There are some benefits from purchasing a car from a private seller but there are deals at a classic car auction, but you must do your homework and educate yourself if this is your first time.  

So, the years have gone by and you have loved and enjoyed driving your current classic car to shows and events. Now you have decided to move on to purchase another classic car to add to your collection.  

You ask yourself “Do I purchase a car privately or at a public auction?”  

Hmmmmm…

What a hard question? 

The first thing to do is make the decision on the car or type of car you want. Conduct some market research and find out what the current values of that particular vehicle is in multiple conditions. This will give you a benchmark to set a realistic budget. Don’t forget that auction companies have fees and taxes that get added to the final hammer price. Be sure to have these amounts included in your budget amount. All auction companies can review their fees with you prior to the auction day.  This will allow you to be prepared and you won’t have any last-minute surprises.

There is also the auction language that you must understand prior to the auction. You ask yourself “language what does that mean”?

The auction language is all the terminology that you will hear or be engaged with while at the auction bidding on your dream car. Here are a few of the important terms that you must know to have a successful purchase.

Reserve –This is the sale price that the owner sets as the minimum price before he releases the car to sell.

No Reserve – This means that the car will sell to the highest bidder regardless of the market value price. Once the hammer hits the car is SOLD!!

Preview – This is a time that potential buyers can view the cars, have them inspected and perhaps meet the owners and discuss the vehicle history. This is a great time to learn about the car prior to bidding on it.

Title Status – Does the vehicle have a clean title, restored title or title in transit? These are terms you want to be familiar with prior to bidding.

Run Time – This is the assigned day, time and run number so that you don’t miss out on bidding on the classic you want.

As-is – This means the car has NO WARRANTY and that the cars will be yours at the drop of the auction hammer and that you assume full responsibility and liability. At the hammer drop you take ownership.

Now you know the lingo and now you’re one step closer to bidding.

What Does ‘Sold As-Is’ Mean?  

Sellers list their classic cars for sale as-is when they don’t want to do any repairs before it goes up for auction. It means there are no guarantees from the seller that everything’s in working condition, and they’re not required to provide a Seller’s Disclosure.

Avoid Overbidding!!   

In the heat of the moment, you could fall victim to emotion and adrenaline, and the excitement clouds your judgment. Maybe the auction staff or your friends are staring at you, waiting for you to bump up your offer. If you’re at your limit, turn your back to show you’re not interested. There is always another one to be bought!

What’s next?   

The next step is to figure out the vehicle you want and determine your final budget amount. It is important that you know your limit and learn not to get caught up in the adrenaline and excitement of the auction where you can lose focus.

Nothing is worse for a bidder than to switch cars in the heat of the moment and overpay because of impulse. I have seen this happen too many times and there is always buyer’s remorse which leads to unhappy car ownership.

So now the car you want is up next. Your heart is beating fast and you are ready What are a few things you need to do at this moment?

Be Attentive!

Once the bidding starts be sure to get the auctioneer’s attention so that he knows you’re ready to bid. There will most likely be multiple people interested in the same car as you so you need to be in his sight so that he can always see you. Now the auction is in full swing and now is the time to raise your hand for a bid. Do so with confidence and keep your hand and eyes on the auctioneer until he acknowledges you. Remember that even if he looks around, he will come back to you. This is the time to stay focused and ask the Ringman to assist you in monitoring what’s going on while the bidding is happening.

This is a crucial time for you, but caution is needed!  Do not get competitive and bid as a competition. If you get caught up “competing” you will overpay and be resentful after the auction which leads to becoming an unhappy car owner. Stay focused and know your limits. Remember your budget and know what you can afford to spend. Stop bidding when you reach your limit.

Congratulations!

You heard “SOLD, SOLD, SOLD”, and you are the winning bidder.

What do you do now?  

You need to pay for your new classic and obtain the title and ownership paperwork.

There is still one more thing that you need to be prepared to handle.

Transporting.

If you live out of state and need help transporting your car home, there are usually several transportation companies at the auction that can help you,  sometimes at a discounted rate.

I hope this information is helpful and if you need professional help in purchasing your new classic car, please reach out to me at www.geezzup.com and I will gladly help you through your classic car buying experience.

Always remember to hug each other and never forget to hug your car.

Gregg Ovist
www.geezzup.com

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