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Warning to members about consigning your Cadillac to Collector vehicle auctions

Started by johnregrus, March 02, 2020, 11:34:33 AM

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johnregrus

Here is something I didn't realize and found out the hard way.

Let's say you decide to consign your Cadillac to one of the major collector vehicle auctions. Many of you may realize that these auctions encourage you to consign early because if you wait you may get a time slot that is less than ideal.

What I was unaware of is once you consign your car and something in your life then changes the auction contract states the consigner owes the auction company in addition to the entry fee the auction company wants from you both the sellers commission and the buyers commission based on the reserve price you have put on the auction consigned car.

I can understand losing the entry fee to pull your car before the auction but charging both the sellers and buyer sides of commission seems excessive.

Let's say on the way to the auction you blow your transmission or a transport shipper fails to pickup your car on time  the auction company expects you to pay them.
1958 Series 62
1956 Eldorado Biarritz

Eric DeVirgilis CLC# 8621

I was unaware of that.

I guess the moral of the story is to always read the fine print and choose your consignor carefully. Knowing a bit about consumer protection law, I'd say there's a very good chance this provision being ruled "excessive" or "unreasonable" if challenged in a court of law.

It also wouldn't half surprise me if those attempting to enforce this provision already know this themselves and settle for far less when the situation does arise- knowing how some of them operate.

One more reason the average seller is often far better off doing the legwork himself in getting his car sold rather than get involved with third party consignors.
A Cadillac Motorcar is a Possession for which there is no Acceptable Substitute

TJ Hopland

I assume this is one of the well known as seen on tv auction companies?     I have always assumed those are a different world from where I live.   Different expectations than someone like me that just wants to drive a car and different prices for sure that don't seem to have anything to do with the value of the model, only that specific car. 
StPaul/Mpls, MN USA

73 Eldo convert w/FiTech EFI
80 Eldo Diesel
90 CDV
And other assorted stuff I keep buying for some reason

59-in-pieces

I too was surprised at that practice.

But learning this, it would be my ques that the auction house, just like a large hospital, turns over/assigns these collection items to a "Collection Agency" - for a very small fee - and then the Agency is turned loose to collect as much and in whatever way they can, in their name and not the auction house - clean hands.

Have fun,
Steve B.

PS
It bugs me we can not say who the auction house(s) are - contract issues are far outside person opinion of someones ethics.
Who are they - folks in possible jeopardy NEED to know.
S. Butcher

Eric DeVirgilis CLC# 8621

Simply being forewarned should suffice for anyone following here regardless of the auction house.

A Cadillac Motorcar is a Possession for which there is no Acceptable Substitute

59-in-pieces

You too - Eric ????

Why not speak out who it is and stop protecting or playing "I've got a secret and I'm not going to tell you".

And the OP"s experience is not the same as forewarned is forearmed - nonsense - when the statement is paired with, there are bad vendors out there, you've been warned, read the box or the papers.

I have an idea - where do you think the 5 star rating system would go if we decided to use it on our own.
We don't need to give long Gettysburg explanations - just a name and a number of stars.
Leave it up to whomever is curious to contact the OP about the rating - taking it off line as it were.

If we can get past being afraid of our shadows - then let's come out of the dark.
The Consumer Protection Agency doesn't have a problem with the rating system of stars.

Have fun,
Steve B.
S. Butcher

76eldo

Don’t pay.
If you have good credit and one blemish as a dispute it won’t hurt you.
They are being absolute pigs expecting you to pay all that. They were not “injured” financially and will fill your slot with some other seller no doubt.

Name names so we can boycott them.
Brian Rachlin
Huntingdon Valley, Pa
I prefer email's not PM's rachlin@comcast.net

1960 62 Series Conv with Factory Tri Power
1970 DeVille Conv
1970 Eldo
1970 Caribu (?) "The Cadmino"
1973 Eldorado Conv Pace Car
1976 Eldorado Conv
1980 Eldorado H & E Conv
1993 Allante with Hardtop (X2)
2008 DTS
2012 CTS Coupe
2017 XT
1956 Thunderbird
1966 Olds Toronado

Eric DeVirgilis CLC# 8621

Quote from: 59-in-pieces on March 02, 2020, 04:06:30 PM
You too - Eric ????

Why not speak out who it is and stop protecting or playing "I've got a secret and I'm not going to tell you".

And the OP"s experience is not the same as forewarned is forearmed - nonsense - when the statement is paired with, there are bad vendors out there, you've been warned, read the box or the papers.

I have an idea - where do you think the 5 star rating system would go if we decided to use it on our own.
We don't need to give long Gettysburg explanations - just a name and a number of stars.
Leave it up to whomever is curious to contact the OP about the rating - taking it off line as it were.

Not exactly - naming names could give readers a false sense of security by suggesting a given practice might only apply to x and not to others.

There are thousands of unscrupulous individuals/businesses out there - both within and outside the world of car dealing - and it would be impossible to address every one of them here. There already are many sites devoted to providing feedback on businesses which would provide better exposure in airing specific grievances, while being better equipped to deal with any claims of libel associated with such a service.

The CLC Forum is neither interested nor prepared to deal with the potential legalities therefore chooses to avoid the possibility altogether- quite wisely, if I may say so. :)

Lest we forget, there are two sides to every story. ;)   
A Cadillac Motorcar is a Possession for which there is no Acceptable Substitute

Caddyholic

its not the big one in Scottsdale, AZ they don't have reserves. Once you consign your car you sign the title and the car is no longer yours.
I got myself a Cadillac but I can't afford the gasoline (AC/DC Down Payment Blues)

1961 Series 62 Convertible Coupe http://bit.ly/1RCYsVZ
1962 Coupe Deville

The Tassie Devil(le)

Nothing would surprise me in how many ways people try to gain extra funds from doing the minimal work.

When seeing how many people are employed, and the lasciviousness that the Auction Companies must spend in selling someone elses' property, it is a wonder that the seller receives any of the sum their vehicle was sold for.

The trouble with the "Fine" print, is that by the time it has been read, word for word, and the placement of the commas and full stops, any transactions take place.

Bruce. >:D   
'72 Eldorado Convertible (LHD)
'70 Ranchero Squire (RHD)
'74 Chris Craft Gull Wing (SH)
'02 VX Series II Holden Commodore SS Sedan
(Past President Modified Chapter)

Past Cars of significance - to me
1935 Ford 3 Window Coupe
1936 Ford 5 Window Coupe
1937 Chevrolet Sports Coupe
1955 Chevrolet Convertible
1959 Ford Fairlane Ranch Wagon
1960 Cadillac CDV
1972 Cadillac Eldorado Coupe

Eric DeVirgilis CLC# 8621

Quote from: Caddyholic on March 02, 2020, 06:47:57 PM
its not the big one in Scottsdale, AZ they don't have reserves. Once you consign your car you sign the title and the car is no longer yours.

That was the case for a couple years (and/or specific events) but I think they have since resumed accepting entries with reserve prices.
A Cadillac Motorcar is a Possession for which there is no Acceptable Substitute

johnregrus

As a follow-up; the problem is I have more than one vehicle consigned to the same auction event. They will just take the commissions they want for the no show vehicle off of the proceeds from the second vehicle that sells when they send me my check.
It's a national auction company holding an auction this month in Glendale, Az. :)
1958 Series 62
1956 Eldorado Biarritz

Mike Josephic CLC #3877

Interesting.  This same outfit has in their "fine print" of
their auction legal "boiler plate" taken from their on line
auction site:

(XYZ Auctions) "is not responsible for information that
may be changed or updated prior to the auction. The
decision to purchase should be based solely on the buyer's
personal inspection of the lot at the auction site prior to
the auction."


In other words, if you're bidding by phone the description
they give in their on line presentation isn't worth spit. You
have no recourse in the event of misrepresentation.

But -- if you're going to spend six figures for a vehicle,
it's critical to buy plane tickets and do a personal
inspection if you're serious about a purchase.

Mike
1955 Cadillac Eldorado
1973 Cadillac Eldorado
1995 Cadillac Seville
2004 Escalade
1997 GMC Suburban 4X4, 454 engine, 3/4 ton
custom built by Santa Fe in Evansville, IN
2011 Buick Lucerne CX
-------------------------------------
CLCMRC Museum Benefactor #38
Past: VP International Affiliates, Museum Board Director, President / Director Pittsburgh Region

artdan

The same goes for bidding at these major auctions.
Read the fine print.
Even when you set a limit to your bidding, the fine print may say the auction house provides an automatic extension of your limit, which you are liable for.
Meanwhile, if you wish to contest any discrepancy in a completed auction, you are liable for buyers and sellers premiums, storage of the vehicle while the dispute is being resolved, plus the price difference realized the next time the vehicle is auctioned.
And the consignor can make any false claim they wish with no accountability.
Buyer beware.
1957 Eldorado Biarritz
1957 Continental Mark II
1960 Corvette
1956 Thunderbird (sold)
1965 Buick Riviera (sold)
1975 Datsun 280 Z (sold)

cadillacmike68

So, watch them on TV or in person if you like, but don't consign or bid.
Regards,
"Cadillac" Mike

cadillac ken

Auction houses.  Never have used them, never will.  They grab money from all angles, both seller and buyer, provide nothing more than a venue, take absolutely no responsibility for the goods they sell, and have ZERO skin in the game. No accountability.

I'll pass. They can all make their millions off of others willing to succumb to their mob style tactics.
Selling a really nice car is not that hard that you can't do it yourself.  Buying a nice car yourself is even easier--and most likely cheaper.  Let's be honest here; what guarantees and or protections are you provided by an auction house. None.  So what are you paying fees after fees for?

Bill Balkie 24172

Hello ,
    I couldn't buy a car for 5,000 or 100,000 with out putting my eyeball on the car . I would have to drive it, study it and talk to the seller to get a good opinion of the car . However a lot of people buy them sight unseen . They all look good on the auction Block . However you do have two or three days to see the car if you take time to travel to the auction site .

    Bill
Bill Balkie
1970 Coupe DeVille
2009 CTS

fishnjim

Plus they're getting TV revenues.   All at the car owners/sellers expense.   There's a cadre of attention cars that show up auction after auction, it's for "show" not all "go".   
Unfortunately, it's not the only thing, sports, etc. that's been spoiled by "lawyers" and big media TV.   We might have to put a "G" in our countries name for greedy...But the golfers already have that trademark...
But where else are you going to take your big collection and be able to sell it in one week?
C'est la vie.   Caveat Emptor.   Caveat America.

wrench

At some point in history, auctions, auction houses and auctioneers had a negative connotation and it was considered a ‘distressed sale’ venue.

No sure this perception has been altered by the big TV auction shows.

It’s just a higher production value.

I don’t even watch them any more. I cut the cable cord 8 years ago and honestly I don’t miss those shows one bit. Every once in a while I will catch a minute or two in passing while traveling and they remind me of watching gamblers at a game table. The house always wins and most of the players cheat and there has to be a mark. If you can’t spot the mark, that means it’s you. The added dimension to an auction is the ‘shill’.

Or maybe it reminds me of a circus...either way...

1951 Series 62 Sedan
1969 Eldorado
1970 Eldorado (Triple Black w/power roof)
1958 Apache 3/4 ton 4x4
2005 F250
2014 FLHP
2014 SRX

Caddyholic

At the big Scottsdale AZ Auction a bidders pass is $500(2 passes all week and 10 drinks per pass per day). The  tickets to watch on Saturday are $75. And there is a whole another circus carnival thing with all types of vendors going on in some the tents. I am sure those vendors pay for the spot. and that does not include the all inculsive club passes. They make money had over fist besides the cars.
I got myself a Cadillac but I can't afford the gasoline (AC/DC Down Payment Blues)

1961 Series 62 Convertible Coupe http://bit.ly/1RCYsVZ
1962 Coupe Deville