73911

This man has sold over $1 Billion worth of cars.

Richard Newton

cobalt

I definitely appreciate his talents vs some of the others who are to hard to follow and just make for confusion.

73911

i watched B-J a little over the weekend. It really does sound like a cattle auction.

Richard

myflat6

Looks like average price was down this year at B-J, and supply was up. Could be that the supply quality was down, but interesting data on Porsche specifically in this article.
http://www.cnbc.com/2016/02/01/scott...ince-2010.html

911Dave

The economy is slowing, stocks had a nightmarish January, bubble threads like this are getting people nervous, and a large number of the top quality cars out there have already changed hands. Lots of reasons why the aircooled 911 market may be taking a break to catch its breath. I don't think prices will decline generally, but will probably stay steady for a while and cars will take a bit longer to sell than before.

nine45s

Some good comments from some very knowledgeable people about the AZ auctions at this thread over in the 993 TT forum.

https://rennlist.com/forums/993-turb...t-gooding.html

pu911rsr

There are many threads like this on the various boards - the auctions houses created expectations for their sellers that were just not realistic given the quality of the hardware being sold. If that means the bubble has burst or the sky is falling so be it.

Phil

cobalt

I think Rey Joseph said it best in the other thread. Fact is the quality of the product is **** poor. I don't think we can rely on auction results to determine the market. This is from a car that was bid up to $220k no sale at Mecum and I believe is a car I almost purchased back in 2002. The areas circled along with the mileage are identical after all these years. If this is all that is coming up for sale I would assume that quality product is few and far between and this stuff is beginning to sink to the bottom where it belongs. Most everything I see at these boutique shops are sub par with lots of issues asking top dollar.

I was not at the auction but my friend said that very little quality product worth bidding on was available. Most of what he saw was as he described it junk in need of restoration asking top dollar.

I know a few quality cars including a 93 928GTS 5 speed sold recently for new record (over 6 figures) so the right cars are still commanding a premium. The problem is finding the right cars.

GTgears

Can't say it's a bubble popping if there's no good inventory for sale.

cobalt

Agreed. I know of some nice cars that have brought serious premiums and collectors seem to be migrating towards more obtainable/affordable cars like the 914, 928, 968. Although when a nice 911 pops up they seem to be bringing as much if not more than before. $275 to $300k private sale for a clean average mileage 94 turbo is still happening as little as a few weeks ago. 6 figures for a 93 928 GTS 5 speed was unheard of 6 months ago.

Amber Gramps

There was a stunning 993TT at a local boutique listed at $50,000 two years ago. It was perfect in every way. Two sets of wheels, two sets of seats, boxes of spares and it just sat. Likely 3X's that now.

73911

The quality issues will continue. The auction houses have created a monster. Now the monster needs feeding. There just aren't enough good cars to go around.

The incentive packages to consign are getting crazy. When they say there 20% of the cars were no sales that is only the number they'll admit to. We have no idea what the real number is.

When the auction house guarantees a price and the bidding never reaches the guarantee the house is on the hook for the difference. A lot of the houses got burned in Monterey. I suspect the same thing happened in Scottsdale.

Amelia is going to get really interesting.

Richard Newton
Selling at an Auction

Reiver

The majority of the Porsches I saw at Russo Steele were driver quality cars and nothing stood out as really perfect. I don't really follow thru to the auction tho.
It had to be the loudest most irritating speaker system in the world tho. It was also poorly organized and set up (the eating area right next to the port o potty island?)
Won't attend it again.
BJ is a circus but it is a fun organized circus.

73911

I'm hearing that most folks were selling used cars - not collector cars.

The prices seemed to be down 15% to 20%. On the other hand we have to consider what those same cars would get on eBay.

It costs the seller a lot to sell at one of the auctions. There's shipping, travel expenses and some sort of commission. If you sell on eBay or Craig's List the expenses are far less. This is something to consider if you have a normal 911 to sell.

B-J was picking up the shipping charges for some cars and waiving the commission on a lot of cars. They need a lot of cars. They have to be flexible. This is going to be an interesting year.

Richard Newton

Trader220

I have seen the question about collector cars being an investment pop up quite a bit around the popular Porsche forums these days. My first thought is this... when this question starts to pop up more and more its time to liquidate. When people start talking about collector cars as an asset class its time to figure out how to short them.

Collateral Default Swaps on collector cars? Anyone want to make me a market in one?


The global capital markets look like crap these days. New car sales topped over last summer. Used car margins topped last summer. (both according to the earnings reports of the biggest publicly traded dealership groups).