Hi everyone , bidding begins at 2pm EST - 4pm EST on this thread , The minimum bid is $107,000 Thanks Mike
So, 1 hour 18 minutes in...... and no bids. That's a shocker No offense, but I really have no idea what you are trying to accomplish with this "experiment". I don't even think 107K barely makes sense as a reserve, let alone a starting bid.
I think it's an interesting idea, but like others have said, if you have a car already listed publicly at $112k and it's not flying off the shelves, I don't see anyone bidding it up from $107k. Anyone happy to pay $107k would already have offered that much from the non-auction listing, most likely? My bit of unsolicited advice: Do it with a 'highly liquid' asset, meaning a smaller ticket car (like $60k to $80k), maybe one that's more of a driver than a show vehicle . A 456 for example, or a 355. I think that's where you would get more action.
+1 Love the idea, but setting the reserve above market value just makes it feel like another marketing stunt. If you really want to make this an experiment, accept some risk yourself: make it a no reserve auction and see what happens. You have a lot of qualified and interested buyers here who would tune in and participate.
Hi Gary the phones were ringing off the hook !! Just kidding Not one offer , i'll regroup and come back with something phenomenal
If that was the case then the best place to move it would still be EBay where it would get the most exposure. It's not like here (and to some extent eBay too) people are just waiting around to buy a 328 given the right price?
I'll disagree with this.....for the RIGHT price, many of us, including me, would buy cars in this manner. On Ebay, there are LOTS of issues with car auctions, from shill bids, teenagers playing around, no-pay winners, unknown sellers with agendas, ect. Here, you can somewhat qualify bidders.....I've been here 11 years and have a track record and reputation like many do, and I'm not going to embarrass myself on bidding on something I can't afford, or won't pay for unless mis-represented.
I wonder if this represents, perhaps, a smaller exposure this forum has now to potential buyers for this car relative to say Dupont, or Hemmings (of course, Ebay) OR does this reflect on the fact that not everybody loves a "time capsule." I think it probably reflects some softening of the lower priced collector/vintage car prices with winter and some market correction...interesting.
As with most things, its usually all about money. Its the price here. The CS moved because you set a "min bid" that was below any recent sales. So, you got exactly one bid at the last moment at the minimum. Fwiw, I would not call that a successful test of the concept. It wasn't an auction by any definition. It was an offer to buy at a price. Someone made an offer at that price. There was no competition, no bidding up (and no reserve). If that car had been listed at $200k min bid, it likely would not have moved. This car at $107k was not going to get an offer to buy (as many here predicted). The related issue is that the min bid can't be only ~5% below your retail asking price. I find it implausible to think that someone who really wanted to buy it couldn't have already/otherwise gotten it for $5k below your asking price. How did the 550 go? Same thing, with one offer at the min? [edit: I see it didn't sell, even at the min bid either. The CS was priced to find a buyer at $175k. The others' have not been.] (the larger reason it likely won't work here is that there are typically not 1 buyer for any one car here, let alone 2 or more) Finally, please take this as constructive feedback from a forum member. To be clear, I'm glad you guys are in the business and a sponsor here and trying this new concept. Its great to have someone with your enthusiasm in the exotic car biz.
Exactly. There are tons of Fchatters who could easily write a check for a car like this and would participate if it was no (or low) reserve. I'm not trying to criticize the OP - I think it's a great idea and would like for it to succeed. Why do you think sellers offer cars at no reserve? Because it generates a lot more interest and more buyers/bidders often leads to a better outcome.
Nah, this is a desirable car but no one is bidding on a car if they feel they are paying too much from the start. Problem for the seller is that he may have too much in it and doesn't want to lose any money. It would make sense to start the bidding lower and at least show some activity vs what we have here. He could then decide to negotiate with the highest bidder or not and relist. Tough one for the seller.
This beautiful 1987 13,200 mile black/tan GTS is waiting to go into your garage , call me and we can discuss price Mike Happy healthy holidays to all 🎉🎉🏁🏁