Caiola's F40

Tom is a good friend of mine and a top notch guy. I wouldnt hesitate to recommend Autisport Designs to anyone

 

Just a correction, but I believe the Caiola F40 was at Gooding and Company not RM.

 

So this guy bought it at the Gooding Auction, and is trying to flip it now?

Must be desperate times....

 

He is a dealer.
That's what he does for a living....

 

If someone was interested in the F40...wouldn't they have bought it directly from the auction?

The car sold for $450k at the auction, now this 'dealer' is trying to sell it for $550k? How can the car instantly be worth $100k more in one week?

I'm just curious to know how the dealer-auction market works.

 

With the 10% buyers commission, his cost basis is $495,000. Add shipping and his time in the effort and his cost is $500,000. He bought a good car and he can wait for the right buyer, unless he needs to unlock the $500k right away.

 

And yet another f40 will sit for the next year with no owner because its overpriced. Why not just let a owner/driver buy it. For gods sake its Benny's F40. STupid! I know chris im sure your friend is a great guy, but ruins the car IMHO.
Its sad this car is priced 100k over the true value because two dealers/brokers had to get in the middle of it. That is why private sales occur all the time and why I will never have either when I get my first ferrari.

 

There is absolutely no doubt that this F40 is in spectacular condition, and was cared and maintained well for its entire life.

I am in no ways a Ferrari market expert, but I would assume that the Gooding auction established the 'market value' price for this car, considering its great history, condition, and maintenance. If this was worth the $550k the 'dealer' is asking, why didn't it sell for that amount at the auction? Why did bids stop at $450k?

 

Mods?

 

Why are you guessing he got a break? Based on what exactly? Please elaborate.

 

+ 1.

Ive done 4 Ferrari Supercar deals with him and a man of his word every time, which is more than can be said of many dealers.

 

Exactly how does the act of making a profit mean that these are desperate times? Please elaborate.

 

Exactly.

 

Is it common to see the headliner sagging like this?

>8^)
ER
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Some people dont like buying from public auctions. Some people don't find out a car is available until a dealer has taken it in, sorted out all its issues, put together its full history, and presents it to end users.

The dealer is in the car $500k. Exactly how does a $550k sale equate to a $100k profit? Please elaborate.

Then too, the $550k number is the "asking" price. Perhaps you can offer him $505k and see if he takes it?

 

Yes common F40 ailment. Factory glue loses its hold after about 20 years. Remove headliner, strip and re-apply with better upholsterer's glue.

 

Thanks for pointing this out.

 

Based on exactly what do you think this car will sit for a year? Please elaborate. I haven't seen any F40 for sale sit for for a year. Tom is a good dealer and will sell this car in a matter of months, or even weeks.

Exactly how is the car ruined? Because a specialty dealer has taken it into inventory? Please elaborate on how the car is ruined.

What makes you think the true value for an F40 like this is $450k? I sold nine (9) F40s last year and at least 2 of them sold for well over $550k. Am presently working on a deal that will bring a number that starts with a "6". So, explain to me how at $550k this car is being asked a selling price that's $100k over the odds.

Many specialty dealers are the ones who in fact facilitate private sales. in fact, that's my specialty. Most never hear about my sales until they are long completed. So, FYI private sales are not all exclusive to just 2 individuals. Sometimes the interests of the 2 parties are well-protected by having a knowledgeable and honest person facilitate the transaction.

 

Clearly you are not a Ferrari market expert, although you have plenty of thoughts on it. You assumed wrong. One sale establishes only part of the picture, but here too you are assuming erroneously the all-in number was $450k when it was nigh-on $500k. The bids stopped at $450k because Tom know that really meant $500k all-in and he was comfortable at that level and no more. He had to allow for shipping and the aforementioned expenses. The car did not sell at $550k at auction because that really means $600k plus all-in.

 

After all the time i spent driving one, i never noticed it had a VW beetle headliner!

 

You know Andrew, they solved this problem with the F50. You should probably get one of those.

Thanks to RufMD for the pic.

>8^)
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One point about 20 year old glue. When it breaks down the fine particles it breaks down into are not the best thing to be breathing. The only thing I would add to your suggested remedy is a very through vacuuming of the particles, while wearing a very good breathing mask.

As for Tom there is another issue. As a NY Dealer I believe he is required to offer a 3 month/3 thousand mile warrantee even with a used car. This alone has value and potential cost to him.

Auctions as Joe said aren't for everyone. In this case the seller got 405K and Tom paid 485K.
David for his work and putting on a successful auction kept 85K.

Personally all of them are friends (RIP Bennie) and IMO all did fine in this transaction.

I personally have bought from David at auction, have known and respected Tom for years and have fond memories of Bennie.

All is Good.

 

Joe, you just saved a lot of time going through alot of these posts lol. Like you, I now await their responses. There are alot of people that really think car dealers should not be allowed to turn a profit. Many deals require going through public auctions to get stock. Our friend Roy has posted many great threads of some nice metal he has bought at B-J etc and posted here. And yes, they are (were) for sale and sold!

The gentleman who bought this F40 will probably be into it for $500K buy the time it hits his shop. Then who knows what he will spend on it there? Maybe it will need some more dough to make even better (Not saying it needs anything), then there are other misc. costs. Then there are buyers out there than can now buy this car through his dealership who may want to trade in another car(s) in order to complete the deal....or perhaps need financing. I can go on

 

Mr Sackey, I am not trying to diminish the purpose of the dealer. I fully understand the processing, and logistics involved at the dealer level. Again I don't mean any offense with my post.

I was just wondering why a dealer would buy this car from a well-publicized public auction and then try and flip it back to the public once again. As posted earlier in the thread, a member mentionted the fact that there may be some mods and repairs necessary on this car. If anything additional is performed by the dealer, that would fully justify the increase in price for the new sale.