Mecum prices?

[mprice]

My observation at the typical Mecum Auctions has been that a very high percentage of the cars are bought and sold by dealers trading amongst themselves. I don't think that this was so much the case in Florida. The 2 day auction that just concluded in Florida was even more insane. I would caution everyone to not run out and buy a car based on the results of these two auctions. The results of these two auctions is completely opposite of what I would expect to be seeing in light of the recent leadership change in DC and the people that have already lost their jobs due to the indiscriminate signing of executive orders. I want to see at least one more auction before I jump.

[Late BrakeU2]

Originally Posted by mprice

My observation at the typical Mecum Auctions has been that a very high percentage of the cars are bought and sold by dealers trading amongst themselves. I don't think that this was so much the case in Florida. The 2 day auction that just concluded in Florida was even more insane. I would caution everyone to not run out and buy a car based on the results of these two auctions. The results of these two auctions is completely opposite of what I would expect to be seeing in light of the recent leadership change in DC and the people that have already lost their jobs due to the indiscriminate signing of executive orders. I want to see at least one more auction before I jump.

To your point all this stimulous money has created quite a lot of liquidity and it's showing in hammer prices. Lot's of folks in dire straits, but a lot have made windfall income. Let's see where we are at in fall when the free money and pandemic are waning and we actually total up the level of devastation to the ecomomy. American's are 57 Billion behind in mortgage/rent currentely.

[Wakepowell]

Originally Posted by mprice

My observation at the typical Mecum Auctions has been that a very high percentage of the cars are bought and sold by dealers trading amongst themselves. I don't think that this was so much the case in Florida. The 2 day auction that just concluded in Florida was even more insane. I would caution everyone to not run out and buy a car based on the results of these two auctions. The results of these two auctions is completely opposite of what I would expect to be seeing in light of the recent leadership change in DC and the people that have already lost their jobs due to the indiscriminate signing of executive orders. I want to see at least one more auction before I jump.

I would also add to this statement that many cars "appear to sell" but don't go to a new owner. Collections like the one being discussed are most often purchased by Mecum and then run through as if they were still owned by the "collector". Don't be surprised if you see many of them show up at future Mecum auctions and selling for less....

[Luvchevs]

Originally Posted by mprice

My observation at the typical Mecum Auctions has been that a very high percentage of the cars are bought and sold by dealers trading amongst themselves. I don't think that this was so much the case in Florida. The 2 day auction that just concluded in Florida was even more insane. I would caution everyone to not run out and buy a car based on the results of these two auctions. The results of these two auctions is completely opposite of what I would expect to be seeing in light of the recent leadership change in DC and the people that have already lost their jobs due to the indiscriminate signing of executive orders. I want to see at least one more auction before I jump.

I have also noticed a lot of dealers buying and selling at the auctions. I just don't understand how they can do this with the auctions getting such a large cut - 20%?