I was informed by the OCA that Mecum Auctions will no longer offer their half price (50% off) bidder registration for OCA members, or members of any car club for that matter. You now have to pay full price - which is $200 for the standard bidders pass.

 

Mecum along with BJ are getting very greedy. My buddy is putting his Chevelle SS in the Houston show for sale..He was telling me not only do they take 10% but require a 1000.00 listing fee..WTH?

 

Those rates have been that way for at least 10 years now. The listing fees for all these auction houses change depending on the time slot the car runs and what building it is kept in. If you don't care when the car runs, the listing fee is usually 800 - 1000. If you want the car to run prime time Saturday or Friday, or you want the car kept in one of the main show areas, prepare to pay more.... possibly A LOT more. Some auctions will not charge the listing fee if the car sells, and may even lower the 10% commission as a bargaining tool to get the reserve off. Most off the BJ auctions are full no-reserve at this point so you will be paying the full commission.

 

Some things I’ve learned from the Mecum site.

The cost to enter your car in an auction (called the “consignment” fee) varies from $350 to $1,000. They don’t say what causes the variation, but I’m assuming, as has been pointed out, that it depends on when during the auction schedule the car will cross the block. Monday morning slots aren’t so desirable, so the fee is lower. Saturday afternoon at 2 p.m. is highly desirable, so the fee is higher.

The consignment fee is reduced by 50% if you sell your car with no reserve. The consignment fee is not refundable if your car doesn’t sell.

The commision for a car sold with no reserve is 6%. For a car sold with reserve, the commission is 10%.

So, as examples,

1. If you sold your prized ‘68 442 for, say, $75,000 in an auction where you had a reserve and it was sold on Saturday afternoon, you would take home $75,000 – $7,500 (10% commission) – $1,000 (consignment fee) = $66,500.

2. If you still sold it on Saturday afternoon but with no reserve, you would take home $75,000 – $4,500 (6% commission) – $500 (50% of consignment fee) = $70,000.

3. If you agreed to sell it on Monday morning with no reserve and still managed to get $75,000 for it, you would take home $75,000 – $4,500 – $175 (50% of the presumed $350 consignment fee) = $70,325.


Not much difference between 2 and 3, but I’d think you’d have a much better chance of actually getting the $75,000 if you paid for the better time slot.

 

^^^ So, as is so often the case, you get what you pay for. Thanks for the research, jaunty.

 

Jaunty, we need you to be the USA President!! You simplified a relatively complex issue. Please realize that you possess a gift. Thank you.

 

Thanks, but, as I understand it, they've just lined up someone to do that job for the next few years!

 

Jaunty 2028!