Buyers premium Mecum Indy 2018

[CudaHolland]

Looking at the results of the Mecum Indy 2018 auction, I wonder what they charge the buyer as the buyers premium ??  Cannot find it on the site of Mecum. I think it is 10 % but does anyone has experience with it ??

[6bblgt]

in the past, Mecum has published the hammer price w/o adding the commission,
the Indy 2018 results are shown with the commission added - looks like 10%

F161 440+6 Charger R/T $89,100 ***** $81,000 hammer + 10% (8,100) = $89,100
F164.1 HEMI Challenger R/T $264,000 ***** $240,000 hammer + 10% (24,000) = $264,000
F199 HEMI Challenger R/T $192,500 ***** $175,000 hammer + 10% (17,500) = $192,500
S157 340+6 Challenger T/A $198,000 ***** $180,000 hammer + 10% (18,000) = $198,000
S230 440 Challenger R/T 'vert $121,000 ***** $110,000 hammer + 10% (11,000) = $121,000

[JH27N0B]

It's 10%.  And there is a 10% sellers premium too, though I believe its 5% if you sell your car "no reserve".  And I think the buyers and maybe sellers premiums are 18% on road art/memorabilia. It's $200 to bid at the auction also.
Now you know why Dana Mecum owns a mansion on Lake Geneva in Wisconsin, and has a jet with a red tail and a yellow "mecum sold" circle marking on it!
I bought a car at a mecum auction in 2010.  Lucky I did that then, there was no charge to be a bidder and my buyers premium was 6% then.  I guess that was before he decided he needed his own jet! 

[fc7cuda]

It's 10%.  And there is a 10% sellers premium too, though I believe its 5% if you sell your car "no reserve".  And I think the buyers and maybe sellers premiums are 18% on road art/memorabilia. It's $200 to bid at the auction also.
Now you know why Dana Mecum owns a mansion on Lake Geneva in Wisconsin, and has a jet with a red tail and a yellow "mecum sold" circle marking on it!
I bought a car at a mecum auction in 2010.  Lucky I did that then, there was no charge to be a bidder and my buyers premium was 6% then.  I guess that was before he decided he needed his own jet! 

Commissions, on both sides, can be negotiated prior and during the auction too.  Especially if the buyer/seller are close in price.

[JH27N0B]

When you are selling a car at the auction, they want you on the stage when the car crosses the stage.  If the car bids, with "real money" bids, not chandelier bids which is one if the games they often play, to in the ballpark of your reserve, they will twist your arm to drop the reserve, by offering to cut the sellers commission.
I'm sure the big hitter types get offered incentives to attend and bid on cars at the auctions, including cutting the buyers premiums for them.  But for "little guys" I doubt your going to get too far trying to get them to negotiate a lower buyers premium on that $20,000 or $30,000 car you are interested in.
I've known a handful of friends who've listed cars at the Mecum auctions and none had any success or were happy with the experience.  I have my V code Challenger I've advertised on and off for a few years with little response so the thought of putting it in front of a large number of potential buyers at an auction has crossed my mind.  But I realize I'm a little guy and out of my league if I went that route, and they would likely eat me alive if I consigned to an auction! 

[farmboy70]

When you are selling a car at the auction, they want you on the stage when the car crosses the stage.  If the car bids, with "real money" bids, not chandelier bids which is one if the games they often play, to in the ballpark of your reserve, they will twist your arm to drop the reserve, by offering to cut the sellers commission.
I'm sure the big hitter types get offered incentives to attend and bid on cars at the auctions, including cutting the buyers premiums for them.  But for "little guys" I doubt your going to get too far trying to get them to negotiate a lower buyers premium on that $20,000 or $30,000 car you are interested in.
I've known a handful of friends who've listed cars at the Mecum auctions and none had any success or were happy with the experience.  I have my V code Challenger I've advertised on and off for a few years with little response so the thought of putting it in front of a large number of potential buyers at an auction has crossed my mind.  But I realize I'm a little guy and out of my league if I went that route, and they would likely eat me alive if I went that route! 

Thank you for this post, I have been considering going this way with one of my cars and am on the fence. My gut said this was probably the case.
Now I see eBay is just recycled  over priced cars. Still don't have a clue the best way to approach selling it. I HATE selling cars.
Dave

[blown motor]

Thank you for this post, I have been considering going this way with one of my cars and am on the fence. My gut said this was probably the case.
Now I see eBay is just recycled  over priced cars. Still don't have a clue the best way to approach selling it. I HATE selling cars.
Dave

Post it here for starters. I'm sure Cody will treat you right on the commission. 

[farmboy70]

Its not a e body so... LOL

[JH27N0B]

I'm right with you there!  I have my beautiful '71 V code Challenger R/T on the market, which I had to store over 2 years ago when I brought my long term T/A project home to complete and didn't have room in the garage for it any more. Listed on cars online and several Mopar forums like here, and I get a call or email maybe twice a year.  And mostly tire kicker/picture collectors when I do get a call.
The classic car brokers are usually about as sleazy as the plaid sports coat wearing salesman at the corner used car lot.  And the big auctions aren't much better as far as their ethics. Not too many buyers want to buy cars the "old fashioned way" any more it seems, by making calls and traveling somewhere to kick the tires.  They'd rather deal with the sweet talking used car salesman at the classic car brokerage or enjoy the casino like atmosphere of an auction to buy a car.
So what's a seller like me to do?  Fortunately I'm financially secure, and not in a "must sell" situation, and I'm hoping to move out of state in the next few years, so I will probably have to keep my car and will have more space at my next place so it will once again be in my garage so I can enjoy it again, if my plan comes together!
I'm listing the car again on eBay this week, not optimistic I'll get any interest, but I figured why not see what happens.

[farmboy70]

My situation is similar, I am out of space to keep three cars. And I get attached to them also.
I fell into a good deal on a stolen/ wrecked Hellcat that I really like, just finished the rebuild on it.
My 70 has been with me almost 10 years now and the Sebring has been invited to several big shows, Its a tuff choice on which to sell.
When it comes to selling one I get frustrated with all the BS.
Ill go with the hit the lottory and keep them all.

Dave

[farmboy70]

One trend I have noticed is people will pay stupid money for projects but finished cars are not selling well in the market.
Auctions like Mecum seem to be all over in price , some way low, some high. Seems like the luck of the draw on if a car sells.
Right body style with the right crowd.
I  would never get that lucky. And a big fear of having to buy my own car back if it go's too low without reserve. With the fees , travel expenses have to be factored in also on selling price.
I don't feel comfortable taking the risk.

I think , especially with my SSP ,the buyer has to be a collector that wants a special oddball car. Most of the four speed Sebring were either parted out or cloned into Road runners so this maybe one of the only original ones left with the options this one has.
Dave

[JH27N0B]

Same here.  Seems more trouble and stress to sell a car than it's worth.  Unless you have to sell, might as well just keep it!
Situation seems similar for daily driver types.  I used to always sell my cars myself when I'd buy a new one.  I'd run an ad in the Tradin Times and get get some calls and someone would come out and buy it.
Last few times I've tried to sell a daily driver car, I've got nothing but a few scammers and people wanting to trade in their car to me.  So I've ended up having to give up and trade the car in toward my new car for whatever rip off deal the dealership makes me.

[TheGanzman]

As un upcoming (prolly by year-end 2018) buyer of a 1970 4-speed Cuda, and at 62 years old, I can tell you from the BUYERS perspective that I categorically will NOT deal with Dealers, Brokers, or the whole auction CHARADE, which makes me want to projectile vomit!  I keep waiting for Mecum, B-J (which means something ELSE where *I* come from!), or one of the others to implement a pair of pole dancers on the stage while the cars are being run through...

I just sold my '69 Bronco via word of mouth, with a face-to-face transaction - Ahhh!  I got beat up a little over the price, but otherwise it was EASY - a nice guy & his lovely wife got it, and it now lives 1 mile from me!  I absolutely DREADED having to list it on eBay or put it on consignment with a Broker - and I would have burned it to the ground and collected the insurance $ on it before I would have run it through auction ("Geez Ganz - sorry to hear about your Bronco fire!"  "Shhhh - that's NEXT week!")

From where *I* sit, word of mouth or Craigslist is the only REAL pair of options left any more to have a "civilized" transaction.  Yeah, with Craigslist you risk getting some scammers/spammers, but their "schemes" make themselves pretty obvious sooner or later.  I found the car that I want to buy from a Craigslist ad, and if it's still available when my "windfall" materializes, then I'll be a happy Cuda owner!  Take heart guys, there ARE still a FEW of us "real buyers" out there!

[farmboy70]

I must be the last person that doesn't even look at Craigslist.
Maybe a slot in the car corral at Carlisle next year, at least I can talk to the people in person.

I can find storage for one more year I guess .
Dave

[CudaHolland]

Thx guys. I want to buy an AAR Cuda. Had a bad experience with Rob Blair. We had an agreement over a testdrive in the spring when the snow was gone but suddenly he put the car on the Mecum auction. He got less on the auction than I offered him.