Quote:
Originally posted by Unique 289_FIA
Whoa!! I first read that to say you were high bidder at $150.00!! I was thinking, "You bastage!!  " I figured it out after wondering why no one else was excited. Heh. Nice find and beautiful car!
R.
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R - for those who were wondering - because I have had private emails about this too - there is no such thing as a "steal" in these legendary DEA auctions...the DEA establishes a predetermined "value" for the asset - in this case, after having ERA check the car out and know knowing exactly what it is (phew....was I crazy to internet bid sight unseen or what....) - we estimate it at 25-30% below retail price...
If the high bidder is below the DEA minimum number (which I was by a $1000 or so), they will offer to the high bidder (me in this case) the "option" to purchase the asset at their pre-established minimum. If the high bidder does not accept this offer, then the asset goes back into another auction pool........I accepted their proposal....in about 3 seconds...actually about 1 second....
(the phone call one hour after the bids closed)...."Mr. Luke...we have bad news.... and good news...the bad news is - your bid was below the minimum,.... the good news is...you are the high bidder"
......
The $150.00 was the amount I was over the second place bidder - only the hi bidder gets this option....so, I left about $150.00 on the table, so to speak....
The legendary $500.00 Lamborghini's etc are nothing more than urban myths...but...these auctions can absolutely be great deals ......a 99 BMW 325 went for $11K at the same auction as my car for example....
So, now I sit - A Cobra "virgin" driver, who can't wait for spring.....cheers
