BUYING YOUR DREAM CAR: Insider Tips from Premier Financial Services
←
→
Page content transcription
If your browser does not render page correctly, please read the page content below
BUYING YOUR DREAM CAR:
Insider Tips from Premier Financial Services
Live Auction Quick Tips
Improve your chances of success
when buying or selling your dream
car at an auction:
• Do your homework on any car
you’re bidding on.
• Pre-register as a bidder in
advance of the auction.
• Obtain pre-approval for financing
or leasing.
• Set a maximum bidding price and
THINGS YOU’LL NEED TO KNOW TO stick to it.
BUY OR SELL AT CAR AUCTIONS • If selling, give the auction house
enough time to market your car.
The range and caliber of car auctions is extremely diverse. Throughout • Detail your car, buy a new battery
the year, there are local public auctions, government auctions, private and put on authentic tires.
auctions for dealers, as well as an increasing number of online auctions,
including eBay Motors and bringatrailer.com. These auctions can be a
great resource if you’re searching for a fairly priced family vehicle, a fixer-
upper, or perhaps even a hidden gem offered by a seller looking for
quick cash.
But if you’re an auto enthusiast seeking to buy or sell a unique, rare or
classic dream car, those are not the types of auctions where you’ll want to
invest much time. The well known, high-profile, live car auctions that take
place throughout the year - at Scottsdale, Arizona; Amelia Island, Florida;
Pebble Beach, California; Palm Beach, Florida; Las Vegas, Nevada and
Kissimmee, Florida - are for serious enthusiasts, and each of those events
include hundreds or even thousands of rare and classic cars.
Live Auctions Are Fun Lifestyle Events
Sponsored by respected auction houses such as Gooding & Company,
Barrett-Jackson, Mecum, RM Sothebys and Bonhams, these high-end,
ticketed events are opportunities to see, and perhaps bid on some
fantastic vehicles. They also are occasions to rub shoulders with (and learn
from) knowledgeable collectors and fellow enthusiasts from around the
world. These auctions – which typically include a host of social festivities
and educational opportunities – are lifestyle events to be enjoyed,
regardless of whether you plan to sell or bid on any vehicles on the block.
BUYING YOUR DREAM CAR:
Insider Tips from Premier Financial
Prepare for a Great to research the actual experience If you have a specific classic or
of past and current owners to collector car in mind, it’s also
Auction Experience determine whether there are advisable get an insurance quote
common problems you should be from a firm like Hagerty before the
Most auction participants at the top aware of before you bid. auction, so that any vehicle you win
auctions are sophisticated buyers
at auction will be covered as soon
and sellers. But there’s always Some seasoned auction buyers also as you’ve completed the purchase.
a crop of auction newcomers, talk in advance to staff members Finally, line up a professional carrier,
many of whom are reluctant who manage the auction process such as Reliable Carriers, that has
to participate, lacking a clear from the floor (not the person with experience handling luxury, exotic,
understanding of the protocol and the gavel.) These professionals can and classic cars, because you will
unwritten etiquette involved in sometimes provide helpful insights need to immediately ship any car
serious car auctions. on specific cars and auction you purchase.
dynamics. Let them know if you
According to Premier’s Southeast plan to bid on a particular car, so
Sales Manager, Chris Warren, who they can direct the auctioneer’s Think and Act Like
has attended top auctions for
many years, “There are only a few
attention to you. an Auction Pro
auction-related “do’s and don’ts”
that buyers need to know. Notably, How to Take Your If you’re a newcomer, Chris Warren
suggests that you attend one or
you don’t have to be a millionaire to
bid on a car. Although auctions like
Dream Car Home two auctions strictly as an observer,
to gain a first-hand understanding
those at Pebble Beach, Scottsdale
Advance preparation also involves of how they work. Pay attention
and Amelia Island attract a well-
pre-registering to bid, so that you to how seasoned buyers conduct
heeled crowd, there are cars on the
spend your time checking out the themselves and the bidding tactics
block in all price ranges, and there
cars, rather than waiting on long they use.
are some great potential bargains,
lines to fill out the paperwork. When
if you have a deep understanding
you’re calculating how much you When you’re ready, bid on a car
of the car you’re bidding on.”
can spend at an auction, be sure to that you really want to own and
factor in the commission charged drive. Don’t follow the herd by
Chris recommends that do your
by the auction house (usually 10%), bidding just because there’s a lot of
homework well in advance of the
as well as any federal, state, and buzz or interest in a particular car.
auction. First, you should learn
local taxes; insurance fees; and Auction catalogs can romanticize
as much as possible about any
transportation of any vehicle you cars in an effort to push bidders,
car you plan to bid on. Most of
purchase. so it’s important to be guided by
the time, auction houses publish
your head as well as your heart. It’s
detailed information about all the
Armed with a reasonable best not to fall in love with any car
vehicles on the block, so buyers
expectation of what you might until after you’ve won the auction.
know exactly what they’re bidding
have to spend, if you plan to
on. Attend the preview sessions
finance or lease the car, you should If you are not bidding on a car,
before the bidding starts, and if
obtain pre-approval from a firm you should remain seated and be
you’re not an expert in evaluating
like Premier, that specializes in quiet. It’s important that you’re
the operating condition of a car,
exotic and vintage cars. This will not a distraction for the auctioneer
then hire someone who can help.
allow you to bid with confidence, and for those who are bidding. You
If you don’t possess a first-hand
and to expedite the processing of should expect the same courtesy.
understanding of the car’s make
the transaction.
and model, it’s also a good idea
2
BUYING YOUR DREAM CAR:
Insider Tips from Premier Financial
Establish and Stick To of the best deals happen. The
crowd will typically have thinned
the CEO of Mecum Auctions,
strongly suggests that sellers
Your Bidding Strategy out substantially toward the end begin the consignment process
of an auction, which means there well in advance of the auction.
The most experienced bidders are fewer bidders; improving your Magers reminds sellers that,
understand the #1 auction rule: chances of winning with a lower “We’re more of a marketer
they set a maximum bid price bid. Some auctioneers have a than an auctioneer. The longer
and stick to it. This may be the tendency to speed up the bidding, that we have to showcase a car
most difficult aspect of auction in an effort to wrap things up, online, the greater the number of
strategy for both newcomers and which gives competitors less time potential buyers your car will be
experienced buyers. For example, to deliberate. So be prepared to exposed to. In fact, what happens
Wayne Carini – the host of the bid decisively. in advance of the auction is more
Chasing Classic Cars show on the important than what happens at
Velocity Channel – sometimes If you’re lucky enough to find and the auction.” He counsels sellers
writes his maximum price on his successfully bid on your dream car not to call an auction house the
hand as a reminder not to exceed at a top auction, it will likely add week before an auction, or worse
that amount. to your enjoyment of ownership. yet, not to just show up at the
If your bidding falls short, keep in auction with your car, expecting
For some seasoned auction mind that turnover is constant in it to be put on the block.
bidders, it’s easier to stick with their fine cars that come up for auction.
bidding strategy if they don’t get Either way, the thrill of the hunt, Auction houses like Mecum also
caught up in the live competition the competitive bidding, and the have consignment reps who will
for the car. They avoid the bidding fellowship with people who share provide guidance on strategy
drama altogether by leaving the your love of cars are all part of designed to help sellers with
auction floor and submitting their the fun of auctions. everything from market valuation
bids from another location, by of their car, to what day and time
phone or online, so that they can their car should run, and what
remain objective and disciplined. Selling Your Car other cars it should be sold near.
In fact, a number of auction houses at Auction
will live stream their events right
on their website, to accommodate
Do Simple Things
There are many good reasons to
buyers who wish to bid remotely consign your car to be sold at a To Sell Your Car
or are unable to attend the auction live auction. Most importantly,
in person. your car will be marketed properly Magers says that there are a
by the auction house, in advance few “simple things” that sellers
often overlook when consigning
When the Auction of the auction, to thousands
of potential buyers who are their car to an auction house.He
is Over interested in the type of car strongly suggests:
you’re selling. These are serious
If you’re not bidding on any of car enthusiasts from around the • Thoroughly detail every part
the heavily promoted cars on the world, not local tire kickers who of your car, so that it looks as
block, it can be to your advantage will waste your time. saleable as possible. This is
to stay until the end of the auction, money well spent. When it runs
because that can be where some To take full advantage of that across the block, there should be
market exposure, Dave Magers, no dirt or water spots on the car.
3
BUYING YOUR DREAM CAR:
Insider Tips from Premier Financial
• Put a new battery in your car. It • Don’t send DIY photographs any representations they make. In
may sit for long periods of time at of your car. World class auction some cases, sellers may be asked
an auction, with no trickle charger. houses will only use high to prove certain features, such as
If we have to push a car across the quality photographs taken by numbers-matching cars, or claims
auction block, it doesn’t make the professionals who specialize in of exact mileage. At the auction’s
same impression as hearing the cars. In fact, Mecum maintains vehicle check in, your car will also
sound of a big, high horsepower a network of automobile undergo close scrutiny for the
engine. photographers who will manage authenticity of titles and VIN tags.
that task, which is covered by the
• Make sure your car has good sales commission. Mager often Whether buying or selling a
tires on it; ideally reproductions reminds sellers that when they car at a live auction, knowing
of the original tires. This can make show up to photograph a car, it beforehand what’s expected
a huge difference in the value of should already be detailed and of you can make the difference
the car. “photo ready,” so that it can between having a productive,
be marketed online in the best enjoyable experience or walking
• Be sure that your car is in good possible light. away frustrated. And if you plan
mechanical condition. Potential to attend a major auction, we’d
buyers are often very savvy, Car sellers at auctions are welcome the opportunity to
and will consider every aspect required to disclose all material introduce ourselves. Premier
of your car before they make an facts about the car, and Magers attends every major auction,
investment in it. cautions them to be completely every year.
transparent and honest regarding
Ross Dressel Michelle Yancey Chris Warren Juan Garcia Keith Neelans
Midwest Sales Manager Southwest Sales Manager Southeast Sales Manager West Coast Sales Manager Northeast Sales Manager
248.229.9924 214.385.6670 770.265.4830 805.341.4814 203.217.1127
rdressel@pfsllc.com myancey@pfsllc.com cwarren@pfsllc.com jgarcia@pfsllc.com kneelans@pfsllc.com
4
You can also read
