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928 Porsche seen at Barrett Jackson

 
Old 01-17-2007, 02:37 AM
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Rich9928p
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Default 928 Porsche seen at Barrett Jackson

I saw a Cassisrot/burgandy 1987 928 5-speed, about 87K miles on the clock, in the detail lot at the Barrett Jackson auction today. The paint was OK, just a few flaws in the left rear fender area, interior looked nice. I think it had Montana dealer plates.

It will probably be run through the auction block on Thursday or early Friday. What do you think the winning bid will be? A 1951 Chevy panel truck sold for $50K, will the Porsche 928 do better?
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Old 01-17-2007, 02:53 AM
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Hi Rich:

Somebody is paying big fees to sell and buy this car. It shouldn't go for any higher than anywhere else. Should be fun to watch. BTW there already is a thread on this car only about 10 threads down the page.
https://rennlist.com/forums/928-forum/324769-87-s4-5sp-in-barrett-jackson.html
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Old 01-17-2007, 03:07 AM
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Originally Posted by Bill Ball
Somebody is paying big fees to sell and buy this car. It shouldn't go for any higher than anywhere else. Should be fun to watch. BTW there already is a thread on this car only about 10 threads down the page.
https://rennlist.com/forums/showthread.php?t=324769
Bill,

I noticed the other thread after posting this ... perhaps RV can combine the posts.

I am amazed at the prices that people pay at the auction for some of the cars.

In addition to the auction price, the buyer pays an add'l 8% to the auction plus Scottsdale sales tax unless they get some bond or something to get the car out of the state. So the actual price is even higher!! I think the seller also pays 8% to the auction.

There are no reserves, so often the sellers buy their car's back if they're underwater - either way the auction gets their 8%! There are other fees too - so BJ is making a HUGE amount of money.

At the event, they are now selling fractional jet ownership (Netjet & Flexjet) and they had a micro-jet on display (sans wings) next to the Bently stand. There were 4 single engine fixed wheel planes out in the back on display. In addion you can schedule liposuction and purchase jewelry in the same tent - crazy place, just about anything is for sale (or rent?).
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Old 01-17-2007, 03:08 AM
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Been watching some of it on TV. Looks like fun. A lot of cars have not been out of line pricewise.
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Old 01-17-2007, 12:26 PM
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My son and I were glued to the TV last night...He's been looking forward to this week for months!
IIRC, the seller's fee is 8%, the buyer's is 10%. Craig makes a measly 18% off every car that crosses the block - must be tough...

But they do an incredible job of staging the event, and it gets bigger and better each year.
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Old 01-17-2007, 12:40 PM
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Originally Posted by Bill Ball
Been watching some of it on TV. Looks like fun. A lot of cars have not been out of line pricewise.
That'll be Friday and Saturday. I think the desirability of the cars and the craziness of the bidders goes up during the week.You have people coming in with weekend passes, so you'll see full stands, much more noise and hysteria come Friday. That's when you'll see $40K cars go for $120K.

Matt
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Old 01-17-2007, 12:51 PM
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For some buying at B J is like having a designer name on their jeans it is a confirmation that they have "arrived" that they somehow have worth.....reality is they just happen to have too much money. Plus the TV cameras allow someone to buy some possible TV exposure because I guarantee that when the camera lights are on the bidder they are far more likely to raise their hand ! There have also been some issues about phantom bids where the only one bidding is the auctioneer and the buyer but that happens at lots of sales.....some buyers have asked for the video tapes be played back and saved some $$$$. About the only thing "special" about a B J car is the seller is willing to pay the high fees because they think some buyer will pay far more for the car simply because it IS at that sale. Great job of marketing and creating a BRAND , the B J sale car...
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Old 01-17-2007, 12:51 PM
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Originally Posted by Bill Ball
Hi Rich:

Somebody is paying big fees to sell and buy this car. It shouldn't go for any higher than anywhere else. Should be fun to watch. BTW there already is a thread on this car only about 10 threads down the page.
https://rennlist.com/forums/showthread.php?t=324769
Make that 3 threads

https://rennlist.com/forums/928-forum/320688-how-much-will-the-only-928-in-the-2007-barrett-jackson-auction-go-for.html
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Old 01-18-2007, 08:57 PM
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Well, this 928 sold for $13,750, before the auction fees.

Buyer paid $14,850 after adding in the auction fees - and possibly another 8% sales tax.

Seller received $12,375 after paying the 10% fee. The detail shop probably charged $150, the car was transported or driven, so it is likely that another $500 fuel and hotel expenses was incurred - and how does the seller get home? Add another several hundred $$$ for a return flight. Net income from the sale - probably about $11K

BJ made $2475 on the deal.

I'd say the buyer really didn't get a good deal and the seller got a low to reasonable price for a 5-speed S4 with 87K miles. BJ made a good bit of money! Not the best way to sell non-collector cars!
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Old 01-18-2007, 09:00 PM
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I don't know for an '87 I think he paid a premium, I wonder what the starting price was.
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Old 01-18-2007, 09:03 PM
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Originally Posted by yoda2
I don't know for an '87 I think he paid a premium, I wonder what the starting price was.
The auctioneer usually starts high (like $20K) and then goes down until bidding starts. Perhaps this auction was televised or someone was there and we'll find out.
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Old 01-18-2007, 09:18 PM
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There are a lot of cars that just don't make sense at this auction. Nobody, including BJ, makes out well on these low value cars, including some that made the TV coverage. Even the announcers seemed puzzled.

The same-day, real-time coverage has been fun to watch. I saw the guy I bought my 66 Corvette from snapping up a bunch of old Corvettes at $70-150k each.
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Old 01-18-2007, 09:28 PM
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Who knows what might sell.Last night a VW Thing sold for 29K ,sheesh.
Gerry
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