In the past few years all but ONE car I’ve listed on Bringatrailer.com has exceeded my sale price expectations. I often list a car on Mercedes-Market.com, Hemmings or just send out an email to my network with a car, the asking price etc. I might keep the car on the market for a week or two to see if anything is going to happen, then it goes to BaT.
What never ceases to amaze is that every time, the car ends up selling for MORE on Bring A Trailer than I had been asking while it was on the market through other avenues! So this is the dilemma… do I even bother trying to come up with ‘a fair price’ and putting a car on the market, or do I take the easy route and let BaT show me with a NO RESERVE auction?
Nowhere was this dilemma more evident than with the AMG modified 1969 6.3 Sedan I had a couple years ago. It was for sale, FOR MONTHS, in the back of the Star Magazine and on Hemmings for $66,900… nobody cared, not a single call. A week long – no reserve auction – on BaT and it sold for $70,000.
My asking price isn’t the issue… it’s an exposure issue. I’ve gotten to the point where BaT is the answer, for almost every car. As a result, my life is a lot easier. I no longer have to figure out ‘what a fair price is’ or ‘what I think it’s worth.’ A NO RESERVE auction on BaT will show me the market. Sure, it takes a lot of time and it’s a lot of work to create a listing that’s going to yield an exceptional result or even an expectation beating one, but the buyers are there. People send me their cars from all over the country just so I can create a great listing and wring all the money out of their car, if it didn’t work, they wouldn’t send them.
It’s the buyers on BaT that always amaze me, this is probably an entire subject to write an article about on its own… but let’s just say there are all different kinds of buyers there who aren’t tuned into the more traditional market places you and I might be familiar with. Many of them aren’t even what I would call ‘real car guys’… yet they’re shopping for a cool car and opening up their wallets to get what they want, and they’re opening up their wallets real wide. Many are brand new to the hobby and don’t bring years of baggage to the table with them as opposed to all of use who say ‘I remember when a good 500 E was $20,000!’ These newer enthusiasts see a $50,000 bid towards the end of the auction and click away to $51,000 and up and up.
I’m a fan of No RESERVE because, as I always say, “There are no ‘good deals’ on Bring a trailer.” That might not be entirely true, but it’s pretty close. What I’m saying is, nothing falls through the cracks, as long as you present the car well and stay engaged throughout the auction and KEEP YOUR COOL, an ‘all the market’ price will result. If you, somehow, get BaT to accept your car with a reserve that isn’t met (they’re very bullish on their reserves), you’re in real trouble. Everyone knows BaT pulls a premium for cars and now you’ve got a car that failed to meet the price you think is correct, yet the entire BaT community decided was too high. You will have a very, very hard time selling that car, anywhere, for more money.
Make your life easy… learn how to take great photos, shoot some video, create a great listing and sit back and watch the action… or pay someone else to do it for you, it will be worth it.