Group them together? Far too much common sense there, even muscle cars or exotics. The quantity of sales is far more important to them than the actual value of the car. I wonder how many cars are in that auction?
SLC on Auction in Monterey
- Thread starter awatkins
- Start date
Group them together? Far too much common sense there, even muscle cars or exotics. The quantity of sales is far more important to them than the actual value of the car. I wonder how many cars are in that auction?
Whatever you want to call it, the market spoke and set the price. While it was said timing is everything at an auction, the same applies to selling it in every other circumstance. If you need money and want to get out, you sell at X, below what most would take, but that is an equilibrium market point where a buyer and seller had a 'meeting of the minds'. Of course, one data point does not paint a markets full picture, however, it does shed some light. And yes, my background is Economics.
He didn't set a reserve, so either he made a huge oversight or he is content with 100k.
He didn't set a reserve, so either he made a huge oversight or he is content with 100k.
Mike
Lifetime Supporter
Why do you think using logic so much Alan? Have you not learned by this time in your life that the world does not work that way? Whatever makes sense... turn it around 180 degrees and there you have it. Opposite George!
Seymour Snerd
Lifetime Supporter
Aww, you're no fun... I was gonna start a new alternative auction company....:laugh:
I wonder if Gooding is any better.
I talked to Tim, he did have a reserve. And I doubt that russo and steele is a fair representation of the market.
Auction winner contacted me today.....he is pretty excited
Seymour Snerd
Lifetime Supporter
As for any "meeting of the minds" in my viewing of the auction I didn't detect any minds in action.
Then my point is further proven. His reserve was met, which is the lowest amount he considered fair and was willing to part with it. The buyer agreed to the price, or one above it, and that is a 'fair market transaction'. He was under no undue stress to sell it.
As to market, the car sat at his asking price on the two links posted on the first page. It was 249,000 OBO. Therefore, it was on the open market.
As well he should be!
You know nothing about this car, the complexity of the build, the money invested, time invested, fair value or anything else judging from your car status. You have a right to your opinion, you've stated it.
I watched the beginning of the auction, first impression there were not many buyers, it seemed more like a local auction we see here on Friday night. Second I wonder how many people bidding were dealers trying to pick up a good buy. I did not think after the first ten cars sold that the car was going to bring very good money , especially when I saw some good cars sell for way under what I thought they should have. I watched BJ Auction for a while last night and they were bringing better money. The car was sold by the wrong auction house. Was the BJ auction going on at the same time. I thought the car would have brought over 100,000 and was disappointed myself. I would not say that is a fair benchmark. I would say it was a start, for a long history I hope for the SL-C.
Howard Jones
Supporter
94K............. I probably sell mine for 94 K, IF and that's a big if I didn't want it anymore. And I suppose that's the key to these things. If you don't want it anymore for what every reason and decide to sell it, leave it "on the market" for what had to be less than 10 mins, and take what a very limited number of potential buyers are willing pay for it then............... 94K that's it.
I think the seller could have done better posting the car on this website, noticed it on a few others like club cobra, and let it go for a couple of months
I would never sell a component car for less that the sum of the parts. I would be telling a potential buyer that, you can't build it for that so you need to find another one and see if you can buy that one for your offer. In a very limited supply market like these cars, then the deciding factor is the buyers desire to own the car.
He would have been much better served to have priced the car at say cost of build +10-20%. That price only made the whole thing look like a roll on the roulette wheel. My guess is GM makes about 5-10% on a corvette. People that spend a quarter of a million dollars on a car know what 250K will buy. The 250K price was stupid and only served to confuse the uneducated buyer. The informer buyer knew better. It looks like someone let greed get to him.
By the way if you are reading this (new SLC owner) welcome aboard. Are you in California? If so drop me a PM I'd like to get to know ya.
I think the seller could have done better posting the car on this website, noticed it on a few others like club cobra, and let it go for a couple of months
I would never sell a component car for less that the sum of the parts. I would be telling a potential buyer that, you can't build it for that so you need to find another one and see if you can buy that one for your offer. In a very limited supply market like these cars, then the deciding factor is the buyers desire to own the car.
He would have been much better served to have priced the car at say cost of build +10-20%. That price only made the whole thing look like a roll on the roulette wheel. My guess is GM makes about 5-10% on a corvette. People that spend a quarter of a million dollars on a car know what 250K will buy. The 250K price was stupid and only served to confuse the uneducated buyer. The informer buyer knew better. It looks like someone let greed get to him.
By the way if you are reading this (new SLC owner) welcome aboard. Are you in California? If so drop me a PM I'd like to get to know ya.
I think that auctions are always a huge risk when selling cars, especially for super cars. A Veyron went for only $700k at BJ a little while ago. With that being said, in the case of the SLC, the seller did set a reserve, and the reserve was met, so the seller got what he determined acceptable out of it (at that point in time). I'm shocked that the reserve wasn't higher, especially since he originally said $245k obo.
IMO, I don't think this sale serves as a great benchmark. I feel the seller could have easily gotten more by selling it online for somewhere between 100-140k. I guess we won't know for sure until there are more SLCs changing hands.
IMO, I don't think this sale serves as a great benchmark. I feel the seller could have easily gotten more by selling it online for somewhere between 100-140k. I guess we won't know for sure until there are more SLCs changing hands.
94k for a kit car at auction is a fair deal for both owner & buyer.
The chance you take at auction is that a knowledgeable, educated, interested, capable buyer is present. The chances of that are pretty small.
Congrats to the buyer, & welcome to the madness. Well bought & enjoy your car.
The chance you take at auction is that a knowledgeable, educated, interested, capable buyer is present. The chances of that are pretty small.
Congrats to the buyer, & welcome to the madness. Well bought & enjoy your car.
Saw the car first hand over the weekend. The car looks stunningly good as you walk up to it but once you start inspecting things a bit closer, there were some issues I noticed. They seemed to all be build quality, but on the other hand, there were some parts of the car that were well thought out and fabricated. Seemed weird to me in that regard. Nothing that can't be corrected though. All that said, I'd be pretty happy if mine turns out as well as this car.
P8180108 - YouTube
Btw, a big congrats to the new owner and I hope he participates in the forum and shares info on the car.
The car sold for 94k or 96k. The buyer also pays Russo and Steele 10% on top of that so the car really sold for ~105k and Tim will settle for ~85k. Make what you want of that.
Also, I got to sit in the Mazda 787b this weekend along with the 792p watch and hear them turn laps in anger. Fuck Yeah! Seen them many times before but never got to plop my butt in one. I still can't wipe the smile off my face
2012 Monterey Historics with the IMSA GTP cars and rotaries screaming in anger. - YouTube
I love how similar the SL-C and 787b are. Not just in the generic prototype way, but the overall design and lines of the car.
P8180108 - YouTube
Btw, a big congrats to the new owner and I hope he participates in the forum and shares info on the car.
The car sold for 94k or 96k. The buyer also pays Russo and Steele 10% on top of that so the car really sold for ~105k and Tim will settle for ~85k. Make what you want of that.
Also, I got to sit in the Mazda 787b this weekend along with the 792p watch and hear them turn laps in anger. Fuck Yeah! Seen them many times before but never got to plop my butt in one. I still can't wipe the smile off my face
2012 Monterey Historics with the IMSA GTP cars and rotaries screaming in anger. - YouTube
I love how similar the SL-C and 787b are. Not just in the generic prototype way, but the overall design and lines of the car.
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wow just wow. so many that know so little. especially the guy that sees the car a the auction in the parking lot and critiques the build without being able to open either end of the car. if you hae a car you know that you cant see anything without opening it up. this whole thread is just amazingly ignorant.
I did only see the car from the outside. I have also seen and studied every pic you have online of the car too. Does that make me an expert critic of your car? No, but I saw and knew enough about your car to make an informed opinion.
As a fellow builder, I know what to look for and noticed a few things. For example, you have nice billet parts to secure the front clip with but can't cut a straight line in the fiberglass side vents? That seemed odd to me. There were many other things to, both good and bad. Shall I make you a list? Don't forget, that list would only encompass what I saw, "without being able to open either end of the car." I'm sure the list would grow in both directions had I been able to open it up.
Overall I thought the car was very nice and had stated that I would be happy if my build came out to that level. Don't be so sensitive.
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