Re: [Chrysler300] The Auction Biz

["obiwan10" <obiwan10@xxxx>]

Thank you for your comments on this topic. I was aware that the auction companies could shill bid. My concern is that often this will entice those who have very little sense of the value of a particular car to far exceed in their bidding what the auto may really be worth especially when very little opportunity is given to thoroughly evaluate the overall condition(mechanical in particular). Again the expert bidder may/can take this into account, it is the novice or rookie who can be severely hurt and therefore my comment on buyer beware.

On no reserve cars, I was told by 2 different sellers that if they desired to set a reserve that their cars would be scheduled for auction on late Saturday or Sunday evenings when of course bidders are often scarce. This then forces them(the auction's total right and of course someone must fill these slots) to perhaps place for auction their car and possibly receive bids far less then they wish to sell for and perhaps pay a full commission to buy their car back. This is seller beware and too is part of the game that experts allow for. For those who watch CNBC and its commercials trading is not for the meek and uniformed but for those who are "Not Lousy Cybertraders".

It is a tough business and not for the unwary and even if all transactions are strictly according to the letter of the law and what the contracts may or not say, there are too often shenanigans that are far beyond the letter and spirit that some of these organizations are guilty of and this should not be tolerated. I am still waiting for the book written by an insider. I am certain it would be a best seller within our community.

Thank you too for your comments on this mystery 300 C which I have been keeping my eyes open for some 9 years. If you ever hear any more information please bring me to date. Sorry that I never got to see you at Barrett( a great show by the way). I was there with Bill Madden and Timo Tanskanen.

Roger Schaaf
300 B Calif
----- Original Message ----- 
From: Wayne Graefen 
To: Intl 300 
Sent: Friday, January 24, 2003 7:14 AM
Subject: [Chrysler300] The Auction Biz


A couple of things we all should understand about the auction biz.

For example, in the bidder's contract for the Barrett-Jackson auction, it states that if a car is consigned with a reserve price, B-J employees may bid on the car up to the reserve price. With 80-85% of the cars having been consigned at "no reserve" this year, there was an obvious lack of "mystery" bids on those cars. This shortened auction time considerably as in previous years they had gone to 11 or 12 p.m. or even 1 a.m. as I recall. Friday night, for example, ended at 9 p.m. Always read the fine contract print.

Also, in MANY if not MOST states including Arizona and California, it is perfectly legal under the law to "shill" bid. That shill can be absolutely anyone whether a auction company employee or a friend of the seller.

And realize too that the owner has the right or ability to "buy his car back" meaning if bidding stops well below the seller's desired price, he can place a "winning" bid and pay only the auction commission.

This legal situations do give the appearance of impropriety in the auction business but it is all part of the game. If you ever want to be a bidder, study several auction events very well before purchasing a bidder number and actually raising your hand which represents your savings account.

I was a first time bidder at B-J this year for the '57 Chrysler Windsor 2dr hardtop. I knew the maximum I was willing to pay for that car after carefully studying it from top to bottom inside and out and under carpets and mats. Yes, I got out of my electric scooter and onto the ground. When the bidding went beyond my willingness I had the sense to wave off the ringman. Incidentally, all of my business with B-J from registration to ringman was totally pleasant. There was NO pressure to increase my bids.

Wayne


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