On Wednesday 26th at Blackbushe a 75,000 mile 99T 520iSE manual bid to a low £8,450 provisional. Conversely, a 45,000 mile 99T 523iSE auto sold for £12,000. If you go for a slightly tatty car, not prime retail stock, then you stand a chance. The 75,000 miler should be back in today. Was entered by LEX Vehicle Leasing, lot no LVL070 on Wednesday, plate: T314RYG. In reply to those who doubt the wisdom of my words about auctions, I am speaking from eleven years experience of that particular sale. I could tell you a lot more, but I won't.
HJ
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In reply to those who doubt the wisdom of my words about auctions, I am speaking from eleven years experience of that particular sale. I could tell you a lot more, but I won't.
It suprised me anyone would disagree with someone who actually knows!
A gut feeling given preference over fact! Happens all the time!
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Parp, Parp!
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In reply to those who doubt the wisdom of my words about auctions, I am speaking from eleven years experience of that particular sale. I could tell you a lot more, but I won't.
It suprised me anyone would disagree with someone who actually knows!
A gut feeling given preference over fact! Happens all the time!
--
Parp, Parp!
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I wouldn't doubt your experience, I am surprised that a commercial buyer feels the need to bump prices up.
The most notable aspect of the auctions are the way bidders try and remain as anonymous as possible, suggesting a considerable downside in being identified.
Private punters certainly get treated differently by the auctioneers, I have walked off having had the auctioneer deliberately point me out, I have also bid and been deliberately ignored.
It's also funny sometimes to see the auctioneer start the bidding 'off the wall', then see he has no takers and has to start again lower. Perhaps HJ, you could make money running a masterclass.
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I sat in BCA Nottingham with an elderly couple a few years back. Just me and them.
They must have bought an awful lot of cars, nothing went through unsold. Bidding was frantic too.
Hasn't stopped me buying at auction, just be wary.
One thing I didn't realise is the business of going to the provisionals office and making an offer. The Rover I bought at Nottingham didn't reach reserve (due to no bids) but a dealer scurried out after it. I followed and mentioned to him that I didn't see him bid. He said he had offered £6300 with a customer lined up at £7k. (Nice work if you can get it).
So I went to the provisionals office and outbid him. After some to-ing and fro-ing with the vendor I got the car, below the price it started at in the hall.
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The hidden message that HJ is allegedly giving here is:
Either
1. "your auction-buyer is thick and will bid against the GTC - up to the retail GTC value"
Or
2. "your auction-buyer is working in collusion with the GTC buyer to make sure you cannot get your car cheaper than at GTC"
Or
3. "the auctioneer and GTC buyer are in collusion to bid up prices when private buyers are bidding; if the GTC buyer does win the final bid, he will put the car back in the auction without actually paying the original high artificial bid price"
Or
4. "Auctions are rigged, even though it is unlawful - but you cannot prove it"
Of course none of the above is true, except item 1, as it is against the law. it is just a figment of my imagination.
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Regarding 3) "put the car back in the auction without actually paying the original high artificial bid price" I am really curious about that, I saw an Omega go round week after week after week, and definitely saw it sold, not provisionally, at least twice to people who I came to recognise as trade buyers.
What's all that about then? I assumed they couldn't be actually stumping up for the car then auctioning it again to make a few bob.
Though I have heard that there are people who buy at auction "Up North" then resell a few days later "Dahn Sarf" where prices are generally higher...?
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If you buy at auction, you have to accept that you are likelyto end up paying a little higher than the trade - maybe 5 to 10%.
As HJ has said in the past, if you can get to the GTC then you are likely to find that a better buying oportunity than at auction. The five main reasons I can think of straight away are:
1. You can look at the stock and prices on their web site, and phone to confirm before travelling.
2. You have a big choice of the specific model you are after.
3. You have better consumer protection rights.
4. You know that the car you want is there at the upper limit of price you will be paying, and no one will out-bid you.
5. The hassle and uncertainty of travelling to auction is removed. Hassle includes limiteed forms of payment, missing documents, arranging insurance and tax before driving the car away, etc.
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If Smokie actually saw these traders flash their cards to the auctioneer's clerk and sign for the car, then they could have been buying it to re-run through cleaned-up and try and turn a profit, or they could have backed the car because there was something undeclared wrong with it. Obviously, well known buyers don't have to show the auctioneer anything to get a car written down to them after it's knocked down to them.
HJ
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I didn't see any cards ever at Blackbushe, and only about 1/2 of people actually went up to the desk after successfully bidding, and these were mostly Joe Public I imagine.
As someone mentioned earlier, the regulars are often very discreet in their bids. The auctioneer was on first name terms with some of the guys.
Presumably the regulars must get some discount on the entry costs for the auction. I can't remember the figure for entering something if it remained unsold, but remember thinking you wouldn't want it going round TOO many times...
I am happy with each purchase I have made at auction. I think you need to go with a specific car in your sights, and set yourself two realistic ceilings - one target price, then one absolute maximum. Once it hits your target it reminds you that you are playing for real, and when it hits your maximum just back off. It's when you get caught up in the pace of the auction that you might end up buying a lemon. It all happens VERY quickly...
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