Cautionary Notes for Auction Bidders

[Wakepowell]

Great thread and lots of good advice.

Keep in mind that all of the advice is also pertinent to private party and dealer purchases/sales. I have been involved with numerous good and bad experiences. The more complicated and expensive lessons have been learned when buying outside of an auction. While the auction fee’s are not pleasant, when a deal goes wrong or is misrepresented, the major auction houses have been helpful in correcting it.

In one of my more recent experiences with a collector car dealership has resulted in $75K in legal fees, the dealer being charged and pleading guilty to Federal Charges and I am still holding a car that has no title and no way to recoup costs. This would have never been an issue via an auction house since they have to have proof of title/ownership prior to running the vehicle through the auction.