Collecting Cars auction results

[JulierPass]

breakfan said:

Looks like the manual E46 M3 CSL didn't hit the reserve - anybody know what the highest bid was?

edit: found it - was £35k

Edited by breakfan on Tuesday 21st April 20:58

Given it's mileage I think thats pretty good.

[AyBee]

JulierPass said:

breakfan said:

Looks like the manual E46 M3 CSL didn't hit the reserve - anybody know what the highest bid was?

edit: found it - was £35k

Given it's mileage I think thats pretty good.

£50k for a standard car in the classifieds with 65k on the clock. Surprised this didn't go for more to be honest. Enjoyed the Carfection review of it, but just goes to show that high miles and modifications are not sought after.

[Cheib]

I thought it would get more than that too.

[355fiorano]

Can someone enlighten me as to why someone would place consecutive bids in these online auctions? Why put a higher price when no one has outbid your previous bid? Makes no sense unless its the seller bidding up his lot which is not allowed.

[kman]

355fiorano said:

Can someone enlighten me as to why someone would place consecutive bids in these online auctions? Why put a higher price when no one has outbid your previous bid? Makes no sense unless its the seller bidding up his lot which is not allowed.

you can enable an autobid by entering a 'max bid' I assume that's why.

[MDL111]

AyBee said:

JulierPass said:

breakfan said:

Looks like the manual E46 M3 CSL didn't hit the reserve - anybody know what the highest bid was?

edit: found it - was £35k

Given it's mileage I think thats pretty good.

£50k for a standard car in the classifieds with 65k on the clock. Surprised this didn't go for more to be honest. Enjoyed the Carfection review of it, but just goes to show that high miles and modifications are not sought after.

I look at UK CSLs (cheaper than LHD as relative to market size many more) on a regular basis (over a 12-18 months period) and most of the cars listed on Pistonheads have been for sale for ages. I don’t think the CSL asking prices have been anywhere near clearing price for quite a long time.

[MDL111]

kman said:

355fiorano said:

Can someone enlighten me as to why someone would place consecutive bids in these online auctions? Why put a higher price when no one has outbid your previous bid? Makes no sense unless its the seller bidding up his lot which is not allowed.

you can enable an autobid by entering a 'max bid' I assume that's why.

But shouldn’t that only bid if outbid, otherwise what’s the point?

[footsoldier]

There is a minimum bid increment which increases by value. I looked at a couple and it seems like the system accepts the first bid and then tells bidder to make up the difference to the minimum.

[torquespeak]

I'll step in to address the facts here.

There are two methods of bidding, the first being a 'placed' bid (i.e. fixed amount) and the second being an 'absentee' (i.e. automatic bidding in minimum increments). If 'Bidder A' has currently bid £24,750, and 'Bidder B' then joins in with an absentee to £26,000, then it will initially show £25,000 (Bidder B) using the automatic minimum increment. If Bidder A then decides to place a fixed value bid of £26,000 on the car, Bidder B's absentee will trump it (they got there first). The bidding display will then show £26,000 (Bidder B).

-Ed

[MDL111]

torquespeak said:

I'll step in to address the facts here.

There are two methods of bidding, the first being a 'placed' bid (i.e. fixed amount) and the second being an 'absentee' (i.e. automatic bidding in minimum increments). If 'Bidder A' has currently bid £24,750, and 'Bidder B' then joins in with an absentee to £26,000, then it will initially show £25,000 (Bidder B) using the automatic minimum increment. If Bidder A then decides to place a fixed value bid of £26,000 on the car, Bidder B's absentee will trump it (they got there first). The bidding display will then show £26,000 (Bidder B).

-Ed

Ah that makes sense - so being quick(er) has a benefit

[VonSenger]

JulierPass said:

breakfan said:

Looks like the manual E46 M3 CSL didn't hit the reserve - anybody know what the highest bid was?

edit: found it - was £35k

Edited by breakfan on Tuesday 21st April 20:58

Given it's mileage I think thats pretty good.

That's what i thought, especially as it's been messed with.

[MarkM3Evoplus]

Recently took an interest in a Vanquish for sale on The Market Auction site - worth a look due to low fees.

As I have a 2002 Vanquish, I take an interest in how much they sell for and was shocked a 23K mile, 2004 car only made just over £51K, as the description was good and pics I looked at showed it was in excellent condition.........until a mate pointed out the underside pics. Looked like it had been left in the sea for a month!

I get the feeling a fair proportion of the cars in auctions are problem cars that need a fair bit of work to get them to, certainly with this Vanquish, a reasonable condition you would be happy with.

Obviously in the current climate, a lot of people just want to get shot of their car ASAP and an Auction would facilitate that, but also, I doubt any knowledgeable dealer would have taken that Vanquish in, even on SoR basis.

What's peoples thoughts on Auctions for performance cars in the £30K to £100K price range? Do you think I am being unfair?

[VonSenger]

MDL111 said:

AyBee said:

JulierPass said:

breakfan said:

Looks like the manual E46 M3 CSL didn't hit the reserve - anybody know what the highest bid was?

edit: found it - was £35k

Given it's mileage I think thats pretty good.

£50k for a standard car in the classifieds with 65k on the clock. Surprised this didn't go for more to be honest. Enjoyed the Carfection review of it, but just goes to show that high miles and modifications are not sought after.

I look at UK CSLs (cheaper than LHD as relative to market size many more) on a regular basis (over a 12-18 months period) and most of the cars listed on Pistonheads have been for sale for ages. I don’t think the CSL asking prices have been anywhere near clearing price for quite a long time.

They aren't selling at all, what's strange is that the dealers and owners seem to bury their heads in the sand and keep sticking them up at the same money.

[JulierPass]

MarkM3Evoplus said:

Recently took an interest in a Vanquish for sale on The Market Auction site - worth a look due to low fees.

As I have a 2002 Vanquish, I take an interest in how much they sell for and was shocked a 23K mile, 2004 car only made just over £51K, as the description was good and pics I looked at showed it was in excellent condition.........until a mate pointed out the underside pics. Looked like it had been left in the sea for a month!

I get the feeling a fair proportion of the cars in auctions are problem cars that need a fair bit of work to get them to, certainly with this Vanquish, a reasonable condition you would be happy with.

Obviously in the current climate, a lot of people just want to get shot of their car ASAP and an Auction would facilitate that, but also, I doubt any knowledgeable dealer would have taken that Vanquish in, even on SoR basis.

What's peoples thoughts on Auctions for performance cars in the £30K to £100K price range? Do you think I am being unfair?

I think that's a pretty fair opinion. I can see the upside if you need to sell quickly and don't mind taking a knock for doing so. But if you have a genuine car I don't see why you wouldn't place it on SoR, as long as the correct protections were in place, to maximize your return.

[will_]

JulierPass said:

MarkM3Evoplus said:

Recently took an interest in a Vanquish for sale on The Market Auction site - worth a look due to low fees.

As I have a 2002 Vanquish, I take an interest in how much they sell for and was shocked a 23K mile, 2004 car only made just over £51K, as the description was good and pics I looked at showed it was in excellent condition.........until a mate pointed out the underside pics. Looked like it had been left in the sea for a month!

I get the feeling a fair proportion of the cars in auctions are problem cars that need a fair bit of work to get them to, certainly with this Vanquish, a reasonable condition you would be happy with.

Obviously in the current climate, a lot of people just want to get shot of their car ASAP and an Auction would facilitate that, but also, I doubt any knowledgeable dealer would have taken that Vanquish in, even on SoR basis.

What's peoples thoughts on Auctions for performance cars in the £30K to £100K price range? Do you think I am being unfair?

I think that's a pretty fair opinion. I can see the upside if you need to sell quickly and don't mind taking a knock for doing so. But if you have a genuine car I don't see why you wouldn't place it on SoR, as long as the correct protections were in place, to maximize your return.

What "protections" are those? It is notoriously hard to protect against a dealer going bust having sold your car and pocketed the cash. That's not to say that the same thing hasn't happened in the auction world, of course, but nowadays most auction houses use escrow arrangements.

Ultimately people sell at auction because they want to sell a car quickly, which can be for a variety of reasons (not all of them nefarious), but don't necessarily want to be limited to a few low-ball trade bids. Or, if you've got something a bit special, you take a gamble on two people both really wanting it and bidding it up.

As a buyer, you will want to pay less at auction to provide a "buffer" for any work to be done - ultimately you are taking a higher risk and accordingly want to pay a lower amount. That's why you need to pick a figure and stick to it!

By the number of cars not sold on Collecting Cars it looks like vendors haven't got their heads around the "new normal" in the market at the moment.

[JulierPass]

will_ said:

JulierPass said:

MarkM3Evoplus said:

Recently took an interest in a Vanquish for sale on The Market Auction site - worth a look due to low fees.

As I have a 2002 Vanquish, I take an interest in how much they sell for and was shocked a 23K mile, 2004 car only made just over £51K, as the description was good and pics I looked at showed it was in excellent condition.........until a mate pointed out the underside pics. Looked like it had been left in the sea for a month!

I get the feeling a fair proportion of the cars in auctions are problem cars that need a fair bit of work to get them to, certainly with this Vanquish, a reasonable condition you would be happy with.

Obviously in the current climate, a lot of people just want to get shot of their car ASAP and an Auction would facilitate that, but also, I doubt any knowledgeable dealer would have taken that Vanquish in, even on SoR basis.

What's peoples thoughts on Auctions for performance cars in the £30K to £100K price range? Do you think I am being unfair?

I think that's a pretty fair opinion. I can see the upside if you need to sell quickly and don't mind taking a knock for doing so. But if you have a genuine car I don't see why you wouldn't place it on SoR, as long as the correct protections were in place, to maximize your return.

What "protections" are those? It is notoriously hard to protect against a dealer going bust having sold your car and pocketed the cash. That's not to say that the same thing hasn't happened in the auction world, of course, but nowadays most auction houses use escrow arrangements.

Ultimately people sell at auction because they want to sell a car quickly, which can be for a variety of reasons (not all of them nefarious), but don't necessarily want to be limited to a few low-ball trade bids. Or, if you've got something a bit special, you take a gamble on two people both really wanting it and bidding it up.

As a buyer, you will want to pay less at auction to provide a "buffer" for any work to be done - ultimately you are taking a higher risk and accordingly want to pay a lower amount. That's why you need to pick a figure and stick to it!

By the number of cars not sold on Collecting Cars it looks like vendors haven't got their heads around the "new normal" in the market at the moment.

Whenever I've SoR'd a car I have always had the dealer sign a contract my lawyer drafted and ensured payment was made directly to me with the agreed margin being invoiced to me from the dealer. Not every dealer will do it, but it does speak volumes about them if they refuse.

[av185]

MarkM3Evoplus said:

What's peoples thoughts on Auctions for performance cars in the £30K to £100K price range? Do you think I am being unfair?

You need to do your homework on any auction car and unfortunately many don't and thats when problems arise and potentially huge costs incurred buying a lemon.

The vendor is always key and the reason the car is being auctioned in the first place.

Many post up on here the usual sales figures ££ of auction cars claiming how relatively cheap they appear but fail to appreciate invariably the car is being auctioned for a reason and thats because it has been rejected by a main franchised dealer as some aspect of it is iffy.

Factor in potential for further big bills ££ huge commission and a dodgy service history and the seemingly cheap auction car clearly can end up expensive.

Having said that there is a world of difference between buying say a Porsche finance vehicle directly entered by the company themselves and buying a ropey ex trade car entered by backstreet Johnny Dog Motors because it has a major issue.

Having bought a good number of Porsche finance cars from Nottingham BCA these are generally excellent vehicles grade 3 and above 1 owner with FPSH although they don't sell particularly cheaply they are entered regularly and match top OPC retail stock in the majority of cases.

Bought a lovely top spec 2017 991 Turbo S in December from them at sensible money.

[DeltaOne]

JulierPass said:

Whenever I've SoR'd a car I have always had the dealer sign a contract my lawyer drafted and ensured payment was made directly to me with the agreed margin being invoiced to me from the dealer. Not every dealer will do it, but it does speak volumes about them if they refuse.

Depends who you trust more, a favoured dealer or a lawyer. I've always chosen the former!!

[mikey k]

Interesting thread
CC site bookmarked for further car porn CV19 time wasting

[av185]

DeltaOne said:

Depends who you trust more, a favoured dealer or a lawyer. I've always chosen the former!!

Perhaps a world first.