1800 mile 2005 GT sold in Greensboro NC for $257,500 + commission

[2112]

It was a kit car, and there were more than 2. My father in law was involved in making the cars. Got sued by Ferrari and won. I believe the car molds were sold to Cal Spyder where you can order one today.

What exactly was Ferrari suing for? On what basis did your FIL win?

Is it against the law to build a replica for one's self or business?

Selling Replicas with Original nameplates?, that I understand.

 

[MJSFRX]

The company was Modena Designs. After making the 3 cars for the film, my father in law commissioned a bunch more. They were being sold as a Cal Spyder. Looked like a Ferrari but not one. Ferrari took them to court. The judge said Ferrari did not have a copyright to the name and just because it looked the same it didn't matter. There's more to it, but that is essentially the story.

 

[2112]

The company was Modena Designs. After making the 3 cars for the film, my father in law commissioned a bunch more. They were being sold as a Cal Spyder. Looked like a Ferrari but not one. Ferrari took them to court. The judge said Ferrari did not have a copyright to the name and just because it looked the same it didn't matter. There's more to it, but that is essentially the story.

Thanks :cheers:

 

[Voda]

So I have been watching this thread for the last week. With commission the car sold for $278,000 with 8% commission. That is a good price in this market for the mileage. Enough said.

With 8% commission for seller that means he took home approx. $236,940 not including the cost to get the car to the auction.
So:
Seller: accepted approx. $236K or less once commission and transportation is figured in .... Not so great, but maybe realistic
Buyer: paid $278K, which seems to be about what the market is asking
Auction Company: made $20,560 from seller and $20,560 from buyer commission for a total of $41,200K

And the winner is....

 

[2112]

The auction company

 

[Voda]

So if the seller was willing to settle for $236K, then I have trouble understanding why the seller didn't list the car privately at $250K (or even $245K for that matter), which seems like a steel to most buyers (Heck, somebody ponied up $278K, so???) and would likely be the cheapest listing advertised. Doing this would have avoided the hassle of getting the car to auction and could put more cash in the buyers pocket.

I don't get it. What am I missing here?

 

[Sinovac]

There are many people who want the convenience of an auction sale/can't stand dealing with tire kickers. Personally, I enjoy a barium enema more than selling a car privately.

 

[PeteK]

So how do you enjoy seeing your car sold at auction for $20K less? Colonoscopy?

 

[Xcentric]

There must be an element of gambler's thrill to it. Otherwise, why not consign the car to a reputable dealer (assuming you can find one)?

Sent from my SM-G950U using Tapatalk

 

[Voda]

I do believe that some cars are better meant for auction, the GT not being one of them. Vintage Ferraris, vintage Astons, etc. Just look at the upcoming Monterey auctions that currently list 9, yes 9, GT's with Mecum listing 6 alone. I looked at the estimates and they seem high. I just can't see one auction company doing the sellers any favors by running 6 GT's through in a single weekend.

Heck, for kicks, I'm going to set up a spreadsheet following the sales, commissions, and estimates. This could be interesting.

 

[alexhay3]

There are many people who want the convenience of an auction sale/can't stand dealing with tire kickers. Personally, I enjoy a barium enema more than selling a car privately.

You are not alone, sir.
I posted the following this morning as I saw that Hemmings listed 13 FGTs for sale, 11 of which happen next weekend. There are plenty of folks who would rather go to an authority and ask them to handle the transaction, and there is nothing wrong with that.

http://www.fordgtforum.com/forums/s...ion-at-Monterey-Pebble-Beach-Carmel-next-week

 

[Sinovac]

So how do you enjoy seeing your car sold at auction for $20K less? Colonoscopy?

Would that car have sold privately for $20k more? I don't know. I don't sell at auctions, but I can understand why people do. Getting it done easily is more appealing to some people than maximizing profit.

 

[Kayvan]

You are not alone, sir.
I posted the following this morning as I saw that Hemmings listed 13 FGTs for sale, 11 of which happen next weekend.

45 GTs on Hemmings; 14 auctions nxt wk.

FYI - many auctions are undertaken by disinterested assignees: Ex-wives; widows, heirs, creditors,etc....not exactly car-guys

 

[Sinovac]

FYI - many auctions are undertaken by disinterested assignees: Ex-wives; widows, heirs, creditors,etc....not exactly car-guys

That is a good point. It happens all the time in the probate practice at my office.

 

[dbk]

I do believe that some cars are better meant for auction, the GT not being one of them. Vintage Ferraris, vintage Astons, etc. Just look at the upcoming Monterey auctions that currently list 9, yes 9, GT's with Mecum listing 6 alone. I looked at the estimates and they seem high. I just can't see one auction company doing the sellers any favors by running 6 GT's through in a single weekend.

Heck, for kicks, I'm going to set up a spreadsheet following the sales, commissions, and estimates. This could be interesting.

I would say save yourself the trouble. It will definitely not be interesting.

Mecum is going to run as many GTs through as they can until they run it into the ground. It is what it is; a car that gets billed as being a rare collectable that is in reasonably good supply with lots of low mileage examples. Until Dana Mecum stops making a shitload of money selling them, he will push the limit.

People who own cars point to auctions + buyer fees when they bring money. People looking for cars point to auctions - seller fees when they don't. Super boring topic that gets beat to death in the collector car world.

 

[RickH]

Mecum had 4 or 5 FGT's for sale at a Kissimmee auction 2 or 3 years ago. It overwhelmed the market at that time. Best deal was a 20K-25K mile car for $220 or so. They only look out for themselves, sellers beware.

 

[SBR]

I would say save yourself the trouble. It will definitely not be interesting.

Mecum is going to run as many GTs through as they can until they run it into the ground. It is what it is; a car that gets billed as being a rare collectable that is in reasonably good supply with lots of low mileage examples. Until Dana Mecum stops making a shitload of money selling them, he will push the limit.

People who own cars point to auctions + buyer fees when they bring money. People looking for cars point to auctions - seller fees when they don't. Super boring topic that gets beat to death in the collector car world.

And just like divorce attorneys, they are the only winners.

 

[Sinovac]

Hey, divorce attorneys need to eat too. They may eat carrion, but they need to eat.

 

[2112]

Hey, divorce attorneys need to eat too. They may eat carrion, but they need to eat.

I think they eat Caviar. The guy getting the divorce becomes the Carrion.

 

[UB2SLOW]

I am the one who bought the car at the Greensboro Classic Auto Auction. This is my second Ford GT. I wanted to buy the new Ford GT but Ford did not think I was worthy so I liked this red car and I bought it. I liked how the car looks with no top or side stripes which you don't see very often. I was there, had the money, and thought that the price was fair given it had only 1800 miles. I am not selling it anytime soon so whenever the day does come, I figure this will look like a real bargain!