Restoration Shop Reported Customers Cancelling Builds
March 11th, 2020, 02:54 PM
#1
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Restoration Shop Reported Customers Cancelling Builds
Kind of surprised to hear from a local classic car restoration shop that customers are pulling their orders for work due to the Coronavirus scare and most importantly, the markets collapsing.
The owner of the shop said customers are getting nervous about the market collapse and don't want to be spending money on unnecessary things like a muscle car restoration. He said that he had 6 clients cancel work orders just this week with more on the fence. He even said if this continues, with the markets collapsing, the prices of these cars will begin to plummet as they are just hobby toys and those are the first to go in economic downturns. There is truth to what he has said because the muscle car market has tanked before during bad economic times.
Time will tell but maybe that is what is needed to correct this stupidity of some of these overpriced vehicles....
The owner of the shop said customers are getting nervous about the market collapse and don't want to be spending money on unnecessary things like a muscle car restoration. He said that he had 6 clients cancel work orders just this week with more on the fence. He even said if this continues, with the markets collapsing, the prices of these cars will begin to plummet as they are just hobby toys and those are the first to go in economic downturns. There is truth to what he has said because the muscle car market has tanked before during bad economic times.
Time will tell but maybe that is what is needed to correct this stupidity of some of these overpriced vehicles....
March 11th, 2020, 04:31 PM
#5
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I just came from a resto shop today, dropped off another one of my cars. This is the shop that did the paint and body work on my W-31. They are bursting at the seams with customer cars. One of the owners tells me if they had another 8-10K sq ft they could fill it in an instant with customer cars.
So who knows .....
So who knows .....
March 11th, 2020, 04:53 PM
#6
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Small business in general is already suffering. The impact of sports / entertainment venues, alone, cancelling concerts, festivals, fan participation, etc... is tearing them down. I have had orders put on hold as the BIG companies slow down on capital expenses. They are holding cash to cover potential down time.
Some people are getting worried about losing their jobs. Or being put in quarantine for a couple of weeks. So, they are postponing big ticket purchases.
Whether they are worried over nothing, or not, this is their reality.
Myself, I just bought (4) premium seating tickets for a Little River Band concert the first week of June....GREAT price.
Some people are getting worried about losing their jobs. Or being put in quarantine for a couple of weeks. So, they are postponing big ticket purchases.
Whether they are worried over nothing, or not, this is their reality.
Myself, I just bought (4) premium seating tickets for a Little River Band concert the first week of June....GREAT price.
March 11th, 2020, 05:34 PM
#7
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Location: Maryland
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Small business in general is already suffering. The impact of sports / entertainment venues, alone, cancelling concerts, festivals, fan participation, etc... is tearing them down. I have had orders put on hold as the BIG companies slow down on capital expenses. They are holding cash to cover potential down time.
Some people are getting worried about losing their jobs. Or being put in quarantine for a couple of weeks. So, they are postponing big ticket purchases.
Whether they are worried over nothing, or not, this is their reality.
Myself, I just bought (4) premium seating tickets for a Little River Band concert the first week of June....GREAT price.
Some people are getting worried about losing their jobs. Or being put in quarantine for a couple of weeks. So, they are postponing big ticket purchases.
Whether they are worried over nothing, or not, this is their reality.
Myself, I just bought (4) premium seating tickets for a Little River Band concert the first week of June....GREAT price.
The Little River Band?
They're still alive?
Doctors should be drawing their blood to use it for vaccines. Whatever is in it will kill anything toxic and make you live forever!
March 11th, 2020, 08:46 PM
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March 11th, 2020, 09:34 PM
#13
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It also depends on the financial status. If one is super wealthy, then these market crashes don't affect their lifestyles and hobbies. The middle income person is another story.
Based on Tom Hanks now having tested positive for the virus and a professional NBA player testing positive, with the cancellation of the NBA season until further notice. No doubt, the markets Thursday morning will drop like the rock. At this point, we are headed for recession. No doubt on that. How bad? That's unknown.
All the wackos wanting $50k for a rusted out junk pile 1970 442 are in for a rude awakening.
Based on Tom Hanks now having tested positive for the virus and a professional NBA player testing positive, with the cancellation of the NBA season until further notice. No doubt, the markets Thursday morning will drop like the rock. At this point, we are headed for recession. No doubt on that. How bad? That's unknown.
All the wackos wanting $50k for a rusted out junk pile 1970 442 are in for a rude awakening.
March 11th, 2020, 10:30 PM
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March 12th, 2020, 04:25 AM
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This is becoming a real concern for me. Besides being older and already somewhat compromised health-wise, my 70 442 convertible is already consigned to the Mecum auction at Indy in May. If I don't get decent price out of it, I will be in deep trouble. I am very hopeful that we can turn the corner pretty quickly.
March 12th, 2020, 04:59 AM
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This is becoming a real concern for me. Besides being older and already somewhat compromised health-wise, my 70 442 convertible is already consigned to the Mecum auction at Indy in May. If I don't get decent price out of it, I will be in deep trouble. I am very hopeful that we can turn the corner pretty quickly.
I agree. The economy is being affected globally as is the supply chain. If income is affected, so is the ability to purchase. This is broad in scope.
Also, when you think about hospital demand exceeding equipment available such as respirators, physicians have no other choice but to prioritize health care. Those of us who are older and sickly, and younger patients who are sickly, have a lesser chance of survival. Physicians will have no other choice but to prioritize and treat those with the greatest probability of survival.
March 12th, 2020, 06:35 AM
#19
Jeff
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Location: Grand Blanc, MI
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Hi Randy,I
I agree. The economy is being affected globally as is the supply chain. If income is affected, so is the ability to purchase. This is broad in scope.
Also, when you think about hospital demand exceeding equipment available such as respirators, physicians have no other choice but to prioritize health care. Those of us who are older and sickly, and younger patients who are sickly, have a lesser chance of survival. Physicians will have no other choice but to prioritize and treat those with the greatest probability of survival.
I agree. The economy is being affected globally as is the supply chain. If income is affected, so is the ability to purchase. This is broad in scope.
Also, when you think about hospital demand exceeding equipment available such as respirators, physicians have no other choice but to prioritize health care. Those of us who are older and sickly, and younger patients who are sickly, have a lesser chance of survival. Physicians will have no other choice but to prioritize and treat those with the greatest probability of survival.
^^^ THIS. I've gotten so irritated at my stupid friends on FB with their meme's that I'm staying off for a while. There is no stopping the virus. All of the cancellations of events and quarantining is because we need to SLOW the spread, so we don't overwhelm the hospitals. This is also about protecting people that are older and/or have weaker immune systems. My parents, both in their 70's, fall into both categories. I'd rather that our resources are not spread too thin.
Seems like the interwebs is full of infectious disease experts. SMH
March 12th, 2020, 07:01 AM
#20
delete
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The people at both extremes are prob a little nuts. This isn't the end of the world, but its not something to put on the pay no mind list either. Its bad & getting worse but will pass. The numbers are growing quickly because more people are getting tested, and a lot have no symptoms or minor. With more reported cases, the fatality rate will go down, As far as the mkts go, its going to be a wild ride for a while. If you have money to put to work, look for buying opportunities but expect some turbulence. Long term you should be fine. I put some money to work lately and now sitting tight. As far as disposable income, I am cutting back where I can just in case. I bought a new DD right before this all blew up. Timing wasn't great but I needed a car either way. I was thinking about new rims & tires for my Challenger but decided to keep the money in the bank for now
March 12th, 2020, 07:58 AM
#22
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I bought a CPO Caddy CT6. I was happy with the deal and don't think the prices will be too volatile. There was a financing special through Cadillac for 2.9% for 60 mos. I don't think I'd be able to do better than that for a used car.
March 12th, 2020, 05:12 PM
#23
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^^^ THIS. I've gotten so irritated at my stupid friends on FB with their meme's that I'm staying off for a while. There is no stopping the virus. All of the cancellations of events and quarantining is because we need to SLOW the spread, so we don't overwhelm the hospitals. This is also about protecting people that are older and/or have weaker immune systems. My parents, both in their 70's, fall into both categories. I'd rather that our resources are not spread too thin.
Seems like the interwebs is full of infectious disease experts. SMH
Seems like the interwebs is full of infectious disease experts. SMH
To be clear, do you disagree with my position? I don't profess to be a physician. I'm unclear if you're suggesting that I am holding myself out as one of the internets infectious disease specialists. That was not, nor was it my intention.
Further, I am not being combative.
Last edited by twilightblue28A; March 12th, 2020 at 05:18 PM.
March 12th, 2020, 05:38 PM
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Dripping irony anyone?
And no, Mr. moderators. I'm not trying to be political at all. I just thought that it was kind of funny in what the VP said today.
March 12th, 2020, 08:37 PM
#26
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Yep, just saw that. The car auctions are starting to shutdown and postpone. This will definitely change the market.
https://www.barrett-jackson.com/Medi...rs-and-guests/
SCOTTSDALE, Ariz. – March 12, 2020 – Following the recommendation of county and state officials in Florida, executives with Barrett-Jackson today announced the company will postpone its 18th Annual Palm Beach Auction, scheduled for April 16-18, 2020, at the South Florida Fairgrounds. The decision was made due to the uncertainty of the current public health crisis and to safeguard auction customers, sponsors and guests from the potential spread of COVID-19.
“While every indication shows that our bidders, consignors and sponsors were behind our efforts to hold our auction, we’ve decided to follow the advice of the Florida governor and exercise an abundance of caution at this time,” said Craig Jackson chairman and CEO of Barrett-Jackson. “Our decision to postpone the auction was made to protect the public’s safety and health.”
Barrett-Jackson’s No Reserve Palm Beach Auction is in its 18th year and hosts more than 60,000 guests annually. Last year the company celebrated its largest 3-day Palm Beach Auction with a record number of collector vehicles, nearly 1,500 bidders and total auction sales exceeding $31.2 million. This year’s auction was on track to continue the company’s success in Florida.
The Barrett-Jackson Palm Beach Auction is expected to be rescheduled for October 15-17, 2020. Current ticket holders can have their tickets transferred to the new event dates. Full refunds will be also available beginning early next week. Details for transfers and refunds will be communicated directly to ticket holders.
https://www.barrett-jackson.com/Medi...rs-and-guests/
SCOTTSDALE, Ariz. – March 12, 2020 – Following the recommendation of county and state officials in Florida, executives with Barrett-Jackson today announced the company will postpone its 18th Annual Palm Beach Auction, scheduled for April 16-18, 2020, at the South Florida Fairgrounds. The decision was made due to the uncertainty of the current public health crisis and to safeguard auction customers, sponsors and guests from the potential spread of COVID-19.
“While every indication shows that our bidders, consignors and sponsors were behind our efforts to hold our auction, we’ve decided to follow the advice of the Florida governor and exercise an abundance of caution at this time,” said Craig Jackson chairman and CEO of Barrett-Jackson. “Our decision to postpone the auction was made to protect the public’s safety and health.”
Barrett-Jackson’s No Reserve Palm Beach Auction is in its 18th year and hosts more than 60,000 guests annually. Last year the company celebrated its largest 3-day Palm Beach Auction with a record number of collector vehicles, nearly 1,500 bidders and total auction sales exceeding $31.2 million. This year’s auction was on track to continue the company’s success in Florida.
The Barrett-Jackson Palm Beach Auction is expected to be rescheduled for October 15-17, 2020. Current ticket holders can have their tickets transferred to the new event dates. Full refunds will be also available beginning early next week. Details for transfers and refunds will be communicated directly to ticket holders.
March 13th, 2020, 05:20 AM
#27
Jeff
Join Date: Jan 2018
Location: Grand Blanc, MI
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Weezer,
To be clear, do you disagree with my position? I don't profess to be a physician. I'm unclear if you're suggesting that I am holding myself out as one of the internets infectious disease specialists. That was not, nor was it my intention.
Further, I am not being combative.
To be clear, do you disagree with my position? I don't profess to be a physician. I'm unclear if you're suggesting that I am holding myself out as one of the internets infectious disease specialists. That was not, nor was it my intention.
Further, I am not being combative.
March 13th, 2020, 01:09 PM
#28
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Location: Jackson, Michigan
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Back to the original post. I've seen no change at my shop. We are still at least a year out for scheduled work and I could schedule farther except my experience has been that too far out doesn't work. ~BOB
March 14th, 2020, 01:10 PM
#30
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Watching Mecum last night, over half seats empty, lots of no sales and some good deals..also some high end cars still brought good money..one 68 jade green 442 drp top, older frame off, but still very very nice sold at 34,000.. that was a deal..
March 15th, 2020, 06:25 AM
#32
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Barrett-Jackson cancelled their upcoming auction, Mecum started only a portion of the floor Saturday.
https://www.hemmings.com/blog/2020/0...ign=2020-03-15
https://www.hemmings.com/blog/2020/0...ign=2020-03-15
March 16th, 2020, 09:14 AM
#33
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Andylappin,
I would love to do as you suggest. The problem is that when you consign a car to one of the big auction houses, you sign a contract that gives them the right to charge you 20% of the reserve price if the car does not appear at the sale. It pretty much wipes out any financial advantage to selling it beforehand.
I would love to do as you suggest. The problem is that when you consign a car to one of the big auction houses, you sign a contract that gives them the right to charge you 20% of the reserve price if the car does not appear at the sale. It pretty much wipes out any financial advantage to selling it beforehand.
March 16th, 2020, 09:39 AM
#34
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Andylappin,
I would love to do as you suggest. The problem is that when you consign a car to one of the big auction houses, you sign a contract that gives them the right to charge you 20% of the reserve price if the car does not appear at the sale. It pretty much wipes out any financial advantage to selling it beforehand.
I would love to do as you suggest. The problem is that when you consign a car to one of the big auction houses, you sign a contract that gives them the right to charge you 20% of the reserve price if the car does not appear at the sale. It pretty much wipes out any financial advantage to selling it beforehand.
I watched Mecum Saturday and they had only sporadic attendance. Barrett-Jackson cancelled their next auction.
Hopefully, Mecum will cancel their next auction.
I hope for your sake they do. You're a good guy.
March 16th, 2020, 09:48 AM
#35
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Andylappin,
I would love to do as you suggest. The problem is that when you consign a car to one of the big auction houses, you sign a contract that gives them the right to charge you 20% of the reserve price if the car does not appear at the sale. It pretty much wipes out any financial advantage to selling it beforehand.
I would love to do as you suggest. The problem is that when you consign a car to one of the big auction houses, you sign a contract that gives them the right to charge you 20% of the reserve price if the car does not appear at the sale. It pretty much wipes out any financial advantage to selling it beforehand.
March 16th, 2020, 09:54 AM
#36
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Location: Sarasota Florida
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Damn, they got ya coming and going.. I assume you have already committed to an auction in May if it even is done ? Under the circumstances you could call them and see-if they will release it since the auction may or may not take place..plead a hardship, worth a try
Last edited by Andy; March 16th, 2020 at 09:57 AM.
March 16th, 2020, 12:54 PM
#37
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Twilight,
Thanks for the kind words. I appreciate it. With respect to the auction houses, they really have no incentive to release me, or anybody else for that matter, from their contracts I;m not saying it isn't possible, I think it's just not likely - especially if they know you may have already sold the car. I work for a company that owns 7 well known restaurant brands. We are already seeing sharp declines in business and 6 states have already closed all restaurants in their states. I can't tell you how bad it will eventually get from an illness perspective but i can tell you that there will very likely be many fewer restaurants around when this is over. I am looking for Indiana (the site of the Mecum auction) to close theirs since Ohio and Illinois already have. That would pretty much force a shutdown of the auction. We'll see what happens.
Thanks for the kind words. I appreciate it. With respect to the auction houses, they really have no incentive to release me, or anybody else for that matter, from their contracts I;m not saying it isn't possible, I think it's just not likely - especially if they know you may have already sold the car. I work for a company that owns 7 well known restaurant brands. We are already seeing sharp declines in business and 6 states have already closed all restaurants in their states. I can't tell you how bad it will eventually get from an illness perspective but i can tell you that there will very likely be many fewer restaurants around when this is over. I am looking for Indiana (the site of the Mecum auction) to close theirs since Ohio and Illinois already have. That would pretty much force a shutdown of the auction. We'll see what happens.
March 16th, 2020, 07:39 PM
#39
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Hagerty -- Article
What the coronavirus outbreak means for the collector car market
by John Wiley // March 12, 2020
https://www.hagerty.com/articles-vid...tor-car-market
March 16th, 2020, 09:04 PM
#40
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Where ever the bottom is in this market and a guy who can afford to buy in the stock market will clean up. Question is where is the bottom my guess is 15,000 on dow. This market is not helping me in my retirement.😰😰
