-
Home
- TV Shows
- TV Schedule
- NASCAR
-
Latest Headlines: NASCAR
-
-
Formula 1
- Auto Racing
- Moto Racing
- Cars
- Bikes
- Store
- Social
- Games
- Mobile
- Deals
- Videos
- Photos
- Home
- TV Shows
-
TV Schedule
-
SPEED Showcase
-
- NASCAR
- Formula 1
- Auto Racing
- Moto Racing
- Cars
- Bikes
- Store
- Social
- Mobile
- Deals
- Videos
- Photos
Automotive Lifestyle
AUTOS: Barrett-Jackson To Review Format
Reserve sales were added at Palm Beach for the first time since 2005; sales totaled $15.83 million for 380 collector cars.
The first car that failed to meet its reserve Saturday at Palm Beach was this 1970 Plymouth Cuda, which was bid up to $82,000. (Photo: BArrett-Jackson)
Barrett-Jackson officials said Monday that they will evaluate the results of last weekend’s collector-car auction at Palm Beach, Fla., before deciding whether or not to again allow cars to be sold with a reserve price at future auctions.
During the just-concluded ninth annual Barrett-Jackson Palm Collector Car Event, a total of 380 cars sold for $15,829,795, compared with the 2010 auction, when 462 cars sold for about $20 million. In terms of dollars, that’s a decrease of 21 percent, although there were fewer consignments.
But this year’s event had one huge change from years past: For the first time since 2004, Barrett-Jackson permitted consigners at Palm Beach to set a reserve, or minimum price. From the 2005 Barrett-Jackson Scottsdale auction through 2011 Scottsdale, all cars sold at Barrett-Jackson auctions were sold at no reserve, meaning there was no minimum price for any car. When the bidding stopped for each car, it sold.
That guaranteed a 100-percent sell-through rate, but it also meant the sellers had no safety net if their cars were bid to significantly less than valued.
At Palm Beach, consignors were allowed to set reserve prices for cars that Barrett-Jackson officials judged to have a minimum value of at least $50,000. Cars that failed to meet their reserves were declared no-sales.
On Monday, Barrett-Jackson’s Phil Neri, the vice president of Sales and Marketing, said the company would evaluate the Florida results before making a final decision on whether to continue the new reserve format at upcoming auctions later this year in Orange County, Calif., and Las Vegas.
“Our goal is to always listen to our customers and in West Palm Beach, our company was testing customer response to an auction that provides options for both sales formats,” Neri said in an e-mail to SPEED.com on Monday.
“Our goal is to meet the needs of as many of our customers as possible. We strive to have an open dialog with customers at all times. We have heard from many that they are committed to the Barrett-Jackson auction model and the no reserve format that offers a fair platform for buying and selling collector cars to the largest pool of qualified bidders anywhere in the world.”
Not every potential consignor liked the no-reserve format, though.
“On the other hand, we have heard from others who would like to participate in a Barrett-Jackson auction, but have cars they aren’t comfortable selling at no reserve,” Neri said. “These same customers have asked us to consider re-introducing a reserve element into our auction format so they can continue to participate in Barrett-Jackson auctions and not take their cars elsewhere.”
Neri said the company will talk to its consignors about their thoughts on the Palm Beach experiment.
“By offering both reserve and no reserve consignments at our Palm Beach 2011 auction, Barrett-Jackson will test this hybrid buying and selling environment and then gather feedback from customers,” he said. “After a careful analysis of our results in Florida, we will decide a course of action that makes sense for Barrett-Jackson, our customers and the collector-car hobby.”
Tom Jensen is the Editor in Chief of SPEED.com, Senior NASCAR Editor at RACER and a contributing Editor for TruckSeries.com. You can follow him online at twitter.com/tomjensen100.
During the just-concluded ninth annual Barrett-Jackson Palm Collector Car Event, a total of 380 cars sold for $15,829,795, compared with the 2010 auction, when 462 cars sold for about $20 million. In terms of dollars, that’s a decrease of 21 percent, although there were fewer consignments.
But this year’s event had one huge change from years past: For the first time since 2004, Barrett-Jackson permitted consigners at Palm Beach to set a reserve, or minimum price. From the 2005 Barrett-Jackson Scottsdale auction through 2011 Scottsdale, all cars sold at Barrett-Jackson auctions were sold at no reserve, meaning there was no minimum price for any car. When the bidding stopped for each car, it sold.
That guaranteed a 100-percent sell-through rate, but it also meant the sellers had no safety net if their cars were bid to significantly less than valued.
At Palm Beach, consignors were allowed to set reserve prices for cars that Barrett-Jackson officials judged to have a minimum value of at least $50,000. Cars that failed to meet their reserves were declared no-sales.
On Monday, Barrett-Jackson’s Phil Neri, the vice president of Sales and Marketing, said the company would evaluate the Florida results before making a final decision on whether to continue the new reserve format at upcoming auctions later this year in Orange County, Calif., and Las Vegas.
“Our goal is to always listen to our customers and in West Palm Beach, our company was testing customer response to an auction that provides options for both sales formats,” Neri said in an e-mail to SPEED.com on Monday.
“Our goal is to meet the needs of as many of our customers as possible. We strive to have an open dialog with customers at all times. We have heard from many that they are committed to the Barrett-Jackson auction model and the no reserve format that offers a fair platform for buying and selling collector cars to the largest pool of qualified bidders anywhere in the world.”
Not every potential consignor liked the no-reserve format, though.
“On the other hand, we have heard from others who would like to participate in a Barrett-Jackson auction, but have cars they aren’t comfortable selling at no reserve,” Neri said. “These same customers have asked us to consider re-introducing a reserve element into our auction format so they can continue to participate in Barrett-Jackson auctions and not take their cars elsewhere.”
Neri said the company will talk to its consignors about their thoughts on the Palm Beach experiment.
“By offering both reserve and no reserve consignments at our Palm Beach 2011 auction, Barrett-Jackson will test this hybrid buying and selling environment and then gather feedback from customers,” he said. “After a careful analysis of our results in Florida, we will decide a course of action that makes sense for Barrett-Jackson, our customers and the collector-car hobby.”
Tom Jensen is the Editor in Chief of SPEED.com, Senior NASCAR Editor at RACER and a contributing Editor for TruckSeries.com. You can follow him online at twitter.com/tomjensen100.
Goodwood Festival Of Speed
LATEST HEADLINES: AUTOMOTIVE
-
GREEN: Porsche Adding All-Model Hybrids
Gas/electric plug-versions of its entire lineup – including… -
AUTOS: Porsche Boosts 918 Spyder Power
The upcoming supercar will produce 887 horsepower from its gas/electric… -
AUTOS: Acura NSX Details Revealed
The rebirth of the mid-engine sports car – now an all-wheel-drive… -
DRIVEN: Jaguar’s Many-Splendored XJ
The British luxury sedan comes in 10 different flavors, with plenty… -
AUTOS: Lamborghini Egoista Launched
The wild single-seat concept car is unveiled at the end of the epic… -
AUTOS: Dale Earnhardt Jr.’s Hot Pontiac G8
NASCAR team owner Rick Hendrick helped his driver modify the 2009… -
VINTAGE: A Fast Historic Tour Of France
Vintage race and touring cars compete in the 22nd annual Tour de… - More News
