Serious question: How to sell a 7-figure vintage car?

Depends. From your post it seems as though the objective is to avoid commissions/brokers fees.


Not really sure as I'm not even worth 7 figures, never mind have a car worth that (one day hopefully...), but is there an owners club/enthusiast group for the car where you may find a buyer. What about taking the car to a big event such as Villa d'Este, Goodwood FOS, Pebble Beach, etc and using that as publicity for it being for sale?

 

While minimizing your costs, I assume. Won't do a lot of good to pay someone 15-20% of the selling price if that person/group is only able to get you 10% more than you could get on your own.

 

Could be there's a "line" for some of the truly great cars, and so they never make it to dealers/brokers/auctions. Though a legit "one of one" car might go to auction to determine value (on that day, at that time).

 

Time and hassle.

Let's knock the scenario back down to ordinary numbers. I know I could get more money for my cars by selling them on my own rather than trading them in. But if I do that, then I have to advertise the car, I have to show the car, I have to qualify the prospects. All of the previously mentioned takes time. It's simply not worth it.

Last car I traded in I could've maybe gotten 10-15% more had I sold it on my own. My time is valuable and I concluded it would actually be a SAVINGS to trade it in. Now, I'm talking about high five figure cars here. The numbers really get skewed in the upper stratosphere. A guy who's popping for 7-figure cars has GOT to consider his time as his most valuable asset.

 

As you say with a 7 figure car, everything is skewed - and I'd suggest that it is because of rarity. The issue is whether rarity skews things in your favour - as in the car is so rare that there are people with the means to buy it waiting for it to come on the market, or whether the rarity goes against you in that there are so few people with both the means and the desire to purchase that it would be a hassle to sell. A bit of judicious networking amongst groups/circles where there are wealthy 'car people' may find a buyer or at least give a better idea of how easy it would be to find one. Obviously the other concern could be to do with security - advertising or trying to sell a car like this privately means that to an extent you have to tell the world that you own it and have the kind of money that means you can, whereas selling through a broker/auction house affords a certain element of privacy and anonimity.

 

Well my best bet would be get in a magazine aimed at the possable buying market to get a little hype for the car. Then taking it to a big auction like Auburn, or one of the BJ auctions. Did you get a car to replace your GT?

 

I would seriously call Roy. That guy is so well connected, I bet he could have it sold within a few days.

You lose a bit with the commission, but it's worth not having to do it yourself or pay somebody like BJ a cut AND mess around with transporting it.

 

Roy Cats...catsexotics.com...been a great help to me on three cars!

 

Is this hypothetical?

In other collectible fields, where I'm more familiar with the market, those who own the very rare and expensive items almost always know who the potential buyers are. For example, if there are 5 known examples of a coin of which you have 1 for sale, and 70 guys are trying to complete the set, it's not hard to figure out who the leading prospects are. (This is a real scenario, btw.)

A good broker always knows who those prospects are, as would someone spending seven figures on a car. Every marque seems to have its top-tier brokers. I'd let the one for the particular marque know the car may be coming on the market.

My two million cents...

 

One point: At BJ a million dollar car isn't ripped like a $40,000 car. That kind of sale wouldn't cost the seller anything.

 

It depends on the seller: personally I would try myself first using whatever means are appropriate for the make, model. Then I would contact a broker, then if that fails, auction. Money is money, it is too hard to make regardless of how much you have in the bank.

FYI, I know someone that just sold his 166 MM Barchetta and did it himself with no issues.

 

Why not call up one or two of the famous museums that keep this type & style of car and let them know that one is quietly on the market?

Who knows but what the word would get around to Jay Leno within a few minutes and you could just kind of shake hands on it?

 

Roy Cats, www.catsexotics.com

1-866-Lamborghini (526-2674)
or 425-353-2287

 

This is a good point - auctions love have marquee items to draw the crowds. You have a lot more leverage when it comes to negotiating seller commissions.

 

I like to go to high class auctions with hunks of junk. I usually get around $500.00 just to get it the hell outta there!

 

The buyers will find you... you can keep a significant car that is for sale under wraps for too long.