Last January, we
went to Russo & Steel, Barrett-Jackson and a couple of other venues for
their auctions. As we sat there and watched, I was amazed at the number of cars
and quality of some of the vehicles that were being auctioned.
After awhile, I
realized that most of the bidders were looking for a GOOD deal.
I brought my
buyers guide price book and compared prices and noticed that 80% of the
auctioned prices were under priced, 10% were spot on and 10% were off the
chart. It only takes two buyers that want the same car to run the price out of
sight. We noticed this several times at different venues.
I’ve come to the
realization that a vehicle is worth what a buyer is willing to pay for it.
If you have a vehicle
and you bring it to auction with no reserve be prepared to lose money. But if
you have a reserve, it might not sell and you still have the vehicle. And you
paid all the fees and other costs to try to sell it at auction.
I would first
try to sell a vehicle on my own or list it online and hope for the best.
Keep Them Rolling!
Bill
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