Rand Workman Friday update

[CTChevelle]

I noticed that some cars exceeded the low estimate, but did not sell. An example is the Z28 conv. It ended at 1m, which is higher than the low estimate of 750k. I understand that it did not meet the owners reserve, but why would an auction company attempt to sell a vehicle that they estimate would not meet the sellers reserve. Yes they get their commision, but I don't think it looks good for the company when they hold an auction and most of the vehicles don't sell. Shouldn't the lowest estimate exceed the sellers reserve?

Steve

[69L89RAG]

To answer Steve's question about the reserve values. There is no formula to how the estimate and the reserve work. Otherwise it would be easy to figure out the reserve. Usually it is figured by past, current, and future market value of the auto.

Here is my input about the auction for what it is worth.

I spent the entire time at the Rand/Workman event. I brought 5 cars to sell.

The Guys have a great vision, great venue, and even greater taste in cars. The car quality itself was worth going for.

What they lacked was some organization (which would probably have happened to anyone the first time they run an event like this), but the BIGGEST problem was lack of bidders! Was it caused by the Date? Location? Cars?
No, it was caused by Kruse's lack of bringing in their bidders. That is why an experienced auto auction company is brought into an auto auction (although Kruse did do a good job auctioning the horse!)

I know Rand/Workman planned on it taking several years to build up a world class event. Why not have one in the financial capital of the world?

I think they also need to bring in a better auction house who can bring their bidders and some high quality lower priced cars to help get the bidders going.

By the way, at the end of the day on Sunday they sold quite a few cars.

Also, kudos for the $10,000 donation for 9/11.

I am looking forward to next year.

[12bolt]

68L89RAG: I appreciate your positive outlook and agree with your statement in it's entirety. you probably saw me wandering around with my son throughout the day. It was nice having an event like this so close to home. I believed it would be a great success or I would not have taken my car off the market for the last 4 months to put it in here. I would like to see them be successful as we simply do not have Auctions like this in the Northeast. I touched on KRUSE as the potential scapegoat for several reasons in my posting. several months ago I noticed this Auction was not getting enough Play in the Automotive world. Hey it's great that they covered the Bases with all the elite Money Papers and magazines. but are they the people that buy Cars?? some do I am sure but most consider it a foolish move investing in something that they know nothing about or only have a passing interest in. If I want to Auction off an Art Glass collection consisting of the finest works from Daum Nancy, Galle and L.C.Tiffany Studios, I would not advertise the Auction in "Hemmings Auto News". I also attempted to lure some friends up, but they were scared off at the high prices. Cars for $20-50K would have been HUGE there! sprinkle in the Big Money Car$ for entertainment. Kruse should have a list of Buyers that they work with. what did they do to attract them? whatever they tried did not work. Maybe they did not want this to work? Survival requires a Call for help to Craig Jackson! if they bring back the Kruse folks, It is certain failure. I did pick up on some scuttlebut that considering it is 2nd hand I will not delve into, but apparently KRUSE may noy be what it once was. we just were some of the last to know....