was prosecuted for wasting police time to add salt into the wound."
Well, if the previous owner gets told to drop the report of stealing that would be a huge relief to me and I can drive my car again. He can go after Coys for fraud and I hope he wins but I'm really stressed out about being drawn into this having done nothing wrong. I bought the car at a price I was happy with, paid for it on the day, and am 100% happy with the car, it's wonderful... and then learned yesterday the previous owner had reported it stolen.
I'm not familiar with the law but i think longterm you should get title to your car. As the car was sold well under reserve it would appear that Coy's did commit fraud as they broke the contract by selling for less than the agreed price. I would think that yours is not the only case of them doing this especially on this sale as they must have known the creditors were closing in,l know there's a guy on this thread who got paid eventually , even though it was £6.5k less than the reserve for his 308 GTS and Coy's let the personal number go with the car after promising to retain it for him, luck would have it that the buyer was sympathetic to the vendor and let him have his reg number back although he had the wright to keep it.He was urged to sue Coy's for the balance but i think he was so relieved to get most of the money plus his plate back i don't think he wanted the bother as the whole thing made him quite ill with worry of it all.His handle on here is Maranellohouse which although a different scenario to yours may be worth a read, I know that the 330GTC definitely got title as i heard this direct from the guy who bought it but not sure if he paid the reserve price or not and whether it would make any difference in your case ,It's usually a cival matter rather than a police one so i would have thought that the car should be taken off the stolen car register as the keys and paperwork was handed over to Coy's not stolen outside his house or similar. You need to get a solicitor's letter off a.s.p to demand it taken off but i would have thought maybe the police might be the ones to demand that. I feel for you and the vendor but even if the police prosecute Coy's successfully because they are in liquidation i doubt if vendor will see any payment. Wish you good luck and wouldn't wish the worry of this on anyone as i've experienced similar myself.Well, if the previous owner gets told to drop the report of stealing that would be a huge relief to me and I can drive my car again. He can go after Coys for fraud and I hope he wins but I'm really stressed out about being drawn into this having done nothing wrong. I bought the car at a price I was happy with, paid for it on the day, and am 100% happy with the car, it's wonderful... and then learned yesterday the previous owner had reported it stolen.
Edited by rat rod on Saturday 13th June 00:33
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