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View Full Version : Does anyone else watch the Mecum Auto Auctions?



CatinIL
09-07-2012, 08:55 PM
Man there's some nice old classics rolling across the stage this week in Dallas.

Catonahottinroof
09-07-2012, 09:18 PM
If you have a chance to go to one, I'd suggest spending a day there. They are really cool.

Doc
09-07-2012, 09:52 PM
I love the auto auctions. My father recently sold his company which provided the software used to track cars through the auctions. I have purchased several cars thru them (not the Mechum or Barrett Jackson). Its an interesting business...I'll leave it at that.

I like watching the high end ones though and attempting to predict what the car will go for.

CitizenBBN
09-07-2012, 11:19 PM
Any of you guys know about Kruse? Dean Kruse basically established the classic car auction segment years ago, so some of the older followers would know them. Traveled for them for a couple of years with the contract for their software work. Some amazing cars. Most are really nothing super special at these auctions, but there are some that are super special.

It's an interesting environment. If any of you go to buy let me know and I'll tell you the tricks they use to work the buyers and sellers.

CatinIL
09-08-2012, 02:18 PM
Any of you guys know about Kruse? Dean Kruse basically established the classic car auction segment years ago, so some of the older followers would know them. Traveled for them for a couple of years with the contract for their software work. Some amazing cars. Most are really nothing super special at these auctions, but there are some that are super special.

It's an interesting environment. If any of you go to buy let me know and I'll tell you the tricks they use to work the buyers and sellers.

Hmmm, knowing the "tricks" would be interesting. I would love to pick up a 1970 Corvette in the future...but the Boss says that's not going to happen. :(

CitizenBBN
09-09-2012, 12:45 AM
I know them all. Not all the classic car auctions are 'sleezy', some are, but they are full of slights of hand. They are big on the tricks between the auctioneer and the ringmen. They aren't illegal, but they are right up against the line at times.

These sales actually have two groups of ringmen. One whole group are working the sellers to get them to drop their reserves. They're called grinders among other things. It's interesting to watch.

Darrell KSR
09-09-2012, 05:52 PM
CBBN, are you familiar with ICA Auctions?

Catonahottinroof
09-09-2012, 05:55 PM
Of course the will up the bid and lower the reserve. The auction doesn't make diddly if the car doesn't sell.

CitizenBBN
09-09-2012, 06:20 PM
Of course the will up the bid and lower the reserve. The auction doesn't make diddly if the car doesn't sell.

No doubt. I'm not being critical. I have an Auctioneer's license and I've worked auctions all over the country and I certainly make no apologies for auctioneers trying to get buyer and seller together. We agree 100% that's our job. However, there are subtle things done at classic car auctions that, if you know about their incentives etc., can help you as a bidder.

I don't have a problem with them working the seller to reduce the reserve, that's part of it and a good thing for the buyer. They're working him to lower it but also cutting him deals on the commissions to get it down and sold. That's not wrong, but if you know that it can adjust your bidding pattern.

For example, in an auction without a reserve or one where the reserve isn't being actively altered, it may be better to be quick on your hits to show confidence and drive out competing bidders, even to jump the bid up. However in this case you want the seller to think no one is that interested so the incentives may be reversed and you want to bid slow, let them beat on you for the next bid, which gives the grinder leverage to work the seller and say "he won't stay on the line forever, let's drop this to X, we'll cut our commission so you walk away with Y and get this sold."

Just that kind of stuff. I love auctions, and no auctioneer should apologize for trying to create a fun atmosphere and having lots of bidding going on and trying to get stuff sold between buyer and seller, but that doesn't mean knowing the system wont' help you.

Catonahottinroof
09-09-2012, 06:24 PM
I work closely with Copart on behalf of my employer. Purely Internet auction sales. It's amazing the fees that are generated from the seller and the buyer by Copart. I wish I had thought of the idea :/

CitizenBBN
09-09-2012, 06:29 PM
CBBN, are you familiar with ICA Auctions?

Only by reputation, though I did stomp some of the same ground as they did before he was finally busted. Same thing happened to Dean Kruse in Auburn In. Money tight? Just don't pay off the consignors.

Of all the big no nos in auctioneer law, that's the biggest. In Kentucky we have a specific numbers of days with which to settle with the sellers.

Classic car auctions are one of the more fast and loose auction segments. It attracts a lot of horse traders and some of the bigger guys in the trade are pretty cowboy about how they follow the laws. Some are very cowboy.

Of course some are straight as arrows. I've been out of that segment a few years now so I don't know who is in and who is out other than just what I hear from folks now and again.

kingcat
04-19-2014, 11:03 AM
I watch the mecum auctions a lot. I especially like the specialty cars that go through. Old Indy racers and such that fetch seven figures and over.

Always a big fan of the Packards too.