Barrett Jackson WTF Moments....

[rrunner68]

So 105,000 for a junky West Coast Customs 5.0 Mustang. I'm just glad it was sold for a good cause and that the money gets put to good use. Let the insanity continue.

[Dave Maxwell]

I'm sure it doubled because of the charity. Never have liked west coast designs

[rrunner68]

And what the hell is with the guy that screams like a banshee everytime he get s a bid.....Jesus that is annoying.

[rrunner68]

Good to see Mopars are still getting top dollar. 1970 Challenger R/T w/ 426, 196,000.

[Steve68]

Barrett has the screamer, the over the top priced cars, the guy wearing the sunglasses, Craig who looks like he's been drinking all day, Mecum has a bunch of goofs, and Dana trying to get every guy there to drop the reserve to sell the car, and he gets right in the face of the seller till they drop the reserve,

my way of watching, turn on the big screen, turn up the stereo, get a good beverage, and watch the cars roll by,

[dadto2jays]

thats why they hwave chocolate and vanilla ice cream like we say in the car business there is an ass for every seat...

[crustysack]

yeah and the top seller of saturday was a VW bus for (hold on) $217000- yes thats two hundred and seventeen THOUSAND american dollars for a german built fugly short bus. I mean i thought no one was smoking crack anymore but I guess I'm wrong

[Steve68]

know what I loved that ****n bus, it was absolutly beautiful!!!!!!! it was perfect,

[NJSPEEDER]

Sounded like crazy money to me so I looked into it a bit, very few of the factory 27 window buses survived. They were total rot magnets. Just to find one in good enough shape to restore is apparently a feat in itself and the resto's cost a fortune because there is a lot of cheap sheet metal that warps and shifts very easily.

Still seems like a ton of cash for something like that, to each his own I guess.

-Tim

[79-TA]

^It wasn't even a 27 window bus, but instead a 23 window bus. Is one generally more desirable than the other?

http://www.barrett-jackson.com/appli...&aid=423&pop=0

[novaderrik]

every moment of that is a wtf moment to me.. .some going just jibberjabbering into a microphone, some rich guys trying to outbid each other with a screaming guy between them and the jibberjabbering guy, and a couple of guys on stage making vague statements about the cars and getting simple things wrong..
in the end, cars sell for way more than they are actually worth and everyone at home thinks the junk in their garage is worth more as a result..

[79-TA]

^ I have to disagree with some of that. It's a pretty mixed bag. A lot of the cars really do sell for less than they're worth, especially some of the non-American stuff. Also, I don't know that I'd call the crowd rich, necessarily. Yea, there are guys with money and yea it would be nice to be able to plunk that much down on any kind of car at once, but a lot of them are middle or upper middle class who are just spending a large portion of their (yet to be earned) money on a car . . . which is why Barrett Jackson prices take a good hit when the economy is down.


But back to the craziness of Barrett Jackson, yea there was still plenty of that . . . did you guys see how much all of the Hertz rental Mustangs went for?!

One Trans Am in particular really really made me angry. That buyer got ripped off. More on that later when I go through my pictures.

[parsonsj]

cars sell for way more than they are actually worth

Cars sell for what they are worth, almost all of the time. There is no better place to establish market value than an auction: you have cars for sale in a perfect presentation, and you have interested buyers who are there for no other reason. Occasionally emotion takes over and several buyers just "have to have" a particular vehicle, but the vast majority of the time the auction confirms value.

[Tony_SS]

thats why they hwave chocolate and vanilla ice cream like we say in the car business there is an ass for every seat...

and a seat for every ass...

[Tony_SS]

Cars sell for what they are worth, almost all of the time. There is no better place to establish market value than an auction: you have cars for sale in a perfect presentation, and you have interested buyers who are there for no other reason. Occasionally emotion takes over and several buyers just "have to have" a particular vehicle, but the vast majority of the time the auction confirms value.

I agree to an extent, the buyer sets the market value and an auction reflects that. But there is one variable that distorts the 'true value'. Credit. These guys are not paying cash, IIRC, you have to be 'credit approved' before you can bid, and credit is what's used to purchase most of the cars, not cash. So that too, affects what these bidders pay. So the loose credit is what drives up the price and does not necessarily reflect actual 'value' per say.

[Ron.in.SoCal]

Good to see Mopars are still getting top dollar. 1970 Challenger R/T w/ 426, 196,000.

It had a Hemi!

On the recap show last night, it showed the same guy bought both the Challenger and the V Dub bus...

[vintageracer]

These guys are not paying cash, IIRC, you have to be 'credit approved' before you can bid, and credit is what's used to purchase most of the cars, not cash. So that too, affects what these bidders pay. So the loose credit is what drives up the price and does not necessarily reflect actual 'value' per say.

Not True!

As a bidder must be registered and you are required to provide a "Letter of Credit" for "X" amount of money which is your bid limit. The Letter of Credit is from your bank (whatever type) that will guarantee your payment for the car you buy is good (cash or borrowed money) and that bank will guarantee and made full payment for the car when requested by BJ. Virtually EVERY sale is CASH to BJ. How you the bidder obtained that money is between you and your bank. For the average bidder BJ is not a bank and does not extend credit. A bidder can also make a cash deposit to BJ that will allow them to bid. Virtually all the BJ transaction are cash between BJ and the buyer. How and where the buyer obtains the funds is their problem and responsibility. Car dealers tend to use their floor plan for their money which is credit by that is not credit extended by BJ and most car dealers are sellers and not overzealous bidders. Individuals tend the use their own cash on deposit at their bank or brokerage company to fund their auction purchase.

Also, read the fine print on the BF bidders agreement as you do not want to default on BJ and not pay for your car purchase. By signing the bidders agreement you agree to pay BJ TRIPLE the amount of the bid default PLUS all legal fee's. Mecum has comparable legal language. You do NOT want to NOT follow through with a purchase at these auctions!

[Tony_SS]

I was not suggesting that BJ is a bank. But the principle is true, that "credit" must be approved before bidding. Whether that credit is actual cash or approved lending.

My point was that buyers using "credit" or a "loan" to purchase the vehicle will spend more, inflating and distorting the 'value' of the purchased car. Cash buyers are less likely to 'over pay' on an item they're purchasing. So cash buyers set more accurate market values, IMO.

[Zachalanche]

as far as I have noticed the cars that are truly rare and valuable go for a price close to what you would expect, but everything else somehow has become way overvalued just by being on that show. I swear Barret Jackson could sell a ford taurus for 50k.

[vintageracer]

Cash buyers are less likely to 'over pay' on an item they're purchasing. So cash buyers set more accurate market values, IMO.

All buyer's at BJ are cash buyers.

Those buyer's set the market based upon what "they" were willing to pay for that vehicle on that day in the particular auction setting. It takes two to run up the price. Of course one of those two could just be the auctioneer!

This discussion should really center upon where those buyer's obtain that cash to buy the cars. The reality of MY experience of going to BJ for 20 years and meeting a lot of people who buy at this auction is that most of the buyer's are paying with cash money that they have in their accounts. Not many "Home Equity" funded buyer's in this bunch!