Looking for help to represent a vehicle at auction.

[George Smolinski]

My brother & I have no experience with buying or selling a vehicle through one of the large collector auctions. We have a 1969 Chevrolet C10 CST, complete restoration that we want to possibly sell through the Worldwide Auction, 9/1-9/3 at Auburn, IN. This is if we don't sell it prior to the auction. We're looking for someone to represent us & the truck who has experience with the auctions. Our thoughts are to list the truck for sale on various sites, plus sign it up for the auction. If it sells before the auction we assume we'll lose the entry fees & we're fine with it. If it doesn't, we're signed up for the auction so we'll have it there.

We need a representative/hand holder, possible transport of the truck to the auction, and any advice based on experience. We are willing to pay a fee for the hand holding, transport costs of the truck to the auction, and the auction fees.

We will also pay a commission if the hand holder sells the truck for us prior to the auction.

[alsancle]

You were adding a lot of frictional costs on the sale of that truck.  Is there anything specific you have for questions about consigning?

 

Also, are you going to place it in the auction with a reserve?  If so, you’ll be spending a lot of money to maybe not sell the truck.

 

Trucks seem to be pretty hot right now, I think they might be better ways to sell it.

[60FlatTop]

I doubt if I would ever consider an auction. I would probably put it my car on Craigslist, ask callers to leave their number, and I would call them when I got back front the professional wrestling matches.

 

However, as a buyer I would see a September, end of season, auction as bargain time. The second thought for a buyer would be "Where will I store it?". A Spring or early Summer auction is a "Where will I go first?" purchase. That's my motivator.

 

Over the years I have seen the best sales made by people active in the hobby selling cars they have given lots of public exposure. "I was ready to sell the car and picked up the phone. The person who has asked to buy it took it on the first call." That means getting out to the cruise nights locally or the big events. The Syracuse Nationals is on this year. A lot of cars change hands there and  attending is a testimony to the quality of the car. "Went to the car show and sold my car." "How'd you get home?" "We skipped home holding hands."

 

I was going to sell my Buick convertible this year but decided not to because the value of the car is higher than the value of the money at this time. No buying power. I will sit on it. It is possible the shift to "investing" in tangible items may outweigh the aging of the hobby. Especially on items as iconic as Chevy trucks. One year could make a big difference. If you can sit on the truck for 5 years you will surely score in a shifted market.

[George Smolinski]

1 hour ago, alsancle said:

You were adding a lot of frictional costs on the sale of that truck.  Is there anything specific you have for questions about consigning?

 

Also, are you going to place it in the auction with a reserve?  If so, you’ll be spending a lot of money to maybe not sell the truck.

 

Trucks seem to be pretty hot right now, I think they might be better ways to sell it.

What does it cost to consign? I would guess it's a percentage.

True about the reserve, but scary with no reserve.

What better ways would you recommend to sell it?

[Graham Man]

Well Hemmings has 33, 1969 Chevrolet C10 CST trucks for sale, they are selling in the 25k to 60k range restored/restomod/original, still can get nice trucks under 10k. 

 

I had a friend who sold collector cars all the time, put it on ebay, set a high reserve, make sure to list your phone number, after the auction ends you will know that days value, wait for the phone call, serious buyers will call, he sold every car he ever listed.  Put in good quality pictures.  Getting paid is an entire new thread.

 

One of the questions you have to ask... are you just selling the truck? or trying to maximize the sale value?  Your answer will dictate how much work/money you want to put into the sale.

[TTR]

Not sure if following commentary is helpful, necessary, kind or even completely true, but I’d like to offer couple of things to consider:
 

1. Most auction houses will not allow you to set a “reserve”, unless …

… your vehicle is something very unusual and has a very high value potential with likelihood of multiple known/serious collectors looking to buy one (I’m fairly certain a ‘69 Pickup Truck qualifies for neither) …

… or…

… you are one of their “VIP” clients, meaning either a dealer* or an individual who consistently and regularly consigns and/or purchases (multiple) vehicles through them.

 

2. Auction consignment contracts usually stipulate the timeline for before/after the auction during which they still get their full commission, even if the vehicle wasn’t sold at the give venue.

 

* Yes, a lot of dealers appear regularly run vehicles, often multiples, through auctions and not necessarily in immediate attempt to sell all, but more like showcasing their inventory and hoping for that uninformed bidder who just wants an instant gratification, kind of like gamblers.

This practice benefits both the house (by filling up their catalog/venue with more offerings) while protecting dealers from loosing their car(s) for less than expectations.
All or most of auctioned (common) vehicles achieving unexpectedly low results are/were usually consigned with by one-car owners who just want to get rid of theirs easily, quickly and with least amount of effort from themselves …

 

P.S. I own vintage cars that I have direct/private offers (from serious collectors) that are far higher than same or similar ones would likely achieve at any auction, but being that I'm not interest in selling makes this somewhat of a moot point.

Edited May 20, 2022 by TTR (see edit history)

[Larry Schramm]

I would investigate Bring a Trailer.com

[alsancle]

When I can sit down in front of my computer, instead of being on my phone,I’ll give you the reasons why you’re not gonna want to put it in an auction. You will spend a lot of money to not sell the car. And as at @TTR explained, they may only accept your truck with no reserve. Just depends on how many lots they have filled out.

 

 

 

[alsancle]

Here is the issue with the auction route.  Lets say for example you have a 50k truck:

 

1.   WW doesn't seem to publish their consignment prices,  but lets guess $500.00 no reserve,  $1,000.00 with a reserve.

 

2.  You need transport to and from the auction for the truck.  I don't know how far you are but lets figure 1,000.00 if you are relatively close.

 

3.   Hotel/food/travel for you and a companion,   lets say another 500.00.

 

4.  If you sell,   the vigs are usually 5/6% for the seller and 10/11% for the buyer.   Don't be fooled, you are paying both.  Lets round it to 15% on 50K.

 

If you don't sell and have to bring it home  (which means there was a reserve) you spent 2500.00 for the experience.    If you do sell, lets say around 45,000 hammer.  You paid around 10k to sell the truck.

 

 

Bring a Trailer is fine, if they will accept it.   Last I heard there was a 3 month waiting list but would love real feedback.    Ebay stinks and you will have a big percentage of your winning bidders flake on you.    CC and Facebook will find you local buyers and you will be exercised to the max with idiots.

 

My advice is to PM Matt Harwood and see if you can consign it with him.  I'm assuming because you can get to Indiana you are not that far from Ohio.   If not maybe try Shawn Miller in Indy.   Both of those guys will give you straight talk on what your truck is really worth.    They won't bother if they can't sell it.    Frictional cost will be 40% of the auction costs.

[alsancle]

Btw,  I'm not anti-auction.   You can have very good results both buying or selling at auction.    I've never dealt with WW but have good experiences with both RM and Gooding.   It just depends on the car.   I'm a big believer that anything under 100k is probably best served by giving it to one of the reputable dealers.    Typically they are going to charge you around 7.5% for dealing with the absolute pain in the ass it is to sell a car.

[Ed Luddy]

I only send a car to auction when I can't stand looking  at it any longer or dealing with the genre of morons who are attracted to it. 

[Trulyvintage]

Hello George 👋

 

I just helped Herb in Florida sell his 1916 Telescoping Apartment Camper.

I took a couple videos in February at his home & put them on my You Tube Channel.

Then I promoted it thru Social Media,

A friend of mine in Naples, Florida had a friend who owns a Family Museum in Illinois.

He bought it for the full asking price.

I ended up transporting it to the museum and made another friend in the process.

 

Jim

 

You can check out one of the videos here:

 

@ 

 

 

[Trulyvintage]

I am constantly learning thru my Travels and this year I have been fortunate

to visit & share videos from two of the the largest vehicle consignment companies

in the country.

 

Recently I picked up a 1931 Model A at Streetside Classics in Mesa, Arizona 

and walked the Showroom with Charles the sales manager - there were 

a few Chevy C-10 trucks for sale.

 

Jim

 

You can watch a video of my visit here:

 

@ 

 

 

[Trulyvintage]

I would not sell your truck at auction - particularly at the end of the season.

 

You can sell it yourself at no out of pocket cost - or you can consign it to

a reputable dealer to sell it for you.

 

BAT is where Buyers go to get a good price on vehicles (in most cases).

I tried selling a classic vehicle a couple years ago but they wanted me

to list it too low so I declined.

 

Ebay is hit and miss - if you don't sell it the first time around or you 

sell it and have a Buyer flake out and have to relist it - you are SOL. 

 

If I was selling a classic vehicle - I would create a You Tube Channel

and post a few videos of it - one to detail what was involved in the restoration

along with one showing a comprehensive walk around of the vehicle while

narrating the pros and cons - and one showing it on a cold start and then

running and driving.

 

Then I would link the videos thru Social Media.

 

Facebook is your best bet 👍

 

If you don't want to sell it yourself then I would consign it

to a reputable dealer - I spent a couple days at The Volo Museum

outside of Chicago and a couple hours at Streetside Classics.

 

Both seemed trustworthy to me.

 

Good Luck 👋

 

 

Jim 

[TAKerry]

Have you contacted the auction company for details. I see you are a bit far from the auction site so getting the truck there may be an issue. I agree with others that I would try to sell it outside of that venue first. Wait until the deadline to list with the auction. Those trucks are hot right now but from what I have seen the ones with a LS swap platform are the ones getting the big money. A finely restored example will most likely get about 2/3 of the price. If you are happy with no reserve then go for it, but be prepared for the 15k bid if there are only 2 people with thin wallets that want the vehicle. Consignment places are good if you are set on a price but it may take awhile. I know a guy that has had a couple of cars sitting for almost a year now. An auction only takes about 15 seconds. Hemmings has an auction service and they through pretty quick and you can set a reserve. The buyer picks it up from you. I have had one car in auction and bought and sold many motorcycles at auction and have had good results all of the time. There is good and bad either way.

[intimeold]

I used a National Advertised auction house, to sell a Factory Road-Race motorcycle, a really rare and very good piece. The auction was in Florida.

 

Never, will I use any auction house again!!

 

That's my choice and I am sticking to it. I do Far Better on my own.

 

intimeold

[Robert G. Smits]

Over the past 40 years I have purchased at least a half dozen cars at auction.  Not one was without serious problems.  If you are not a VIP seller and .  your PU  reserve is not reasonable you will get 15 seconds of exposure for your NS  I don't care what you are selling I will never buy from a  auction house again.  Purchased two cars on BaT in the past two years and love the format.  Both have been absolutely as described.  Just my TCW