Cautionary Notes for Auction Bidders

[Formula455SD]

Originally Posted by LT1vette

Would the seller not have to give the proof of ownership to the auction house to hold?
The house WANTS to be GUARANTEED it receives payment, BOTH sides buyer/seller.

I have never been in that situation personally.

The seller hands the title over to the auction prior to the auction. If the seller "buys" the car back. The seller would have to give the auction both buyer and seller fees in order for the auction to release title and vehicle. It can get very expensive. If they have a friend buy the car back. The sale would go through the normal process as title would technically transfer.

[EZ Nova]

Originally Posted by Formula455SD

I have never been in that situation personally.

The seller hands the title over to the auction prior to the auction. If the seller "buys" the car back. The seller would have to give the auction both buyer and seller fees in order for the auction to release title and vehicle. It can get very expensive. If they have a friend buy the car back. The sale would go through the normal process as title would technically transfer.

So IF I say a reserve at 1.3 million. I would hand over ownership prior to the auction.

On sale day, I have "someone" bid the car up and it stops with MY bidder at 1 million. MY bidder would have to fork over, 1 mill for the car, and $100,000 buyers fee, I would have to caught up $120,000. I would then get the million from the auction house, but I would have to pay MY bidders $100,000 and I'm still out the $120,000 sellers fee.

So in essence, to "try and see" what the car brings would possible cost the OWNER of the car 22U% of the hammer price? So in this case of high-bid at $1 million, it would cost the owner $220,000 for him to keep his car!

Is that correct? I know fee go down as prices rise, I was just using the base prices.

[LT1vette]

Originally Posted by EZ Nova

So IF I say a reserve at 1.3 million. I would hand over ownership prior to the auction.

On sale day, I have "someone" bid the car up and it stops with MY bidder at 1 million. MY bidder would have to fork over, 1 mill for the car, and $100,000 buyers fee, I would have to caught up $120,000. I would then get the million from the auction house, but I would have to pay MY bidders $100,000 and I'm still out the $120,000 sellers fee.

So in essence, to "try and see" what the car brings would possible cost the OWNER of the car 22U% of the hammer price? So in this case of high-bid at $1 million, it would cost the owner $220,000 for him to keep his car!

Is that correct? I know fee go down as prices rise, I was just using the base prices.

The car would not have sold. You had the reserve at 1.3, your bidder stopped at 1 mill.

[Formula455SD]

Originally Posted by EZ Nova

So IF I say a reserve at 1.3 million. I would hand over ownership prior to the auction.

On sale day, I have "someone" bid the car up and it stops with MY bidder at 1 million. MY bidder would have to fork over, 1 mill for the car, and $100,000 buyers fee, I would have to caught up $120,000. I would then get the million from the auction house, but I would have to pay MY bidders $100,000 and I'm still out the $120,000 sellers fee.

So in essence, to "try and see" what the car brings would possible cost the OWNER of the car 22U% of the hammer price? So in this case of high-bid at $1 million, it would cost the owner $220,000 for him to keep his car!

Is that correct? I know fee go down as prices rise, I was just using the base prices.

If your bidder bids over the reserve price. Then yes... they/you are liable for the buyer/seller fees as that would be considered a sale.

[EZ Nova]

That's what I thought, YES I had a brain fart with the whole 1.3 reserve and only getting to a 1 million.

[Pro Stock John]

A FB thread is discussing the two Z16 1965 Chevelles that sold at Mecum. 1-2 folks are saying that both of the cars were rebodied, and that it was not disclosed. I know we have a '65 expert on the board.

https://www.facebook.com/photo?fbid=...59319987838099

[PeteLeathersac]

Originally Posted by Pro Stock John

A FB thread is discussing the two Z16 1965 Chevelles that sold at Mecum. 1-2 folks are saying that both of the cars were rebodied, and that it was not disclosed. I know we have a '65 expert on the board.

https://www.facebook.com/photo?fbid=...59319987838099

‘

I must be missing something/not seeing anything of rebodies on that F’Book thread, but there’s a discussion w/ Jeff involved on the Chevelle site, click here…
https://www.chevelles.com/threads/z16.1185121/

~ Pete

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[Pro Stock John]

Originally Posted by PeteLeathersac

‘

I must be missing something/not seeing anything of rebodies on that F’Book thread, but there’s a discussion w/ Jeff involved on the Chevelle site, click here…
https://www.chevelles.com/threads/z16.1185121/

~ Pete

.

From that thread:

J.R. Maroney
Keep in mind these cars are body replacements. The only thing original is the trim tag. So $200k for a small piece of tin stamped with the letter M.

I'm just curious.

[PeteLeathersac]

‘

I see it now but had to click through the poster’s profile.
Yikes if true, especially if both cars.

~ Pete

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[mrays]

Here are the VIN and trim tags for three of the four Z-16's mentioned above as rebodies. It's my understanding that if you know what to look for you can tell if a Z-16 is a rebody. If you are looking to purchase a car at auction or anywhere for that matter, one of the first things to do is Google the VIN. If a car has been sold before you can usually find some discussion on it somewhere. There are lots of clones, rebodies, restamps, reproduction trim tags and fender tags out there. There is also a lot a reproduction paperwork for these cars. You can't believe what sellers are saying about a car. It's best to have an expert third party look at a car you're interested in before shelling out six figures for a car that isn't as advertised.