Anybody watching B-J auction in Vegas?

[Hemidoug]

Man prices have dropped! I saw a 69 SS RS Camaro 'vert go for 31K....A 66 'Vette coupe 327 4 spd for 38K.....Those cars would have been north of 60K a few years ago.....I wonder how the Mopars are doing?

[Back N Black]

I have been watching and i agree, the market has dropped. Great time to be a buyer.

[Chad L. Magee]

I was watching it off and on last night.  There was some good deals there due to the market (I liked the Bently/RR for the price it went for).  The huge 3-wheeler took forever to sell and went for less than what it would take to build it today (or what it probably cost twenty years ago adjusting for inflation).  If it was me that bought it, I would have pulled the KB Hemi for a car project and dumped in another engine for reselling.  I think that is the lesson to be learned here is: don't expect every custom project to make money at B-J.  Remember, this is not the big show for B-J, so the stuff at Las Vegas will not come close to the money that they have at the Jan. auction.  The market has gone down some, but there are cars that are still high there...........

[Ghoste]

Big show or no, it's still a "no reserve" auction I believe.  I wonder how many of those sales are actually people buying their own cars back?

[The70RT]

Last night a rotissorie restored 68 R/T Charger went for just over 50K....53 or 4 I believe. It was a 440 4spd. Red with red interior. It had 85,000 miles on it.

[2much2learn]

54k??!!!!  DAMN!!! i knew i should of bid one more time!

[472 R/T SE]

Last night a rotissorie restored 68 R/T Charger went for just over 50K....53 or 4 I believe. It was a 440 4spd. Red with red interior. It had 85,000 miles on it.

Non matching drivetrain at that.  Beautiful car, I really like 'em all one color like that.


My buddy is there again this year trying to peddle a 429 SCJ Mustang he recently restored:  http://www.barrett-jackson.com/application/search/carlist_Details.aspx?&In_LotNumber=529

[BigBlackDodge]

Yawn..............

List of tonights cars.

Camaro
Mustang
Chevelle
Camaro
55-57 Chevy..........take your pick.
Camaro
48' Caddy
Mustang
Mustang
Camaro
Chevelle
Impala
Camaro
55-57 Chevy..........take your pick.
Camaro
48' Caddy
Mustang
Mustang
Camaro
Chevelle
Impala
..etc


Where are the mopars at?


BBD

[The70RT]

Last night a rotissorie restored 68 R/T Charger went for just over 50K....53 or 4 I believe. It was a 440 4spd. Red with red interior. It had 85,000 miles on it.

Non matching drivetrain at that.  Beautiful car, I really like 'em all one color like that.


My buddy is there again this year trying to peddle a 429 SCJ Mustang he recently restored:  http://www.barrett-jackson.com/application/search/carlist_Details.aspx?&In_LotNumber=529

One like your buddy's just went for 50K. Yellow with red interior  Vinyl tops look funny on them to me.

[472 R/T SE]

He's got that in it so I'm pretty sure he's sweatin'.  Vinyl top and red interior.  Wow.

[rusty lee]

Yeah I'd thought the Evel Knievel bike would have sold for more.

[CharcoalCharger]

Yawn..............

List of tonights cars.

Camaro
Mustang
Chevelle
Camaro
55-57 Chevy..........take your pick.
Camaro
48' Caddy
Mustang
Mustang
Camaro
Chevelle
Impala
Camaro
55-57 Chevy..........take your pick.
Camaro
48' Caddy
Mustang
Mustang
Camaro
Chevelle
Impala
..etc


Where are the mopars at?


BBD

B/J is saving them for later in the weekend when the Big Buck Cars get auctioned off!   

[The70RT]

Last night this one went for 54K - A real 67 Hemi RT Coronet, looked like a twin to the one Mike pmcs got a couple weeks ago.

[Hemidoug]

Last night this one went for 54K - A real 67 Hemi RT Coronet, looked like a twin to the one Mike pmcs got a couple weeks ago.

ether someone got a real deal or someone else was real pissed......

Just goes to show how inflated the market was....this will chase away the Johny come latelys and allow the real car guys a chance back in......I just hope it doesn't affect the repop market. We finally have some quality parts coming to market in large part do to the price bubble....

[The70RT]

Last night this one went for 54K - A real 67 Hemi RT Coronet, looked like a twin to the one Mike pmcs got a couple weeks ago.

ether someone got a real deal or someone else was real pissed......

Just goes to show how inflated the market was....this will chase away the Johny come latelys and allow the real car guys a chance back in......I just hope it doesn't affect the repop market. We finally have some quality parts coming to market in large part do to the price bubble....

Yeah I hear ya, I bet the seller just wishes he would have put it on eBay. With no reserve you could have a buddy buy it but the fees on both would suck.

[Ghoste]

The other possibilty is that no one bid too high on it at all and the seller bought his own car back.  It happens not all that infrequently with no reserve.

[Chris G.]

The other possibilty is that no one bid too high on it at all and the seller bought his own car back.  It happens not all that infrequently with no reserve.

I always wondered how that saved the seller from losing on the car. I mean in reality, say someone bought a car for 30K, then spent 120K on a resto, then decides to auction the car and it reaches 80K and the seller decides he can't let go of it for that little so he buys it back. Now he is over 230K into the car. Does he really think prices will get so inflated down the road that he believes sooner or later he will make some money off the car? 

[firefighter3931]

I always wondered how that saved the seller from losing on the car. I mean in reality, say someone bought a car for 30K, then spent 120K on a resto, then decides to auction the car and it reaches 80K and the seller decides he can't let go of it for that little so he buys it back. Now he is over 230K into the car. Does he really think prices will get so inflated down the road that he believes sooner or later he will make some money off the car? 

If the seller is buying the car from himself, he's only out the commission fees from BJ 

Of couse BJ's comissions are rediculous but that's the chance you take with a no reserve auction. 

It's obvious BJ doesn't give a Rats Azz about the seller as long as they get their cut....not a snowballs chance in hell i would ever consider selling anything at a No Reserve auction. The only winner is the Auction house....they get their cut no matter how much the car sells for....and healthy commissions (18%) at that. 



Ron

[The70RT]

So at 18% you would lose almost 10K on a 50K car. I don't think too many are bidding on thier own at that cost. There is sellers and buyer fees, so would you get hit for both? if so you would really be losing your a$$

[firefighter3931]

So at 18% you would lose almost 10K on a 50K car. I don't think too many are bidding on thier own at that cost. There is sellers and buyer fees, so would you get hit for both? if so you would really be losing your a$$

Yes, you would get hit with both fees because you're selling and buying your own car back....nice huh ? 

The seller fee is 10% and the buyer fee is 8% and i'm sure there are some taxes involved. 

So who really wins in a No Reserve Auction when the seller is forced to buy back his own car because he's upside down on it ? 


FWIW, a buddy was considering selling one of his cars at BJ but declined when they decided to go No Reserve a few years back. He was also informed by the fine folks at BJ that if his car sold (which is automatic with that type of auction) that his cash would be held for 6 months in trust (by them). That seemed rather ludicrous to me (and him) and when you factor in the rediculously high comission and no ability to protect yourself with a reserve.....it's obvious the only winner is BJ or perhaps some lucker buyer who gets a great deal as a result of a soft market. 


Ron

[Chris G.]

If the seller is buying the car from himself, he's only out the commission fees from BJ 

Ron, is that true? Doesn't the owner actually have to bid on the car to buy it back? If what you say is how they do things, then I could sit and basically shill bid on my car and not worry about plunking down any cash (other than commission fees) for it.

If the owner doesn't get charged for buying it back, then there truly is a reserve on the car...right??? 

[Ghoste]

Chris, trust me, it happens a fair bit.  I realize what you're saying about the math, but let's assume you had the coin to tie up 200k in a car in the first place.  Now, you decide you want a new bauble to impress your friends on the garage floor so you put the car up for auction.  It's a no reserve auction and the car only bids to 30k, you have your 22k tied up in it and obviously you aren't going to let it go for 30 so what do you do?  Easy, you bid 31 and bite the bullet.
I see it many times each year.

[Hemidoug]

WOW! I just saw a nice 68 Shelby GT500 go for 80K.... That would have been a 140K car 2 years ago....

[Hemidoug]

69 1/2 M code bee went for 65K.....I'm seeing a 30-40% hit across the boards.....

[charge-it]

My good friend owned that 67 Hemi Coronet and sold it to the guy that sold it at B-J. My buddy sold it for a whole lot more than it went for at B-J and that was not that long ago...The guy took a royal beating on that car if it did indeed sell for that price.