Collecting Cars auction results
Discussion
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.
What protection do you have if the dealer breaches the contract, is paid the full sum for the car, and then goes bust?The buyer isn't going to know - or be bound by - the terms of the agreement entered into between you and your agent.
will_ said:
What protection do you have if the dealer breaches the contract, is paid the full sum for the car, and then goes bust?
The buyer isn't going to know - or be bound by - the terms of the agreement entered into between you and your agent.
There is a personal guarantee in place. The buyer isn't going to know - or be bound by - the terms of the agreement entered into between you and your agent.
will_ said:
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.
I agree the prices are just stupid at this time, you can find cheaper elsewhere, possibly even dealers ffs.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.
av185 said:
DeltaOne said:
Depends who you trust more, a favoured dealer or a lawyer. I've always chosen the former!!
Perhaps a world first.At no time did I ever feel I was compromised in any way.
Was always advised of all offers,advised when deposits paid and the money always arrived in my account
on the day I was told it would.
Agreed some shysters out there,but also quite a few indys who’s reputation is everything.
Paul
JulierPass said:
will_ said:
What protection do you have if the dealer breaches the contract, is paid the full sum for the car, and then goes bust?
The buyer isn't going to know - or be bound by - the terms of the agreement entered into between you and your agent.
There is a personal guarantee in place. The buyer isn't going to know - or be bound by - the terms of the agreement entered into between you and your agent.
Even a PG is no guarantee if there isn't any money of course. But I can certainly see how that adds protection.
I'd be very interested to know which dealers are prepared to go that far to get SOR business.
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
In the cases that I have seen the incremental bid difference by the same person is thousands. See the Ferrari 812 auction. "Crampers" has a bid @ £30k and then 30 in later bids £110k with no bids inbetween. In fact the same biider bid up his own bid in the McLaren 720 sale by nearly £10k from £65.5l to £75kThere 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
Edited by 355fiorano on Friday 24th April 00:15
355fiorano said:
In the cases that I have seen the incremental bid difference by the same person is thousands. See the Ferrari 812 auction. "Crampers" has a bid @ £30k and then 30 in later bids £110k with no bids inbetween. In fact the same biider bid up his own bid in the McLaren 720 sale by nearly £10k from £65.5l to £75k
When Bidder A's absentee is exceeded by Bidder B's placed bid, the maximum absentee from Bidder A will be shown. You can see that exactly that has happened in both of these cases. A £110k absentee was beaten by a £135k placed bid in the former, while a £75k absentee was beaten by a £100k placed bid on the latter.Edited by 355fiorano on Friday 24th April 00:15
-Ed
markst said:
I cannot believe anyone would buy anything in this market...…...all you are buying is someone else's depreciation and letting them off the hook.
least of all from an "auction" site, great idea as it is though.
anyway each to their own ..
What if you're getting 10%-15% off the price? Or 20%? least of all from an "auction" site, great idea as it is though.
anyway each to their own ..
Not saying these discounts are available but surely there are circumstances where a purchase might be sensible.
355fiorano said:
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
In the cases that I have seen the incremental bid difference by the same person is thousands. See the Ferrari 812 auction. "Crampers" has a bid @ £30k and then 30 in later bids £110k with no bids inbetween. In fact the same biider bid up his own bid in the McLaren 720 sale by nearly £10k from £65.5l to £75kThere 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
Edited by 355fiorano on Friday 24th April 00:15
cayman-black said:
What price do you think that will land at?marky7seven said:
cayman-black said:
What price do you think that will land at?cayman-black said:
marky7seven said:
What price do you think that will land at?
£135kEven at £135k would you call it a good buy considering the amount currently advertised and not selling.
Good disposal if the seller does get anywhere close to 135k
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