No Reserve 360 Auction

Charitable intentions? Did you want the car or not?

 

We should really get the story from the seller and let him explain. I am sure most feel that obviously he had discussions with this "dealer" towards the end of the auction when he saw it wasn't going the way he planned. The "dealer" probably said I will be high bidder but I have no money right now but until I can pay you can keep the car and continue to try to sell it and if I come up with the money you have to honor the high bid. A win-win for both. No dealer would bid on a car and not have the money to pay after an auction. Please explain what happened.

 

The reality of what happened is closer to this: The guy's car sold for WAYYY under what he wanted it to.. and he panicked..

 

i'd like to know what dealer is paying $100k for a 360 in this economy regardless of year, mileage, and condition.

 

I watched this no reserve auction closely because I also have an '04 360 6spd. Mine has lower miles with Daytona seats. I wanted to see what the market value of a similar MY and mods. But at the end of the auction, I was a little disappointed that it garnered a highest bid at $100K. So I guess my car is valued around $100K, or less after learning that the final bidder was a dead beat bidder. I've bid on no reserve auctions on Ebay in the past, and I've always wondered if dead beat bidders or shill bidders artificially increase an item's price and to see it live was educational. I believe Tom was honest in listing the auction at no reserve, and would be sold to the highest bidder. But I do believe that Tom was mislead by the highest bidder. If the car is not sold to the highest bidder for what ever reason, he is a dead beat bidder. If he did not have the funds to buy the car, he should never have participated in the auction.

 

I can see this happening and maybe with just a few minutes left this opportunity presented itself and without thinking about the outcome he went for it. He can make it right by giving the next highest bidder the chance to buy at their price. Now if the next highest was Tom and he doesn't really want the car anyway I guess he would give the seller a chance to keep it so I guess it would end up the same anyway. Much easier to just have a friend shill bid it up to where you are comfortable or don't do a no reserve.

 

Shill bidding is prohibited by Ebay.

http://pages.ebay.com/help/policies/seller-shill-bidding.html

 

I know but I was just saying instead of going this route he could have had a buddy bid it up and then he wouldn't have a whole community upset about it. Since he didn't do that it leads me to believe his intentions were good but he panicked in the last minutes and this is the result.

 

Total joke. Someone should report it to e bay as a shill bid auction.

 

I understand that there could have been regrets offering the auction as no reserve, but having "a buddy bid it up" would still be shill bidding. There-in lies the weakness of Ebay. I believe the used exotic car market is extremely weak at this time. So my car may be worth South of $100K. I shudder at those owners who paid premiums for their cars and still hold them today.

 

i really don't see anything wrong with the way the auction ended up with the exception of the "go shop" agreement. people are arguing over the "payment terms" and not the price.

i have spoken with tom on several occasions (via email) over several months regarding his car (he is local) including the hours before it ended and i was high bidder in the low nineties. this was truly a no reserve auction.

 

Per the terms of the auction, $2000 deposit is required within 48 hours, and closing within 14 days.

IMO the high bidder was a shill because he admits to not have the ability to close. If he can't close under the stated terms, the true high bidder should have the opportunity to buy it at the bona fide "high bid."

 

This happens all the time on ebay, And they dont dont thing about it. I won a Maserati QP about eight months ago in a no reserve auction from a dealer in Tx. Dealer backed out of the deal saying he could not sell the car for that price. 26 bidders and the car went for $67,900 if I recall correctly. Shame! Not much you can do about it. Lots of dishonest/non-credible people out there.

Bora

 

is the buyer not paying the deposit ? then it is BS

 

Panic? This I think was something of a marketing ploy even with the best intentions. The seller knew the reality of this market - 360 values are eroding and steadily. Take a look at Ferrariads for a Spyder for less than this coupes' price.

No matter, the original thread contained a post about this one auction possibly being an accurate barometer of the 360 market. Hard to say if it is now since no real deal was made...yet. Just casually surfing ebay and others, there are lots of 360's and no shortage of falling prices on them.

 

http://ferrarichat.com/forum/showthread.php?t=223902

 

So, overbid the 100K and it's yours, no?

 

Not just "pay" the deposit, but lose it when if doesn't close w/14 days.

If that's the way it plays out and Seller is still stuck with the car I wouldn't be surprised if the marketplace is "chilled" because of questions about the integrity of the bids (in a follow up auction) and better knowledge about what the real top end price for this car should be.

Ebay needs a better system, such as holding titles and acting as closing agent when it runs a no reserve auctions. Useless waste of time otherwise.

 

if anything, then doesn't this whole episode put into question whether the car is actually worth $100k ?

 

I've never had the opportunity to participate at auctions such as Barrett-Jackson, Sotheby's or Christies, but how do the major auction houses conduct no reserve auctions to prevent shill or dead beat bidders?

 

i agree. obviously, it's worth less than $100.

if there is a second go around with this auction, I suspect a lot of would be buyers won't bother to partcipate because their time could be wasted by the same shenanigans.

 

Guys. Please relax. I have been busy and my phone and email have been exploding since last night... please have some understanding.

Maybe my post in the thread was sloppy. I am sending this in hopes you guys don't have any misunderstanding anymaore. Here is what happened -

A dealer won my auction. Let's call him dealer A.

Dealer A called me before he placed any bids. He asked if he could pay in the second half of the month or late this month before he bid. Dealer B (who didn't win) called me after the auction ended and offered to pay in the next 24-48 hours. He wants the car and will pay the same price, of 100k. Obviously it's tempting to me make the deal sooner.

Dealer A, who I consider to be very nice to me based on all his actions, felt bad about holding me out till late in the month if I had another buyer right now at 100k, and was willing to step aside if he had to be nice. He doesn't want to, he wants my car. But he was just being nice to me so I could get the money sooner.

Yes, as someone stated, per the terms of the auction, $2000 deposit is required within 48 hours, and closing within 14 days.
That is why Dealer A is allowing me sell the car to someone else if I need the money sooner, because if he does not then it falls outside of the terms of the auction. And because he is a pretty nice guy.

In the meantime, IF Dealer B did not pay, then Dealer A will still be there and probably list the car on his site (as it's going to be his car assuming he pays). If sells it for more than 105k before he takes delivery and pays, Dealer A would help me out by cutting me back in for effectively financing him until later this month. Meaning I would get more than 100k if this happen. I hope my post on the other thread makes better sense now.

There's no side deal or anything unusual as it seems was implied on the other thread.
in the meantime, several private individuals have emailed and called me since last night to ask if they can still get the car for more than 100k, which dealer A would allow. And if none of this occurs, Dealer B is going to buy it, and I still get 100k. It is a chance for me to get more than 100k and get paid sooner than later in the month. if not, i have at least 2 back-ups at 100k (even if all private individuals disappear).

My communication has been exploding since last night... I have been on forums , PM, email, and phone consatntly last night and this morning and did not get a chance to review every word typed to make sure it makes perfect sense.
I took a big risk doing this type of auction and was trying to put all the info out there for everyone interested.

The auction is and was legit, and the car is selling for 100k (if not for slightly more soon).

Also there will NOT be a second auction! Period. Please stop with the conspiracy theories.

 

what this car is "worth" to me it's still worth 140k.. it's what the economy and recession have done to the value is what this ebay bid demonstrates.. 6 months ago this thing would have moved at over 130k for certain..

this sucks! 100k!!! wow what a sick deal.. J E S U S

 

Then wire Tom 130k and be done with it.......