I recently consigned my 1972 Corvette Convertible at Mecum Monterey. The car crossed the block Thursday 2pm and it was thrilling and I was not prepared for how fast it actually goes. I thought I was prepared for the rapid moving, rapid talking and hand signal flashing, but proven wrong.

I had a reserve of $30,500 and the final high bid was at 29k which escalated to in less than 20 seconds and then stalled. If I had known to stay close to the grinder I would have dropped the reserve and sold the car. At the last second I was freaking out and looking for the grinder to tell him to sell the car. He was on the block but had moved to the front and I didn't have time to get to him.

I assumed they would have asked me about my reserve before they closed the bid, but they didn't. The bids went fast and furious and before I knew they closed the bid and sent my car to the bids-goes-on lot which ended in a no sale. I am ok with the results because I love the car and will continue to drive it and have fun.

One thing I did do when my car was rolling onto the block was to tell the auctioneer that I wanted to net 27k from the sale and at 29k deducting 8% leaves a net of 26,680 which is damn close to my required net. I went to the main office and asked why they didn't ask me to drop my reserve and why did they close the bid when at 29k it met my net. I filed a minor complaint in writing and they reviewed it and credited my registration fee back to use on another auction. They did not have an answer to my question, however, they made it right.

Make sure when on the block to tell the grinder your intentions and do not let them wonder off. Keep them close to you and make sure you control the auction if you are approaching your sale amount.

 

Are you happier with the car now, knowing that it will sell one day if you choose to do so?

 

My guess is that there was no real money at that number. An auction company has the right to bid the car under the reserve price.

 

You wanted a net of $27K, they were only able to get a net of less than $27K, and you filed a complaint because they stopped the auction as a "No Sale"? Either they would have had to slightly drop their commission (which they are under no obligation to do), or you would have had to drop your reserve (and you have said you weren't up front to tell them to go ahead and sell the car). "Damn close" doesn't count.

And, yes, this is very true:

It was very nice (and smart) of Mecum to credit your registration fee to keep you as a happy customer - they certainly weren't under any obligation to do that...

 

I completely agree since there was no action on the car in the bid-goes-on. We will see what happens on the next auction.

 

My complaint was due to the fact that they did not stay with me on the block and there may be a good reason for it. It was most likely bid up by the auction company.

 

They were taking bids off the back wall hoping to get someone to jump in. If someone jumped in then they would have come to you to consider a lower bid. I bought and sold cars for 18 years.

 

this is how the auction game is played. thats why I would not buy a car at an auction.

 

Amen to that. Wouldn't go near them. And their silly theatrics completely turn me off.

 

How were the prices on the 68-72's ?

 

I have watched the auction on television and yes they run some cars through at some what of a fast clip.
Thanks for the heads up on needing to be attentive if selling.
If I ever was to sell my '68 BB there I would be glued to the individual from Mecum who was with the high bidder this way he can turn to me and ask any ?'s. I'd be there to answer.
It seems unless you are a car celebrity you are not going to get the personalized attention.

Also if you sold you car over the weekend it gets very busy on weekends from what I have seen on TV.
If I was a buyer I'd go out thursday and bid the place looks empty.
Again, they probably wouldn't get excited over my '68 either as its not a million dollar car from the collection of............
Anyway they seem like a very well run and orgainzed outfit out to make $$$$$. Can't fault em for that.
Again from the couch observations only.
A man I know bought a Yenko 69 camaro clone late like last car for the evening after the crowd died out and got it for like 37ish....
He discovered the car needed some light work after owning it for a little while.
It's hard to really survey a car properly an hour or day before an aution.
Best is if you know the cars history before hand but we know that is unlikely in most buyer/seller transactions.
Marshal

 

On one show the announcers were saying that Mecum was averaging 30 cars per hour. You get your 2 minutes and off you go unless of course your car is something special.

 

BINGO It happens all the time. If there was real money they would have been all over the guy to lower his reserve.

 

Karol,

I would have loved to have 2 minutes. The car was on the block for 45sec.

 

I know the one L-88 sold for 800K. Other than that I did not pay much attention. I was having a good time at Quail Lodge and Laguna. Results can be found on their website.

 

Looks like your 72 sold this time around at Mecum. How did it go?

 

do you know how averages are figured out?

 

This time I was prepared to battle the "Grinder" on the block! It helped that it went on the block on a Saturday and I told the Grinder not to leave my side because I am prepared to drop my reserve (which was a little white lie).

I sold the car and high bid was 32K! 3K above my reserve!

 

 

Congrats.

I enjoyed my time on the block at Mecum.