Classic Car Auctions Exposed: Shocking Secrets Uncovered!
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- Опубліковано 21 сер 2024
- Welcome, fellow car enthusiasts. My name is Rudy Samsel, and I co-founded Guys With Rides, the only dealer-free community and marketplace for car enthusiasts like you and me. I firmly believe there was a story under the hood of every classic car.
That's why I created the Guys With Their Rides Podcast. In this podcast, I feature fellow car enthusiasts with interesting rides and the fascinating stories each one tells.
Unfortunately, bad weather and tight schedules conspired to prevent me from interviewing my planned guest for this latest Podcast, so I opted to talk solo about three secrets certain Collector Car Auction Companies do not want you to know about.
In this video, I call out three little know secrets in the classic car auction world:
1. Mecum's use of "revolving inventory" to help fill their almost-monthly auction schedule.
2. Bring a trailer's declining sell-through rate when you factor out that site's growing number of No-reserve auctions, which they continue to pressure sellers into agreeing to.
3. The growing percentage of dealer-sourced classic and collector cars in these auctions and how to deal with them.trailer's declining sell-through rate when you factor out that site's growing number of No-reserve auctions.
Thank you for watching this latest Guys With Their Rides podcast episode. Please like and subscribe.
This podcast supplements our website, GuysWithRides, the only dealer-free community and marketplace for classic and collector enthusiasts:
#Automobile #classiccars #collector cars #GuysWithRides #GuysWIthTheirRides #classiccarauction #Mecum #bringatrailer #hagerty #carsandbids #hemmings
You are 1000% right about B&T, I was trying to sell my 1970 Ford XL last year and they insisted on no reserve. I have been watching this site for awhile and recognized the huge increase in no reserve. Luckily I refused, they didnt offer to sell my car and I sold it for asking price on FB marketplace. Great channel here, first time viewer but will be subscribing. Thanks
Thank you for commenting and subscribing, I do appreciate it!
Old car guy here, 6 cars and truck's and 9 motorcycles. I'm impressed with your stuff.
Very good analysis of the dealer vs. private party percentage for the auction websites. I have noticed a lot more NR auctions on BaT lately and several of those vehicles have sold for below market value. One 911 today went for at least $10k below and was won by a dealer (they are upfront about it as their bidding name spells out their dealership). I'm sure you'll see that same car on their lot in the coming weeks for $10k to $15k higher.
Excellent video - Just subscribed - Thank you!
I’ve also noticed that the same cars are being offered at multiple auctions if they don’t sell.
Generally when I compare sell prices, auctions are at least as expensive as private sellers or even dealers, so I attend auctions to enjoy looking at the cars. I would register as a bidder only if I see a potential bargains but the selling prices I see that are bargains are fairly rare.
This is good stuff! I'm glad you popped up on my screen. I'm looking for an Indian in-line four and a first generation Acura NSX and it seems like every time I see one for sale, some dealer gets his grubby ass hands on it and the price is 15-20% higher when it pops up on another site. Plus, some of these sites have "Ghost Cars" that pop up. They have the same pictures but are offered for sale in Louisiana, then Washington State then New York. No thanks, I'll spare myself losing my hard earned money. I emailed one car "owner" and the guy said he was a Master Sergeant in the army, out of the country for a year, but if I sent him the money, he would have the car delivered to my house, no charge. If I don't see it first there is no way I would trust these slimy turds. So, I'm still LOOKING, not buying. These sham sites and slime dealers should be collectively tarred and feathered and put out of business. I've been wrenching and collecting, mostly motorcycles with a few E-Types sprinkled in over the last 50+ years and the hobby is being kidnapped by these bozo's. Yeah, you EARNED a new subscriber. You're doing great, keep it up!
Great content You deserve more views
Thank you Russ - please help the cause by sharing with your friends.
Awhile ago an older couple educated me on first and foremost find out who did the restoration because that tells you a lot.
Nothing shocking here. No reserve=lower fees. Good info.
First time subscriber. Very informative. Would love to know what my car is worth in todays market. Will check your website.
Welcome aboard! You can formally submit for a no obligation estimate however, the most realistic sources we rely on are Classic.com, Oldcarsweekly.com, and CollectorCarMarketReport.com
Come over...we can do a whole show on the Laforza! (and the other 3)
We should talk!
@@GuysWithRides1 You have my email! I'm generally around this summer.
I disagree with your statement that dealers will bid more for a car. A dealer will typically bid less than an individual because he needs to be able to make money on a car. It is true, that the dealer will be there to make sure a car doesn’t go too cheap, but they will typically drop out when the price goes toward retail.
Hi Jeff, thank you for watching. I believe we're both saying the same thing. There's an old adage: "Sellers make their money when they first buy the car." To clarify, yes, dealers will bid up to a certain point, just like private buyers. However, my point is that dealers typically have a higher bid limit than private buyers as the latter can sell the car at retail.
@@GuysWithRides1 that's just not true. Dealers will bid LOWER than a private buyer because the main objective is to get them sold and move to the next one, not fall in love and try to squeeze out every last dollar.
@@bams50 I respectfully disagree. A dealer tries to sell at retail price, which tends to be higher than what a car sells for between private parties. My point was that while you correct in that dealers will try to get a car for the lowest bid possible, they typically have a slightly higher threshold to work with where they can still make a profit when they resell.
@@GuysWithRides1 fair enough. We can agree to disagree. I’m just telling you what I have found in over 50 years in the business.
Dealers are paying retail at wholesale auctions. Could not wrap my head around this until I realized dealers make much of their money from charging people with bad credit 12%+ interest. That and the reduced risk to the collateral through various low cost GPS tracking technology. I hope this collector car bubble pops somewhat because I would like to change cars eventually.
Thoughts on the rampant ghost bidding on BAT/C&B? How do you not get taken
Beyond my six sources who admitted to me verbally about bidding on their ride's No Reserve auction (i.e., "didn't want to their ride away), I can't comment on the rumors of "ghost" or "chandelier" bidding on BaT without hard evidence. However, it's no secret that BaT allows dealers to register to bid, so the site is no different from traditional in-person auctions. In the absence of a level playing field on BaT, I recommend clicking on the user name of each bidder as the bidding gets close to the end. Their history and what they've bid on (and if they're selling anything) can be a clue of their motivations for placing bids. Our Buyer's Agreement specifically forbids Dealers, Brokers, or their agents from bidding on our offerings. While it's rare, we've had a few bad apples try to bid on our offerings. If we ever determine a dealer bid on our site, we will shame them on Social Media.
What you're talking about is "shill bidding". While it does happen occasionally, it is far from "rampant". You're forgetting that if a seller Shill bids, if he ends up as the last bidder and there is no reserve or it has been lifted, he is responsible for the buyer's fee; paying usually 10% of the high bid to retain his own car. And if it comes to that, he then gets found out to be a shill, and is banned from the platform/auction. Rather than take that risk, it is a simple matter of just setting a reserve. The vast majority does that; if it gets to the end and it's below reserve but the buyer has changed his mind and decided to take less, he can always legally remove the reserve, nothing wrong with that, it's all above board. All this said, there's no reason to worry about shill bidding anyway; you're willing to pay what you're willing to pay, and if a shill bid goes above your maximum, you just stop bidding. No shill can make you pay more than your maximum; only you can do that. I focus on the real condition of the car, set a max, and that's it. It always works for me, with 50 years in the auto industry.
classic car auctions have screwed the everyday worker of these cars way over priced now.
Classic Car auctions have not screwed the everyday worker. The sustained wealth of many Boomers and a growing number of Gen-Xers continue to drive prices at both auctions and private sales. Only one in seven classic cars are sold at auction. The Chevrolet Chevelle is a prime example. Look at the prices those cars continue to command: despite an ample supply of restored examples and clones, potential buyers continue to pay the prices asked out of fear of missing out ("FOMO").
@@GuysWithRides1 right. In the end, the marketplace is always the boss. It never lies. Nobody is ever forced to pay a given amount for a given vehicle; the buyer is ALWAYS in charge of what is bid. When a price is bid at an auction, that means at least two people have decided that's what it's worth... regardless of whether we like it or not.
Totally screwed over by Mecum that makes the rules up as you go. Unfortunately, if you sign the title over before the auction, they can pretty much do what they want, at least in Florida. The "mecum rule" is just garbage. BaT refused a car I wanted to auction off because it was deemed "too common". It was a Four Door Hardtop body style with only 2 in the world known to exist.......ended up selling the car to the famous car collector Jeff Dunham......apparently, it wasn't too common for him!
LOVE YOUR CHANNEL @OsbornTramain! I often link your vintage commercial content in my Craigslist ClassiSIND blogs on the GuysWithRides.com website. I have to admit, the Mecum rule in play is very hard to follow, either watching one of their events on TV or in person.
(8)👍❤ Truly a masterpiece! 👍❤
When they let phone in bids, you gotta know it’s a scam.
One of the problems with the internet and internet “influencers” is when they do something, their followers feel they need to do the same. I’d love to have a square body Chevy truck as a daily, because that’s what I grew up with, but because of the “influencers”, it’s tough to find one for a reasonable price.
Very interesting! This vid. just popped up (never seen GuysWithTheirRides vids. before), and hey, this was very informative and insightful. I'd like to talk with you about a rare (one of one hundred produced in 1979). It's been in the family since 1983; I'm had it about 1 1/2 years. I'll look at your website and maybe continue from there. But hey, I'm a subscriber!
@@toomuch884 thank you for subscribing! I’d love to hear more about your ride. You can email me at rudy@guyswithrides.com or call me at (877) 468-6497
facebook will not allow me to share. car guys need this info--
Thank you for wanting to share this. Yes, Facebook is very frustrating as I can't get anyone with a pulse to respond and understand that "rides.com" is not my website. As a workaround, I recommend you try sharing the link from the .net page I created. Here is the link: guyswithrides.net/
The reason for the reduction of private party dealers is because the small percentage of glutinous extremely rich private owners who have hords of cars that are sitting in moseleums like the dude on UA-cam latelly . He has hundreds and hundreds of VERY sought-after classic cars and is looking for more and has very deep pockets. Those cars will never leave his hands untill the day he dies (according to him) and he is a relatively young man. Therefore anyone who has one of these cars is not going to give one up very easily. One thing I find enjoyable is to walk up to another persons car at a car show and check it out , see it run , find out what's going on with it. But but when you see them sitting in a well lit air conditioned building the size of a mall , door handle to door handle I say so what.
To each their own. For me as someone who has dedicated his entire life to the automobile, I am just happy to see them cared for and protected... as opposed to being left to rot in a barn or even worse, outdoors. Too many people think cars are self sufficient like a brick wall, when in reality they need ongoing protection and care to survive.
I appreciate the video, but it's too late. Much of what you describe has made me clock out of the classic car * truck hobby years ago. When it gets to the point that the cars are too expensive to play with and enjoy; when you can't just wheel and deal and swap, but instead it's become a high-finance high-stakes thing; when the little guy and youngsters are squeezed out, and it's become overrun with dealers and big corps and tech and finance...well....those are not the things most of us got into the hobby for; those are the things we always sought to avoid, and a good part of the reason why the nostalgia of classics appealed to us- because they recall the simpler, purer more honest days. I suspect a lot of other guys feel this way too, and if I am correct this means that we will see the classic car bubble pop in the near future (Which would probably be the best thing to ever happen- as cars could become fun again, and people could actually enjoy them instead of using them as museum pieces just to be ogled and shoiwn.)
Here is What really is happening! I now go to car e vents pick a ride and talk to owner with enthusiasm about there car and ask for in the near future may i get on the list when buyer wants to sell! Of course i have to know a lot of history on that paticulae car and be willing to purchase on the spot and not over pay for item! I use to chase in the early 70 gto and split window vettes with very little sucess for news papers were the only lead and most cars were garaged not in storage sheds. When i did electric service work most cars were in the owners garages and spot buying was possible. Now i carry cards at shows that i tell interested to keep in glove box if they are interested in future selling
FIX YOUR TEETH
Dude is tough to follow . Sorry
Sorry you feel that way, as the statistics hint you are in the minority.