Cobra's and Barrett Jackson

[mcorrallo]

I was at Russo & Steele when that yellow one sold for $70k at about 5:00pm Thursday. I was all pumped up as I headed back to B-J to see what my car would bring. Little did I know.

[OldKarz]

Originally Posted by mcorrallo

I was at Russo & Steele when that yellow one sold for $70k at about 5:00pm Thursday. I was all pumped up as I headed back to B-J to see what my car would bring. Little did I know.

I was there and talked to the owner of that car also. His car was identical to mine, but mine has a white stripe. I was shocked that it went for 70k. I did not think it would bring that much $. I sold a car at Russo/Steele on Saturday at 5:00 and a car at BJ on Saturday at 9:00. Seems that all the money went to BJ on Saturday, but Russo was strong the other days...

[csx4910]

The bottom line is that the consignors with multiple cars or higher dollar cars will ALWAYS get top priority. That is their bread and butter. They may be nice people but they will always do what maximizes their profit (in their eyes) Anything other than Original cobra's MANUFACTURED from 1962-1967 do not do well at auctions, particulary B-J form what I have seen over the years. Maybe a few go for more than their true market value, but that is outweighed by the many that go for much less.
csx4910

[DAVID GAGNARD]

Originally Posted by csx4910

The bottom line is that the consignors with multiple cars or higher dollar cars will ALWAYS get top priority. That is their bread and butter. They may be nice people but they will always do what maximizes their profit (in their eyes) Anything other than Original cobra's MANUFACTURED from 1962-1967 do not do well at auctions, particulary B-J form what I have seen over the years. Maybe a few go for more than their true market value, but that is outweighed by the many that go for much less.
csx4910

Zacctly, Rick Hendrick (NASCAR owner) was there to sell 5 cars and he also bought a few, he was sitting with Ron Pratte, you think his cars went over the blocks at 11:00pm???????
Money talks,BS walks, especially at any BJ auction.........you roll the dice and hope for the best........I'd bet the rent that 50+% of the sellers lost money on their cars.............
IMHO, the BJ auctions are nothing more than a sleazy side show/rip off..........some cars would stall out at a price and then they would get "talked up" and stay on the block another few minutes, some would stall out and get the hammer immediatley, has a lot to do with who is selling and who is buying, IMHO of course.........

I have requested relief from them. I'll let you know how they respond.

I really wish you the best of luck with this,but don't hold your breath....a couple of years ago one seller tried to sue over the block time or lack thereof on his car compared to other cars, he got nowhere real fast with his claim..........seems they have their bases covered pretty good...........

David

[twobjshelbys]

I donated a charity car -- the Barrett Jackson Shelby GT went to the Shelby Foundation -- in 2009, two years ago. I was told it would be a slot some time 1:00-4:00 on Sunday and guaranteed it would be during TV coverage. We got $72K. If it had been on Saturday it probably would have been double. This Sunday I happened to turn it on for a few minutes and there was another charity car - that was almost identical except it was a pace car but still a Mustang convertible but not a Shelby - that went for $70K.

In real estate it is location, location, location in that order. In auctions it is time, time, time in that order. It doesn't matter BJ or Mecum, or... If you're not in the middle of the day when the people are there you lose the people who just happen to be there. During those off hours you're getting the person that wanted to buy the car anyway, or the stragglers that just happen to be around. The chances of the first are low.

I would vent your displeasure with Gary Bennett.

This is the precise reason that my Cobra is not going to an auction. I was pleased to see the two CSX Cobras draw the price they did but it's too much of a crap shoot in this economy.

[cobrarob]

Sounds like BJ needs to do one or more of the things noted below to make things more fair

1) shorter auction days to ensure that the bidders are present

2) amortize the auction over more days depending on the volume of cars

3) Have auctions more frequently and stay with a cap on the amount of cars at each auction so everyone gets a fair price or at least a fair opporutunity to get a fair price

Greed supersedes all of the above

[Mulv]

Originally Posted by cobrarob

Sounds like BJ needs to do one or more of the things noted below to make things more fair

1) shorter auction days to ensure that the bidders are present

2) amortize the auction over more days depending on the volume of cars

3) Have auctions more frequently and stay with a cap on the amount of cars at each auction so everyone gets a fair price or at least a fair opporutunity to get a fair price

Greed supersedes all of the above

Did you somehow get the idea that this is a charity event for the car hobby and not a commercial enterprise? Have you not looked at the guys on the podium to see what sort of people they are? More fair?

I have been to that auction a number of times and I must say that it is the lowest class , most crass event I have ever been to. You have a pile of blue collar heroes who have money but not sophistication being suckered by a bunch of carnies with all the niceties of a loan shark transaction. It is funny if nothing else and somewhat boring overall to watch but the tempo is pretty cool. I would not go to a dealer to buy a car with my sister because I find it tedious, to watch an infomercial on TV for 4 days or worse - to be there as a non bidder - has all of the excitement of watching someone else play a video game.

I will give them their due. B-J are the best I have ever seen at parting the rubes from their money for sure and they are the undisputed champs at turning what should be a business transaction into an emotional impulse buy for huge money. I myself wish I was so good at selling high ticket items in the IT world. They do in seconds what takes me months. They are the masters of timing and process flow and I take my hat off to them.

Fair? That was a good one

[Skully]

The best thing about B-J is seeing cars that you would never see. The show is capitalism at it's best. I talked to several bidders and they all said the same thing, you wont make any money on your car, you will lose. Is there a perfect way , they should have said that they had squeezed more cars in front of you and made you feel a little better by dropping the % to an agreed amount between you and B-J , whats wrong with good business, make both happy. This is my take, it was fun just being there.

[Cashburn]

Originally Posted by Mulv

Did you somehow get the idea that this is a charity event for the car hobby and not a commercial enterprise? Have you not looked at the guys on the podium to see what sort of people they are? More fair?

I have been to that auction a number of times and I must say that it is the lowest class , most crass event I have ever been to. You have a pile of blue collar heroes who have money but not sophistication being suckered by a bunch of carnies with all the niceties of a loan shark transaction. It is funny if nothing else and somewhat boring overall to watch but the tempo is pretty cool. I would not go to a dealer to buy a car with my sister because I find it tedious, to watch an infomercial on TV for 4 days or worse - to be there as a non bidder - has all of the excitement of watching someone else play a video game.

I will give them their due. B-J are the best I have ever seen at parting the rubes from their money for sure and they are the undisputed champs at turning what should be a business transaction into an emotional impulse buy for huge money. I myself wish I was so good at selling high ticket items in the IT world. They do in seconds what takes me months. They are the masters of timing and process flow and I take my hat off to them.

Fair? That was a good one

Not much of a stock market guy either I suppose?

[Fitz]

It is too dam bad. I wish I could get rid of my toy. Sometimes you are too close to the situation. These cars are passive extra toys that bring big smiles to everyone that drives them.
Problem is they get older, you don't drive them near as much as you use to. Now you think you could have put that cash into another toy, like a boat!!!
I wish some nice person would offer me something reasonable but in todays market that is not going to happen. You look at many really nice cars with engines that say Roush on them and think they are really big bucks.

Problem is your car is just as nice; drives better, has more things under the hood/body but unless someone wants your car.....it is just another play toy.

MIne is always for sale. Somebody offers $65,000 and it is gone and I would take a serious lost. But in todays market I am dreaming. That is only 10 grand more then my first car that was way less a car. So enjoy your toy, think like a kid and remember you always wanted one of these cars when you were a kid.

Now you are driving one; may not be a ""real one"" but trust me an old real orginal one would not go around corners like our cars do.

Real sorry about getting screwed at BJ. I would be sick too.

[mcorrallo]

I understand there is risk involved when you expose your car to a no reserve auction, especially a Cobra replica. But the risk should be limited to how the crowd reacts to your car. Will there be two bidders who like it enough to drive up the price to what I think it's worth? I accepted that risk and would not have complained about a similar result had the car run around 7:30pm as anticipated. But a consignor should not have to risk whether the car will be bid on by 2,000 potentail bidders or 20 potential bidders. The lot number you are given, upon which you base your decision to take the first risk, tells you that. Now we know that at Barrett-Jackson, there is a second level of risk you are taking when you consign your car.

I have requested relief from them. I'll let you know how they respond.