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Originally Posted by Jupiter Sunsation
(Post 3299688)
Hypothetically what if the "straw buyer" got the bid to 200K and then never closed the deal, simply disappeared. At that point the auction is over, the house gets no fees since the transaction didn't actually complete.
I enjoy seeing all the cars whether in person or on TV but I wouldn't be a buyer for anything on there. It seems overhyped/overpriced even before the fees are added in. I don't see getting a deal on anything when two or three guys are simply raising the bid to out do each other! I would rather see something cross the block, not hit reserve then go make a deal with the owner in the parking lot. He saw what the auction would bring and now your offer looks a lot more realistic! :D If there was chokers in this deal it would be exposed faster than sh!t through a goose and no one would sell their stuff there. Now your point that it is overhyped I agree but some people like to see themselves on TV so good for them if they can afford it. |
There is no way to back out of the deal when you are the winning bidder, they have all your financial information up front when you register for your bid pass. You wear a badge that has your bidder # on it, and the minute you raise your hand they write your # down. The SECOND you are the winning bidder one of the auction employees walks over with a contract for you to sign.
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It is possible to get a deal, they just don't show the deals on TV. They only show the high dollar, high energy bidding sessions. 98% of the vehicles come through at no reserve, and some cars come in early in the morning or later in the day when the room is empty. I sold a car at BJ a few years ago and got 30% less than I was expecting because the car was suppossed to run at 3:00pm but didn't run til 6:30pm. It was cheaper to just sell the car than to buy it back. I have also sold a car there and done very well, it just depends.
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Originally Posted by Jupiter Sunsation
(Post 3299688)
Hypothetically what if the "straw buyer" got the bid to 200K and then never closed the deal, simply disappeared. At that point the auction is over, the house gets no fees since the transaction didn't actually complete.
I enjoy seeing all the cars whether in person or on TV but I wouldn't be a buyer for anything on there. It seems overhyped/overpriced even before the fees are added in. I don't see getting a deal on anything when two or three guys are simply raising the bid to out do each other! I would rather see something cross the block, not hit reserve then go make a deal with the owner in the parking lot. He saw what the auction would bring and now your offer looks a lot more realistic! :D simply disappeared.:eek: you dont disappear just BIG Daddy , funds & letters of credit are verified and checked at registration ..you BID,you WIN, you're on the hook for the dough ... they would'nt be as succesful as they are if bidders just left and drove away . |
Originally Posted by richanton
(Post 3299791)
There is no way to back out of the deal when you are the winning bidder, they have all your financial information up front when you register for your bid pass. You wear a badge that has your bidder # on it, and the minute you raise your hand they write your # down. The SECOND you are the winning bidder one of the auction employees walks over with a contract for you to sign.
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I saw that boat several times in Destin last year and it's pretty spectacular looking. Bummer that he's getting rid of it, i enjoyed drooling over it.
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What does it mean to buy it back? Isn't it already yours going in? Probably a stupid question...I know.
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Originally Posted by MizzouMatt
(Post 3299924)
What does it mean to buy it back? Isn't it already yours going in? Probably a stupid question...I know.
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Originally Posted by richanton
(Post 3299948)
BJ is a no reserve auction, meaning that you have to sell the car no matter what the high bid is. When you enter the car for sale you sign paperwork that effectivelly transfers ownership over to BJ once the car crosses the auction block. If the high bid on a $100k car is $25k, BJ doesn't care they sell it. Your only other option is to essentially "buy the car back" by paying both the buyer fee and the seller fee of the high bid. I don't remember off hand what the fees are , but I want to say that the buyer fee is 8% and the seller fee is 6%.
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Originally Posted by richanton
(Post 3299948)
I want to say that the buyer fee is 8% and the seller fee is 6%.
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