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Surprising find in my Barrett media kit

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Old 01-17-2011, 04:01 PM
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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!
You don't get a bidding pallet over there unless they have the amount your bidding covered. IE; http://www.barrett-jackson.com/bid/B...orm_SD2011.pdf

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.
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Old 01-17-2011, 06:27 PM
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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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Old 01-17-2011, 06:32 PM
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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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Old 01-17-2011, 06:39 PM
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Quote:
Originally Posted by Jupiter Sunsation View Post
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!

simply disappeared.

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 .
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Old 01-17-2011, 06:44 PM
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Originally Posted by richanton View Post
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.
all good info Rich , dont know about the signed contract part but been to plenty of heavy equipt auctions and when its over dont take long for them to find you with your total BILL $$$$$$$$$$$$$$$$ they definetly frown on you bidding on your own stuff if you get caught .
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Old 01-17-2011, 07:25 PM
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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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Old 01-17-2011, 09:29 PM
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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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Old 01-17-2011, 09:51 PM
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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.
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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Old 01-17-2011, 10:36 PM
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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%.
Thanks for the reply. Makes sense now.
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Old 01-18-2011, 08:13 AM
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I want to say that the buyer fee is 8% and the seller fee is 6%.
I could be wrong, but as I recall the buyer has a flat fee of $500 just to get their paddle number (not refundable) and pays 10%. I think the seller fee is 8%... BJ makes out pretty damn good!
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