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USF1 asset auction

Discussion in 'F1' started by Ney, Jun 10, 2010.

  1. SRT Mike

    SRT Mike Two Time F1 World Champ

    Oct 31, 2003
    23,199
    Taxachusetts
    Full Name:
    Raymond Luxury Yacht
    #26 SRT Mike, Jun 10, 2010
    Last edited: Jun 10, 2010
    What makes it worse is that there is a 16% buyers premium, so you can add 16% to all those prices too :)

    I've been to a few auctions, and IMO there are a few things going on. Often they charge you $100-500 just to bid, which they apply as a credit to whatever you bid on... this gives people incentive to overpay on all the little junk stuff, because they gotta spend that $$ or they lose it.

    On the big things, you definitely get bidders getting overly competitive with each other and not wanting to walk away empty handed... this helps people to overpay in the heat of the moment... you think "hey what's a few grand?".

    With Haas machines, they are the largest selling machine tool brand. CNC machines have a controller - many companies use standard controllers from Siemens, Fanuc, Mitsubishi, etc. It's sort of like the operating system of the CNC machine - Windows, Linux, OSX, etc. Haas makes their own control. So a lot of companies with CNC machines want to buy the same kind of control because it means they don't need to retrain their guys. And since Haas sells machines pretty cheap and are a very established brand, it keeps the resale value of the machines high. There is also usually a 2-3 month wait for a CNC machine from when you order it to when you get it, so if there is a guy who is a serious buyer for a brand new VF-4, it may make sense for them to buy one at auction, even for a price equal to MSRP, rather than wait for it.

    Me personally, I would wait and get one brand new, but I can afford the luxury of time to do that, not everone can if they have orders to fill.

    At these auctions you get eBay machine tool sales guys, and the sales guys from the local service office of Haas, plus retail buyers, looky-loo's and race fans. Plus you sometimes get bidders from the bank if the machines were financed and more.

    So I don't think there were any super deals today... too bad, I'd have loved to get one of the machines and I'd pick up a bunch of other junk like tables and chairs and computers and aluminum too. I suppose it was not to be.
     
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  3. mousecatcher

    mousecatcher Formula 3

    Dec 18, 2007
    2,116
    san mateo, ca
    #27 mousecatcher, Jun 10, 2010
    Last edited: Jun 10, 2010
    my god, someone just paid $75 + 13% premium for 2 $20 label printers.

    and $100 for a $30 set of speakers!

    i think i just figured out my next line of work ...
     
  4. mousecatcher

    mousecatcher Formula 3

    Dec 18, 2007
    2,116
    san mateo, ca
    lot #413 literally includes 2 toasters

    huh. it was listed in the brochure, maybe by mistake.
     
  5. TifosiUSA

    TifosiUSA F1 Veteran

    Nov 18, 2007
    8,452
    Kansas City, MO
    Full Name:
    DJ
    lol
     
  6. mousecatcher

    mousecatcher Formula 3

    Dec 18, 2007
    2,116
    san mateo, ca
    turns out the autoclave was repo'd yesterday
     
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  8. Peloton25

    Peloton25 F1 Veteran

    Jan 24, 2004
    7,570
    California, USA
    Full Name:
    Erik
    Anyone else think it was a mistake of the auction company not to separate those toasters out into their own separate lot, or better yet, put them up on Ebay with a little bit of fanfare and see where things go? I can see a lot of people getting excited over the ability of purchasing an authentic USF1 toaster. :D

    >8^)
    ER
     
  9. tifosi12

    tifosi12 Four Time F1 World Champ
    Lifetime Rossa Owner

    Oct 3, 2002
    47,374
    @ the wheel
    Full Name:
    Andreas
    #32 tifosi12, Jun 11, 2010
    Last edited by a moderator: Sep 7, 2017
    I found this pic in a German magazine about this auction.

    As a side note: The article was written by a journalist, whom I met at last year's Valencia GP. Back then I told him that USF1 is nothing but a bad joke. He was adamant, that they'd make it to the grid...So earlier this year I sent him an "I told you so, nanana" email. :)
    Image Unavailable, Please Login
     
  10. starboy444

    starboy444 F1 Veteran

    Oct 7, 2006
    7,265
    Toronto, Canada
    Full Name:
    Lucas
    I think partly the reason USF1 went bankrupt; was because they were using HAAS machines in the first place....!

    They're not best machines for accuracy and durability.....we have a 5 Axis PARPAS (Italian CNC Machine), similar machine also used by the McLaren F1 team at their shop.
     
  11. Senna1994

    Senna1994 F1 World Champ
    Silver Subscribed

    Nov 11, 2003
    13,026
    Orange County
    Full Name:
    Anthony T
    Did any of you guys read the article in the latest F1 magazine about how Anderson and Windsor blew over $20 Million without an actual car ever being built? The fact that Anderson was such a joke that every time someone called him on anything, he would take off and hide at a Starbucks. Shouldn't anybody figure out this joker since the Falcon incident about a decade ago?
     
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  13. Cornbread

    Cornbread Formula Junior

    Mar 21, 2009
    584
    Bham/Maple Valley WA
    Some Serbians are hunting Windsor to get a few of those millions back.
     
  14. VIZSLA

    VIZSLA Four Time F1 World Champ
    Owner

    Jan 11, 2008
    41,210
    Sarasota
    Full Name:
    David
    There were any number of us who had deep doubts from the beginning. Anyone who sunk money into it was irrationally exuberant to say the least.
     
  15. Ney

    Ney F1 Veteran

    Apr 20, 2004
    5,857
  16. jimpo1

    jimpo1 Two Time F1 World Champ
    Silver Subscribed Owner

    Jul 30, 2001
    23,147
    Dallas, TX
    Full Name:
    Jim E
    First: USF1
    Second: USGP in Austin, TX.

    Hopefully when the USGP assets go up for sale, there will be a good go-kart track available.
     
  17. VIZSLA

    VIZSLA Four Time F1 World Champ
    Owner

    Jan 11, 2008
    41,210
    Sarasota
    Full Name:
    David
    This is the real shame of an outfit like USF1. They make it impossible for other (potentially) legitimate operations to be seen as credible.
    Thanks Pee Wee.
     
  18. mousecatcher

    mousecatcher Formula 3

    Dec 18, 2007
    2,116
    san mateo, ca
    I think their total debt was around $4MM? That'd be more than a 25% return, not bad I guess.
     
  19. Steve Marschman

    Steve Marschman Karting

    Nov 4, 2003
    60
    Idaho Falls
    Full Name:
    Steve Marschman
    You know, before I would ever buy a used Haas, I would call them directly. We just bought a 4-axis machine from them for a very reasonable price. The down economy has people wheeling and dealing to move 2009 inventory. Unless there was a lot of tooling, etc., with the used machines, I'd rather be the first person to turn it on. Jus' sayin'...
    Steve
     
  20. Fast_ian

    Fast_ian Two Time F1 World Champ

    Sep 25, 2006
    23,267
    Campbell, CA
    Full Name:
    Ian Anderson
    Agreed. As someone else noted, with these you would have been! They didn't even produce any toasters! ;)

    Cheers,
    Ian
     
  21. Senna1994

    Senna1994 F1 World Champ
    Silver Subscribed

    Nov 11, 2003
    13,026
    Orange County
    Full Name:
    Anthony T
    The two Jokers, Windsor and Anderson, just got a $309,000 Euro fine from the FIA, and whatever happens regarding the team, they have a lifetime ban.
     
  22. VIZSLA

    VIZSLA Four Time F1 World Champ
    Owner

    Jan 11, 2008
    41,210
    Sarasota
    Full Name:
    David
    Details please.
     
  23. Darkhorse575

    Darkhorse575 Formula Junior

    Mar 20, 2005
    634
    Pasadena, CA
    Full Name:
    DJ
    #45 Darkhorse575, Jun 24, 2010
    Last edited: Jun 24, 2010
  24. VIZSLA

    VIZSLA Four Time F1 World Champ
    Owner

    Jan 11, 2008
    41,210
    Sarasota
    Full Name:
    David
    #46 VIZSLA, Jun 24, 2010
    Last edited: Jun 24, 2010
  25. docdozer

    docdozer Karting

    Jun 17, 2009
    146
    Central Maine,
    Full Name:
    Charley
    The article specifically says USF1, not Windsor and Anderson, which leads me to think that they are banning the incorporated entity, a moot point since it is dissolved. That would leave the individuals the opportunity to join or start another venture in the future. Since USF1 was fined, I wonder if the fine was paid or if it was all for show, knowing that they were bankrupt and no money was forth coming. Kind of like me sending a bill to someone knowing that I'll never see a dime. Happens all the time. I write it off unless they piss me off for some reason ( that's happened twice in the last 6 years), then i persist for a while. Occasionally someone thinks that I work for free, and so do my employees.
     
  26. zaevor2000

    zaevor2000 Formula 3

    Jul 18, 2007
    1,869
    Dallas, TX
    Full Name:
    Frank Waugh
    Ask Flavio... :D

    (ducks)

    Frank
     
  27. VIZSLA

    VIZSLA Four Time F1 World Champ
    Owner

    Jan 11, 2008
    41,210
    Sarasota
    Full Name:
    David
    ;)
     
  28. david1175

    david1175 Formula Junior

    Jul 11, 2004
    782
    in the doghouse
    Full Name:
    David
    I was thinking the same thing...It's a dissolved entity/corp., so Windsor and Anderson could magically reappear (not that they should) so long as they are not officers of a "new" company so long as it's not named "USF1".
    If they should be so "lucky", maybe their titles should be "custodial artist" and/or "restroom attendant" ;)
     

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