Mecum auction 2006 Ford GT Red Stripe Delete


If that ^^^^ is for sale, throw it up on all the performance Ford forums like SAAC, VMF and the B2 forums before you consign it.

Mustang guys will know how rare that is. Looks nice too.
 
me cum
 
When Mecum says that 1500 mile GT "sold" for $352K, that includes the 10% buyer premium, right?

So that would mean the car hammered for $320, the seller paid $352 (10% more), and the seller got $288 (10% less).

Right?
 
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centerpunch said:
When Mecum says that 1500 mile GT "sold" for $352K, that includes the 10% buyer premium, right?

So that would mean the car hammered for $320, the seller paid $352 (10% more), and the seller got $288 (10% less).

Right?
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Normally that is correct and how auctions report it. The price listed in their results typically includes the 10% buyers premium. Potential sellers forget the facts you posted, and wind up in this case with near $70k less, not to mention some auctions also charge seller's a fixed entry fee of $1000-$2000
 
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I need to ask someone in my law firm how these guys get away with phony bidding. I don’t get it.
 
jaxgt said:
Normally that is correct and how auctions report it. The price listed in their results typically includes the 10% buyers premium. Potential sellers forget the facts you posted, and wind up in this case with near $70k less, not to mention some auctions also charge seller's a fixed entry fee of $1000-$2000
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If you do the math, the auction guys get 18.2% of the buyer's money. I've never figured out what value they add to deserve that much!
 
GTdrummer said:
I need to ask someone in my law firm how these guys get away with phony bidding. I don’t get it.
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They don't. Have you ever heard a first hand account of someone saying "I did a fake bid and got paid for it"? Every time I hear of this it's "I heard it from a friend of a friend's uncle that saw something fishy". If it's really happening it's as good a secret as the real Kennedy assisn's club.

I was in Craig's sky box the time that the guy bid on the Veyron. Craig interrupted the next car and said that the buyer was fake and he had been banned from this an all future auctions. They said he got caught up in the enthusiasm and fully expected to be outbid (his was something like 650K which was very low at the time) but didn't so he won. Craig opened up the auction again with the option of the previous bidder to take it for that price but he didn't come forward so Craig personally bought the car for the fake bid's price. It now goes around with a Barrett Jackson logo wrap as a company car :)
 
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GTdrummer said:
I need to ask someone in my law firm how these guys get away with phony bidding. I don’t get it.
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“Shill bidding” up to the reserve price is generally legal.
 
 

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And an explanation of the practice of shill bidding, from the perspective of a non-lawyer, auctioneer, who claims to have "an unmatched knowledge" of auction law.

https://mikebrandlyauctioneer.wordpress.com/2010/11/25/what-is-shill-bidding/
 
this action has been going on for decades. Russo and Steels, Barrett, Rick Cole and even Kruse and Auction America have done this for years. when you're selling a vehicle, they get you in a head lock up on the stage and tell you where the real bid amount is and then wait for the right tuna to go over the last fake high bid and all of a sudden the auctioneer stops and yells S-S-S-SOLD! I also think the way Frank Mecum wrangles with the bidders about fees on live TV to get the sale doesn't show much class in my opinion. Anytime you consign a vehicle, the form states on the back they have right to bid up the price on your vehicle. ugly and dirty to me
 
Have a plan. Stick to it. No problem.
 
centerpunch said:
If you do the math, the auction guys get 18.2% of the buyer's money. I've never figured out what value they add to deserve that much!
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But you get to be on T.V. While you pay all that extra money.
 
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