Holy cow! No wonder why old Mr. Mecum was so ticked off Saturday night. I just checked the numbers for this weekend's auction. They had 686 vehicles up for auction. 318, 46%, were no sells! Wow! I remember when the norm was 15% no sells on the block and only about 5-7% no sells after post-block negotiating. Almost half the cars at the sale did not sell while on the block or afterwards. That's pretty amazing. What was worse is most of the cars that did sell were the low-end crap cars that sold on Thursday and early Friday for fairly low prices. Most of the high end/high fee cars didn't sell. I would guess they lost money on this auction.
exactly, He's flooding the market with too many auctions, too many high reserves, too many fees to sell a car, 3%-5%-10% what ever Dana Mecum chooses to sell the car for sometimes {
% depending on if it's a no-reserve or a reserve car} for a minute on the auction floor is ridiculous, sell a car for $30k & give $3k for a minute, plus the 5%-10% buyer fee on-top of that, seems like a rip off to me... I know there is a bunch more involved than that, but that's what a seller sees, unless it's heavily advertised in a brochure or TV commercial shots, it's just not worth it at Mecum, for the lower prices he sells for, verses what he chargers, no matter the market trends... I think the Resto-mods did pretty well & sold allot of them, High end & high $$$ 100% OEM resto's, most
didn't hardly sell at all, or sold for a fraction of the market, regardless of make/brand... GM's probably sold 4 -1 to any other make too, would be my guess... IMHFO It's hard to make a big $$$ sale, especially if the big $$$ money's, not even in the room too, hardly any big name collector that I saw there anyway, but didn't watch the whole TV telecast all 5 episodes either, just off & on for the most part... I did see a bunch of flippers thou, it's turned into an overpriced wholesale auction house "
almost"...
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IMHFO Barrett Jackson Auctions does a much better job of getting quality high $$$ cars sold, even the high end resto's {
for the consigners, not necessarily the buyers}, much better product for the sellers IMHFO anyway & for better prices with big name & big $$$ collectors, in the house too, you have to have big money buyers/collectors to make big money sells...
they make 18% on every sale too, with 10% fee from the consigner & 8% fee from the buyer, except for charity cars, they are free to go across the block, no fees... or something along those lines anyway
They had one Hemi Cuda convertible with a reserve that sold for $1.32 million, and one 70s-looking dune buggy that didn't get any bids apparently, and the rest sold with no reserve.
