One of the most common places that classic cars sell is at auction. There are many famous classic car auctions, such as Pebble Beach and R.M. Sotheby’s, but almost all classic car auctions around the world, no matter how big or small, always attract huge crowds. As such, it is important for sellers, including us, to make sure that a car looks its best before it heads off to auction. Alex Beyer, a member of our Froxx Classics family, answers some questions about preparing a car for auction and presenting it there.
How do you prepare a car for auction?
The first step is to compile all the documents for the car. This includes items like the registration, other papers, and the service reports of the car, as far back as possible. Then, we research the history of the car. Details such as previous owners, where the vehicle was used and for what purpose.
Do the bidders get to inspect the car before the auction?
Yes, they can. You can view the car in advance on the auction house’s website. At the auction, there is a catalogue that also lists all the information of the car, and you can also view the vehicle on the lot before the auction.
Is there a minimum value that you would like a car to sell at?
Yes. A desired sales price is set in advance by us and the auction house. This price is calculated from the condition of the vehicle. There are grades from 1 to 5 for vintage cars:
· 1 means very good condition
· 5 means very bad condition
What happens if the bidding does not reach this value?
If the vehicle does not reach said minimum value during bidding, it goes into reserve. At this point, it is the seller’s decision whether they want to sell the car or not at that price. They can discuss with the highest bidder, and sometimes they can also renegotiate the price.
What happens after the car has been sold?
Once the buyer has paid for the vehicle, they will receive the car and all the documents. They can pay immediately after the auction, or within a certain period of time. If the buyer wishes, the car can also be delivered to them, or they can collect it themselves.
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