Ultima GTR for auction tomorrow

[tails]

FYI, for those in the US - The 2005 Barrett-Jackson Auction in Scottsdale, AZ will be auctioning off an 2003 Ultima GTR on Saturday 1-29:

www.barrett-jackson.com/events/scottsdale/vehicles/cardetail_list.asp?id=179918

For those who aren't at the auction, you can watch the bidding live on TV - Speedvision is covering the show all weekend.

[bigmack]

This will be interesting. If you've been watching the auction at all, then you've seen a lot of "427" ci motor cars go at very high prices. Should be interesting to see if this car does the same.
Cheers!
-Mack

[gtrclive]

Right I'll start the "Guess the Price" game at :-- $85,000.

[d3vine]

I waited all day to see the Ultima GTR up for auction today. But When they finally got to the GTR, they went into commerical. Never had the chance to see it on tv, plus the price it was sold for. I'm very disappointed.

>> Edited by d3vine on Saturday 29th January 23:31

[tails]

The Ultima isn't in the official sold list - perhaps they are planning on auctioning it later today?

Official sold list: www.barrett-jackson.com/auctionresults/common/bj05results.asp

Although, I gotta say - watching that 54 Oldsmobile F-88 concept go for 3.24 million US $ was amazing...

>> Edited by tails on Sunday 30th January 00:24

[bigmack]

[redacted]

[builder]

bigmack said:

I waited all day for that GTR too! What the F@#$?!?!? What a dissapointment! It rolled up on the stage right after the Ford GT "Tribute" car that was blue and sold for $295k or something. The next thing I knew there was a commercial break and then a stupid Porker on display. They totally skipped over it! Sorry crap. Argh! -Mack

Me too. The description of the car says "No Reserve". Is it possible it didn't sell? I am going to email them and post what I learn...

[builder]

Couldn't wait. Called them and someone answered. The car did sell and the results were posted, then withdrawn. There may have been a problem with the buyer or seller. Awaiting their reply.

[tails]

Looks like the results have been posted:

2003 Ultima GTR Coupe - $95,000 (not including 8% comission to be paid by buyer).

Specs as posted on the site:

COLOR - BLUE
TRANS - 6 SPEED
CYLINDERS - V8
ENGINE SIZE - 427
HORSEPOWER - 650


Faster than McLaren F1 and Ferrari Enzo. 200+ mph California street-legal supercar with low miles by original owner. Mid-engine. Exceptional handling - .98 g on skidpad. Professionally built - no expense spared. Fuel-injected DART 427 small block engine. Best of everything. Ported and polished DART intake and heads. 11 inch ceramic clutch. Holley Commander 950 injection with Mallory computer-controlled ignition. Howards crank, rods, mechanical cam and lifters. Ross Racing pistons, plasma moly rings. Extensive Moroso oil cooling. Ceramic-coated exhaust system. Twin-fan aluminum crossflow radiator. Porsche 993 Twin Turbo 6-speed limited-slip transaxle with cable shift. 12.7 inch AP Racing brakes. Independent, adjustable coil-over suspension. FIA-approved internal rollcage. Carbon fiber adjustable rear wing. Electric mirrors. Rear-view camera with 6" monitor. Alcontara interior and dash. Momo Racing steering wheel. Willans 6 point harnesses. Air conditioning and heating. 200 mph speedo. Adjustable clutch, brake and gas pedals. Historical footnote: In 1991, McLaren purchased two Ultimas and used them extensively in the testing and development of the McLaren F1's new engine and transmission. August 2004 records set by factory Ultima GTR: 0-60 in 2.7 sec. 0-100 in 5.5 sec. 0-150 in 11.8 sec. Standing 1/4 mile in 10.5 sec. Top speed in excess of 200 mph.
**TITLED AS A 0000 SPCNS (SPECIALLY CONSTRUCTED VEHICLE) BY CALIFORNIA DMV***

[bigmack]

Barret Jackson is the only one making money on that deal. 8% ! That's more than we make selling a house! And the buyer pays this?!?!? Ha! Unbelievable isn't it?
Cheers!
-Mack

[ikom]

builder said:

Couldn't wait. Called them and someone answered. The car did sell and the results were posted, then withdrawn. There may have been a problem with the buyer or seller. Awaiting their reply.

I was furious when they went to a commercial after the GT40 - you could just barely see the ULTIMA behind the GT40 as it inched its way to the podium. They failed to mention the sale after the commercial so I sent a couple of emails to them but have not received a response as yet. I think you can buy a DVD of the full auction from Barrett Jackson though - hopefully the sale is on the DVD.

In any case the sale is now listed on their website and indicates that the car sold for $102,600 which is not bad for someone worried about its resale value on this side of the Atlantic.

[tails]

Barrett Jackson makes a ton!

To even bid, you need a bidder's ID, which costs $350. Even if you don't buy anything, you're out $350.

Then, if you make a purchase, the buyer must pay an 8% comission on top of the sale price (the sale prices listed on the website include the 8%). Additionally, the seller must pay an 8% comission as well. Barrett Jackson takes 16% of every sale...

Perhaps this isn't an issue for the super rich... :-)

[GTR4ME]

8%, not, they charge 16% on the sale of a vehicle. There is an 8% buyer premium that the buyer pays on top of what they bid. And then the seller has to cough up another 8%. So they made like $14K on the sale of that vehicle. Just think what they made on that $3M Olds

[usagtrman]

I think the 16% is fair.

As a buyer....for 8% premium plus your $350....where in the world can you go and see such a wide spectrum of unique cars for sale with the owners often being on site? You're paying for the chance to buy something special.

As a seller....8% seems cheap to me. Any place that can get someone to pay $3,000,000 for an Oldsmobile is worth every bit of 8%. You're betting that BJ can squeeze one of the thousands of qualified buyers for an extra 8% plus 8% more than what you'd net trying to sell it yourself. How many of us can several thousand qualified buyers with money in hand look at our car in a couple of days ?

Watching the crowd and the way these guys bid, four things are evident to me:

1) I'd love to go, pay my $350 to register just to look at the cars and enjoy the spectacle of it all.

2) I'd never buy anything there unless I was the ONLY bidder......I'm too cheap to overpay just for the thrill of it.

3) I don't think many of these bidders are worried about getting a good buy......they look as though they can afford to overpay.

4) When the time comes for the GTR to go.........I'll strongly consider sending it to BJ.

I'm sure BJ nets a huge amount from these auctions but from my prospective.......they earn it.

Brad Z
www.bradzeman.com

[gtr4me]

Brad, You don't have to pay the $350 unless you plan to bid. You can just pay for the admission ticket just to look and watch, $100 for all five days, or if you are only going one or two days its $20 a day, way cheaper.....