Re: Great Packards at Auction, PLEASE READ

Posted by packardsix1939 On 2022/4/1 10:56:14
I was interested in bidding on one of the cars but am having second thoughts after talking to a representative of the auction company. It seems like they can be really tough to deal with. A 22% commission is ridiculous. Southeby's only charges 10% and this outfit is not Southeby's. They are a local auction company who's forte is used industrial machinery and real estate foreclosures. Their commission scale should be a lot lower. I asked about the 4% commission discount, and they told me I would qualify if I paid in cash. So, I asked, suppose I submit a winning bid and the amount due is $50K. You want me to drop off $50K in actual U.S. currency? I would not want to do this. You could get killed carrying around that kind of money. Not sure why, but you don't qualify for the discount if you pay via wire transfer. Plus, they will charge you an extra fee for a wire transfer on top of the commission. Not sure I feel comfortable with this arrangement. Did anyone on this forum buy a car from the prior auction? How was your experience?

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