by Half Fast One » 2011 Jan 24 Mon 11:31 am
Hi Mike;
Barrett-Jackson Auctions are NO RESERVE Auctions. Seller agrees to accept whatever the last bid is. Selling price listed, $22,000.00, includes commission paid. Only way SELLER can retain vehicle, if he doesn't want to sell at last bid, is if he is last bidder on his own vehicle and that means he pays both Buyer and Seller's commission. Not positive but I think it's 8 1/2 % seller and 10 % buyer Fees. So roughly the actual selling price was around $18,500.00 ? Of course the seller also had to pay just to have vehicle listed. Just goes to show you there are a LOT of people with more dollars then sense.... If you get my meaning?
Years ago I used to work the Auto Auctions, buying and selling for speculators and dealers. Got out of that business after the government got into tracking Vin's., Vehicle ID Numbers, mileage, ownership records etc. Fortunately I never bought or sold anything in my name or with my check.
Even today you are not sure if you get your money as seller or vehicle as buyer. Some of the biggest Auction Houses have gone under leaving Buyers and Sellers with bad paper and no vehicles.
Not a place I would want to deal with. Although B-J is one of the best.
Just a old man's opinion...
Roger....
Half fast one - Say it fast, says it all ....