Why do people sell cars at auction?

Why do people sell cars at auction?

Author
Discussion

footsoldier

1,417 posts

133 months

Monday 25th February
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I've sold through RMSotheby's and Silverstone, and had no problem with either.
You should be paid quickly, but bear in mind that they have to wait for buyer to pay them. (Read the small print...I made sure I had some input into the legal expenses if buyer defaulted, otherwise Auction house chase on your nickel).

I don't think i could ever have got more money than RMS did for my car, or the advertising exposure, and I had a good weekend out at Villa d'Este thrown in. It's a good way of getting a car sold, if you pick the right auction, and are sensible with pricing.
Seller's fees are negotiable if they want to sell your car.

Having said all that, I would also be wary of buying a car with question marks at an auction - have seen some which are a long way from the catalogue description, and they are all used car dealers at the end of the day.

Edited by footsoldier on Monday 25th February 10:40

LIVENT

182 posts

169 months

Thursday 28th February
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Silverstone/CCA are a client of mine and they seem a very decent company. They have always paid our invoices for work we have done for them on time. I have been at a number of their auctions and they are very professional.

I find it interesting how many people buy these big ticket items and then go skint and/or need the money quickly. That's usually the reason for auction, they need the money quickly and dealers make the best offers in part ex rather than straight buys. There is then the other camp who are so rich they just want rid quickly to make some space in their garage.

At auctions I have seen buys because people have had a few too many and they want to show off in front of their pals. Mainly rich guys with more money than sense. Having said that I have seen some much crazier things in the same context with investments and sponsorship.

phib

3,939 posts

200 months

Friday 15th March
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Happy to share my real life experience,not a supercar but specialist sale I guess, just sold my 1 owner 205 gti via historics, had it for sale on here.

Had loads of time wasters wanting to offer between £8k and £12k and part exchance all kind of over priced stuff.

So dropped it off at historics, sold on the day and mobney paid exactly when they said it would be, whats not to like.

Am also selling my 993 on here and sof far had 1 genuine buyer, 1 dealer, 2 no shows, 4 timewasters, all time wasters couldnt fault the car or price and couldnt explain why they didnt want to buy.

Hence why some of us go via auctions

https://www.historics.co.uk/buying/auctions/2019-0...

Edited by phib on Friday 15th March 09:10

Ferruccio

830 posts

60 months

Saturday 16th March
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If auctions didn’t offer a service people use on both sides of the trade, there wouldn’t be so many!

domgul

29 posts

93 months

Friday 29th March
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Are there any sellers who have not been paid from the February London classic car show auction ?
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domgul

29 posts

93 months

Saturday 30th March
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indapendentlee said:
This sounds very familiar to me, there are a couple that have been mentioned here and one in particular are like this - PM me if you want to know how I got the cash in the end.
How do I get in touch with you Lee ?

smartypants

39,922 posts

110 months

Saturday 30th March
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domgul said:
Are there any sellers who have not been paid from the February London classic car show auction ?
Yes, that I know of. And other stuff.

South tdf

694 posts

136 months

Saturday 30th March
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To be fair I was not that impressed when I dropped a couple of cars off with the auction as we were met in a field next to their auction tent by a couple of employees and it just seemed very unorganised. More concerning was he put a clipboard and keys to one of our cars on the bonnet of another entry car before sitting on the bonnet of a third.

Luckily both cars sold, well one in the room, one after by us taking a below estimate price.

As others have found it was very hard to get the money owed and involved a day out in London and thinking out of the box!

Maranellohouse

163 posts

149 months

Monday 1st April
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Bispal said:
I sold my F355 at auction in December. I tried for 4 months to sell my low miles, FSH, LHD, Manual F355 privately. Each time a 'time waster' came to view I lost half a day in cleaning, test drives and even arranging inspections. I wasn't being greedy I only wanted £53k and the car had just had £7k spent on bringing it up to really nice condition. I was losing a lot of time & that was costing my business with 'supposed' buyers. The couple of offers I had were so cheeky it was a joke.

The auction house contacted me and said they would sell it consignment for a reduced fee. I agreed and took the car to them. 2 months later it wasn't sold so it went to auction in early December. Almost 3 months later I still don't have my money. Every day I have been leaving messages & emails. I get the same excuse every time, cheques in the post, only the MD can sign and he's out of the country, we are busy preparing the next auction, cheques in the post and round and round in circles it goes.

Selling older exotic or niche cars is exceedingly difficult and time consuming. There comes a point where the time I was spending was costing me more than the auctioneers fee and I was losing faith in the human race with the contemptible time wasting. However as I still haven't had my money its a case of out of the frying pan and into the fire. I have now heard this from numerous other people who have sold at auction, the money is almost always late!

I won't buy another classic car ever again after this experience, and what makes me sick is that the car was for sale for almost 6 months at a reasonable price and someone paid more, with the buyers premium, than I was selling it for but I still got less than I wanted by quite some margin. At least the car is sold and I will hopefully get my money soon but this has been a dreadful experience. What is strange is the amount of people who rant & rave about the F355 and how great it is and its their dream car, but no-one is buying them, even when they are a bargain!
Why do I have the awful feeling you sold your car at the same auction I did in December because I'm 4 months in and struggling to get my money.



Drclarke

862 posts

114 months

Monday 1st April
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Maranellohouse said:
Why do I have the awful feeling you sold your car at the same auction I did in December because I'm 4 months in and struggling to get my money.
As you can’t name the auction house, can you tell us the location of where the sale was held ?

LotusOmega375D

4,183 posts

94 months

Monday 1st April
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Isn't this a rather important situation, which more owners need to be made aware of? Shouldn't there be a thread in the PH classic cars section, since that is where most of these potential car sellers will be visiting? I don't want to start one because I have nothing to do with this topic, but maybe one of those affected should post in there also? You may get more feedback too. Meanwhile good luck with getting all the owed money a.s a.p.

Maranellohouse

163 posts

149 months

Tuesday 2nd April
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Drclarke said:
As you can’t name the auction house, can you tell us the location of where the sale was held ?
Around the Kensington area

indapendentlee

284 posts

40 months

Tuesday 2nd April
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Maranellohouse said:
Drclarke said:
As you can’t name the auction house, can you tell us the location of where the sale was held ?
Around the Kensington area
I sold a car in an auction at Essen last year and it took 3 months to get the cash. They pulled every trick in the book to try and delay paying, I ended up having to go down there twice, first time was all friendly enough on the last day of the period in which payment was "due" - "just waiting on admin/accounting, cheque will be in the post etc, you didn't need to come down blah blah".

Second time several weeks later was not so friendly, when I got there they went to "get the cheque" but then claimed the car was showing as written off in 1980-something (it was an Italian import to the UK in 2016 with all the relevant paperwork to show its previous registrations in Italy and that it'd never been in the UK when it was supposedly written off) all of which had apparently come to light between my arrival and them processing it in their system. I got the cheque in the end and sprinted to the bank in Sheen and paid for the quick clearing service. The CEO came down and acted apologetic as though it was unacceptable and news to him etc,

I have no idea how much of the stock in their showroom actually belongs to them but they offered to put my car there from the time I entered it into the auction (3 months prior to sale) so I wouldn't be surprised if they offer that to anyone with something interesting.

Concidentally the payment was sorted a week after their subsequent auction, which I'm guessing meant some cash had landed. It was worth going down there, they were not used to an angry bloke in their showroom and I believe if I hadn't it would have taken even longer to get what I was owed.

If you're owed money by them, go and get it and don't leave until you do.

footsoldier

1,417 posts

133 months

Tuesday 2nd April
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Maranellohouse said:
Drclarke said:
As you can’t name the auction house, can you tell us the location of where the sale was held ?
Around the Kensington area
Why so coy?

LotusOmega375D

4,183 posts

94 months

Tuesday 2nd April
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Come On You Spurs!

(disclaimer: I don't support Spurs)

Unexpected Item In The Bagging Area

5,935 posts

130 months

Tuesday 2nd April
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Maranellohouse - if you’re going to pay them a visit to demand payment then it would be worth doing it when they’re likely to be busy with potential customers so that you can embarrass them ie. on a Saturday.

Maranellohouse

163 posts

149 months

Friday 5th April
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Unexpected Item In The Bagging Area said:
Maranellohouse - if you’re going to pay them a visit to demand payment then it would be worth doing it when they’re likely to be busy with potential customers so that you can embarrass them ie. on a Saturday.
Believe me I would be planted firmly at their door if it wasn't for the fact I'm in Northern Ireland. However cheque didn't get posted on Wed when I was told it would be but I have been "assured" "yet again" that it will be posted on Monday so joking aside it may actually come to getting on a plane and heading their direction.

So

15,558 posts

163 months

Friday 5th April
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Maranellohouse said:
Believe me I would be planted firmly at their door if it wasn't for the fact I'm in Northern Ireland. However cheque didn't get posted on Wed when I was told it would be but I have been "assured" "yet again" that it will be posted on Monday so joking aside it may actually come to getting on a plane and heading their direction.
If only there were a way for these people to transfer money from bank to bank electronically and not have to rely upon cheques, envelopes and stamps.



Maranellohouse

163 posts

149 months

Friday 5th April
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So said:
If only there were a way for these people to transfer money from bank to bank electronically and not have to rely upon cheques, envelopes and stamps.
I suspect its done that way for a reason, better way to create delay tactics.

Ferruccio

830 posts

60 months

Friday 5th April
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Why not just issue proceedings against them?
It’s a straightforward matter of contract.
They will have no defence.
So they will pay.
And if they can’t, once you have judgement, you can wind them up.