Anyone know the story..


escman

GT Owner
Nov 16, 2005
52
Long Island, NY
I have just finished watching all the BJ auctions, thank god for Tivo...
It helps getting through all the unrelenting endless parade of GM crap almost bearable! Anyway, does anyone know anything about the FGT that went through on Sunday, lot # 1572, red with all options, 145K seems awful cheap considering the vig the seller has to pay. I guess the buyer ended up at around 160K with the buyers premium, I would think thats fair for a 980 mile car, I don't know if it was a post price increase car.
 

dbk

Admin
Staff member
Le Mans 2010 Supporter
Jul 30, 2005
15,231
Metro Detroit
I know it was filthy as hell at the auction. Seriously, it was the dirtiest car we saw out of hundreds of cars.

160k is a good deal for the buyer, and proof that B-J is about the worst place to sell a GT for the seller. You could have gotten rid of that car in a couple days at that price on this site without having to pay the piper.
 

B O N Y

MODERATOR & FGT OWNER
Mark IV Lifetime
Sep 5, 2005
12,110
Fresno, Ca.
Amen!
Our FREE forum ads sure work!!! :)
 

AlohaGT

GT Owner
Mark IV Lifetime
Jul 13, 2007
1,599
Honolulu, HI
Notwithstanding the Moderator's shameless self promotion :biggrin , I'm sure the seller would've netted better than $160k here.
 

B O N Y

MODERATOR & FGT OWNER
Mark IV Lifetime
Sep 5, 2005
12,110
Fresno, Ca.
EXCUSE ME :)
One of those little umbrellas in your Makers Mark Manhattan poke you in the head?? :)
All proceeds from this forum go to DBK.
Will confess that I received a Shifter Ball from Analog Designer... now I have to be nice to him... maybe I will send it back? :)
 

AZGT

GT Owner
Mark IV Lifetime
Dec 20, 2005
1,354
Scottsdale, AZ.
Notwithstanding the Moderator's shameless self promotion :biggrin , I'm sure the seller would've netted better than $160k here.

Actually, better than the 145 minus commission. No doubt.

He probably got 135 or so net - we all would have bought it for that.
 

shelbyelite

PERMANENTLY BANNED
May 10, 2007
1
Something was up with the whole deal. Bidding was stopped SHORT. Also, who would take a $150k+ car to a major auction and let it sit there dirty as all get out for everyone to see. I think there was more BEHIND THE SCENES action on this car than we know. Just my OPINION.
 

B O N Y

MODERATOR & FGT OWNER
Mark IV Lifetime
Sep 5, 2005
12,110
Fresno, Ca.
what does stopping short mean?
 

Silverbullitt

GT Owner
Mar 3, 2006
1,757
Lago Vista, TX
what does stopping short mean?

Go to the Seinfeld dictionary of episodes. Maybe you can stop short with your avatar girls. If not at least be the master of your domain.
 
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Fast Freddy

GPS'D 225 MPH
Mark II Lifetime
Aug 5, 2005
2,726
Avondale, Arizona
i never even saw the car at this event. this was the 1st year that i haven't gone down on the grass though. all the free drinks i had at the marquis jets skybox must of had something to do with that :lol
 

Nardo GT

Well-known member
Jul 15, 2006
2,300
Texas
what does stopping short mean?

Sold quickly, perhaps to a "friend".......dropped the gavel when maybe a few more seconds would have been a few more bids. Happens to every car I take to auction. Maybe I'm not greasin' right. I'm just sayin'.
 

B O N Y

MODERATOR & FGT OWNER
Mark IV Lifetime
Sep 5, 2005
12,110
Fresno, Ca.
Thanks, that is exactly what it means...

The week before the auction a Judge who last year brought the Ramcharger car and claimed it was short gaveled settled with Barrett Jackson.

Suggesting a company short gavels a car is calling them dishonest. If I posted on the internet that your running your business in a dishonest fashion, what would you do?
I know if I made suggestions like some of you folks did, I would be hitting the delete
button.

If you don't think B-J has people that Google their names all the time, your mistaken.
 

w. mitty

GT Owner
Mark IV Lifetime
Sep 1, 2005
704
I saw the car and it was, indeed covered with dust and had a bunch of finger trails. I was surprised that it didn't say "wash me" on the rear window. Otherwise, it looked pretty solid. Right color, too.

I've been going to BJ ever since I was a kid from Flagstaff. Suffice it to say that I would never, ever sell a car at a no reserve auction. I like to control my own destiny when it comes to selling a car, not leave it to the winds of chance. Not a dig against BJ, but a dig against auctions in general.

Something to think about regarding the sales price of this particular GT: Suppose you were sellling your car at an auction, and it was not bringing the price that you had hoped for. Wrong bidders on the wrong day, let's say.
Suppose the price was so low that paying the buyer's commission as a bidder would result in a loss lower than the proposed sale price. Now, suppose that you join the fray as a bidder on your own car. Not to schill bid it, but to stem your losses. Is it possible that the auctioneers become aware of this and use thier absoulte discretion at the podium to bring the bidding to a speedy close, knowing that the car will never bring its acutual value on that particular day with those particular bidders? Is it possible that they recognize that when a car is way below the money, its better to get on to the next car and not make the owner fight against a bunch of low ballers that will never bring the car into the money?

As far as I know, there is no restrction on buying one's own car at a no reserve auction as long as the bidding is not collusive. Nothing dishonest about it. I'd do it if the math was right.
 

AlohaGT

GT Owner
Mark IV Lifetime
Jul 13, 2007
1,599
Honolulu, HI
EXCUSE ME :)
One of those little umbrellas in your Makers Mark Manhattan poke you in the head?? :)
All proceeds from this forum go to DBK.
Will confess that I received a Shifter Ball from Analog Designer... now I have to be nice to him... maybe I will send it back? :)

Now, how do we really know that Bony & DBK aren't the same person?

Send back Jay's shifter ball? Never.
 

ROWNER8

Active member
Dec 10, 2007
28
B-J is the worst place to auction a car. been there, done that in fact I took 3 cars. it was a total disaster! you honestly have to be in with the in-crowd or know someone that is. they can make you or break you real quick. I see this year some TV specials they did on people from last year on cars that were 2nd rate at best that should have never brought the money they did but it became clear that they had some special relationship with B-J after I seen these TV programs were aired. the GT was surprising. it was pretty dirty but still, the buyer pays a 10% fee on top of the price and the seller pays an 8% fee on top of the price. what was with that? as mentioned above, he could have easily sold it here and got more for the car. who knows!
 

B O N Y

MODERATOR & FGT OWNER
Mark IV Lifetime
Sep 5, 2005
12,110
Fresno, Ca.
B-J is the worst place to auction a car. been there, done that in fact I took 3 cars. it was a total disaster! you honestly have to be in with the in-crowd or know someone that is. they can make you or break you real quick. I see this year some TV specials they did on people from last year on cars that were 2nd rate at best that should have never brought the money they did but it became clear that they had some special relationship with B-J after I seen these TV programs were aired. the GT was surprising. it was pretty dirty but still, the buyer pays a 10% fee on top of the price and the seller pays an 8% fee on top of the price. what was with that? as mentioned above, he could have easily sold it here and got more for the car. who knows!

Guess that is why 5000 people pay $400 to $500 to get bidding credentials, and that one in four of five cars offered make the consignment list?
In every case, let the buyer beware. At least in the case of the B-J no car is on the field where the ownership documents have not been checked with the vin numbers.

Do you own a FGT? We are an owners forum.
DSB
 

Neilda

GT Owner
Oct 19, 2005
3,559
London, UK
Maybe I'm not greasin' right. I'm just sayin'.

There are some expressions that, whilst I've never heard them before, make immediate sense! Superb! :lol

I watched some of the BJ auction, was the auctioneer deliberately trying to sound like he was auctioning cattle? Or is that just part of the charm of that particular auction? He was talking in absolute dribble/drivel at one point.

Genuine question, no offence meant.
 

B O N Y

MODERATOR & FGT OWNER
Mark IV Lifetime
Sep 5, 2005
12,110
Fresno, Ca.
Hello Neil,
The American style of auction is different that the European style in many ways.
RM, Bonhams, Goodings and Christies (who just retired from the motorcar arena) normally have Brits doing the auctioneering in a more calm fashion. The rest of the American companies have our traditional auctioneers that in fact do sell off cattle and livestock.

Another major variance, is that the seller is invited to stay with the automobile during the preview and sometimes invited to the podium to help describe it. In Europe you simply leave a file with copies of your receipts and depend on a good catalog description.

Hope this answers your questions.

Cheers,
daniel
 

AZGT

GT Owner
Mark IV Lifetime
Dec 20, 2005
1,354
Scottsdale, AZ.
The only time a no reserve auction is a problem is when there are not two bidders interested in the same item. At that point (two biders), the bidders do determine the value. But that also tells you something about market and value - value is determined buy supply / demand, so if two or more people aren't interested, the item really is generally of little value and it is probably better to take your money and go on to something else. The no reserve auction is also a good way to get rid of something you don't want or is of limited value because everything finds a new home (made me flash back to my 1978 Chyrsler Cordoba - ran an add for 6 months to sell - never got a call).

The reserve really comes in when there is only one bidder - it is for saving that situation where something may go cheap, but that is usually because no one else wants it. Things with value are always picked up because there are always a group waiting for things to fall through the cracks. I've indicated before that I am involved with a number of auctions - local, national, and international. When there are reserves, they do protect the seller from unusual circumstances - bad communications, bad weather, etc. But I can also tell you that many items that sell are covered by people not in attendance.

Anyone that does a lot of auctions also knows that you don't bank on a single item - it is multiple items and the end number. Sometimes something sells cheap, and sometimes there are good surprises (like a 3m bus).

So if someone is not interested in a no reserve auction and they think there property is so great, why not just put a price on it and sell it? It is because they are hoping someone will come in and overpay. No one whines then. Only when they underpay. Auctions are a dice roll - you play, you win or loose. Nature of the game. But even the losses are never to zero. So the hemi cuda worth 425 gets 500K on a good day, 400K on a bad day (or whatever they are worth - just an example). It wasn't 500 or nothing.

The reason that you enter the auction in the first place is the exposure they provide, and the willing and capable buyers. That is what you pay for - it is things you don't have or you would not need the auction in the first place. There is a hype and atmosphere there. I can also tell you there are people that ONLY buy at auction, and they will pay more there then if you offered them the car direct. There are also times that you make an offer on something, then buy it for less when the seller decides it needs to be auctioned.

Those are the joys.
 
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B O N Y

MODERATOR & FGT OWNER
Mark IV Lifetime
Sep 5, 2005
12,110
Fresno, Ca.
GREAT post Larry,...110% spot on.
The buyer and consignor always have to have their eyes open and know their market.