Why do people sell cars at auction?

Why do people sell cars at auction?

Author
Discussion

slow_1

90 posts

140 months

Friday 3rd May
quotequote all
Makes very interesting reading - when any company operates business practices like that its only matter of time before they go bust!

Edited by slow_1 on Friday 3rd May 13:07

rat rod

12 posts

6 months

Friday 3rd May
quotequote all
i've heard a lot of horror stories about this auction house but this must be the worst yet,i really feel for you for what they put you though stuart ,a friend of mine sold his aston martin via them and as with you the payment did not arrive in said time,he was told that the buyer had found the chassis had serious rust and was holding back payment although they had not informed him of this up to this point, he is a engineer and had done a lot of restoration on the car so knew the chassis was fine ,some how he managed to get in touch with the buyer who was not only pleased with his purchase but the car was in germany after payment was made a day after the auction.funds were only sent after a solicitors letter to them,can't believe people are still entering cars with them,like lambs to the slaughter, they are the only auction house that are reluctant to print their results , highway robbers in pinstripe suits comes to mind !

will_

5,658 posts

144 months

Saturday 4th May
quotequote all
rat rod said:
i've heard a lot of horror stories about this auction house but this must be the worst yet,i really feel for you for what they put you though stuart ,a friend of mine sold his aston martin via them and as with you the payment did not arrive in said time,he was told that the buyer had found the chassis had serious rust and was holding back payment although they had not informed him of this up to this point, he is a engineer and had done a lot of restoration on the car so knew the chassis was fine ,some how he managed to get in touch with the buyer who was not only pleased with his purchase but the car was in germany after payment was made a day after the auction.funds were only sent after a solicitors letter to them,can't believe people are still entering cars with them,like lambs to the slaughter, they are the only auction house that are reluctant to print their results , highway robbers in pinstripe suits comes to mind !
What amazes me is that people don't appear to do any basic research before entrusting a very valuable asset to an auction house.


rat rod

12 posts

6 months

Saturday 4th May
quotequote all
i think the name's been around a long time be it under different managements and the posh title, some car people don't eat,sleep and drink the classic car world like we do and are oblivious to what's going on, they are very convincing on the telephone especially when you have have no interest or just time wasters from your advert,they make it sound so easy and stress free compared to complete strangers coming to your house and pulling your pride and joy to pieces and offering you a bag of chips for it.someone who is quite well known in the classic car world and is no fool purchased a ferrari 330 from this auction house at the time they went into receivership and got a visit from the police saying the car had been reported stolen .the vendor in a panic on hearing he wasn't going to get paid reported it stolen in the hope he may get it back,can't help feeling for the guy as not only did he loose his car the police charged him for wasting their time .the buyer was able to keep the ferrari but not after some legal expence ,

Maranellohouse

163 posts

149 months

Tuesday 7th May
quotequote all
Just had an email from Coys saying they are pleased the matter has been settled and would like me to advise all forums that things have been sorted. I'm still out £6500 but its all sorted.
Advertisement

rat rod

12 posts

6 months

Tuesday 7th May
quotequote all
i wonder if you owed them £6,500 they would call it sorted,there must be hundreds of cases like this that you don't hear about,like WILL said how can educated people just hand over their valuable assets so easily without doing some homework,have bought and sold with silverstones,historics and bonhams with little or no problems and although i have attended said auction in question here i have never been brave enough to bid on or enter a car.with them and i don't know if it's just me me but love the way when you are entering a car you are their best friends and then talk down to you when there is a problem usually caused by them, they obviously are using customers funds to fund their next auction so will be always one step or two behind,it's only a matter of time before it goes tit's up again !

Drclarke

862 posts

114 months

Tuesday 7th May
quotequote all
Maranellohouse said:
Just had an email from Coys saying they are pleased the matter has been settled and would like me to advise all forums that things have been sorted. I'm still out £6500 but its all sorted.
Was it’s a condition that if they settled up. You had to advise all the forums of such?

It sounds like blackmail to me.

Maranellohouse

163 posts

149 months

Wednesday 8th May
quotequote all
Drclarke said:
Was it’s a condition that if they settled up. You had to advise all the forums of such?

It sounds like blackmail to me.
It was an email sent to me yesterday by Coys staff member No3. I don't actually know why.

Maranellohouse

163 posts

149 months

Wednesday 8th May
quotequote all
will_ said:
What amazes me is that people don't appear to do any basic research before entrusting a very valuable asset to an auction house.
Guilty. As it was one of the big classic auction houses I didn't do my homework. Lesson learned and that information posted to help others wise enough to do their research.

Edited by Maranellohouse on Wednesday 8th May 09:13

So

15,558 posts

163 months

Wednesday 8th May
quotequote all
Maranellohouse said:
will_ said:
What amazes me is that people don't appear to do any basic research before entrusting a very valuable asset to an auction house.
Guilty. As it was one of the big classic auction houses I didn't do my homework. Lesson learned and that information posted to help others wise enough to do their research.

Edited by Maranellohouse on Wednesday 8th May 09:13
How did you end up 6.5k down if you don’t mind me asking?

Maranellohouse

163 posts

149 months

Wednesday 8th May
quotequote all
So said:
How did you end up 6.5k down if you don’t mind me asking?
Don't mind you asking in the least. I'm pleased that you are interested.

For the purposes of me keeping to the facts and not out to influence anyone's take on the situation, can I ask you to follow the timeline from the auction on the 4th of December as it will explain how the shortfall came about.

Unexpected Item In The Bagging Area

5,935 posts

130 months

Wednesday 8th May
quotequote all
Timeline?

Maranellohouse

163 posts

149 months

Wednesday 8th May
quotequote all
Unexpected Item In The Bagging Area said:
Timeline?
http://maranellohouse.net/coys.html

http://maranellohouse.net/coys2.html

http://maranellohouse.net/coys3.html

Unexpected Item In The Bagging Area

5,935 posts

130 months

Wednesday 8th May
quotequote all
Thanks. FYI those pages don’t appear on the website linked from your PH profile.

Unexpected Item In The Bagging Area

5,935 posts

130 months

Wednesday 8th May
quotequote all
I can’t see any reference to the £6.5k though, however the colours of the background and fonts have sent my eyes funny, I find it hard to read!

So

15,558 posts

163 months

Wednesday 8th May
quotequote all
Maranellohouse said:
So said:
How did you end up 6.5k down if you don’t mind me asking?
Don't mind you asking in the least. I'm pleased that you are interested.

For the purposes of me keeping to the facts and not out to influence anyone's take on the situation, can I ask you to follow the timeline from the auction on the 4th of December as it will explain how the shortfall came about.
I had a look at your site a while ago and found it hard going, honestly. Any chance of a snappy one or two sentence summary please?


outnumbered

2,407 posts

175 months

Wednesday 8th May
quotequote all

I think it's basically that they said on the phone that it would achieve at least price X, which the OP required to make the sale worthwhile.

Then when the car was actually on site, they said it was worth less, and recommended lowering the reserve. In the end it was sold for X - 6.5K.

I agree the story was very hard to follow, so I may be wrong on the above !

monthefish

19,327 posts

172 months

Wednesday 8th May
quotequote all
Credit where credit's due, it's decent of the chap to write that summary to warn others.
It would have been very easy for him to just 'close the book' on the situation after the money came through.

So

15,558 posts

163 months

Wednesday 8th May
quotequote all
outnumbered said:
I think it's basically that they said on the phone that it would achieve at least price X, which the OP required to make the sale worthwhile.

Then when the car was actually on site, they said it was worth less, and recommended lowering the reserve. In the end it was sold for X - 6.5K.

I agree the story was very hard to follow, so I may be wrong on the above !
If that is the case, he is not "down £6.5k".


rat rod

12 posts

6 months

Wednesday 8th May
quotequote all
there's always one !