Can You Really Trust Classic Car Auction Companies?

by Mike –

As a potential buyer at a classic car auction it can be easy to fall into the trap of buying a car that we may later regret buying. It is difficult to perform a proper inspection at an auction and test drives are not the norm.

Buyers are in a position where they have to trust the integrity of the auction company, or not bid.

But can we trust classic car auction companies? That is the question.

How much due diligence do auction companies perform before they accept a consignment and before they write up the car description for their catalog?

Is the chassis number authentic? Has the car really had a “nut and bolt” restoration? Is the documented history of the car accurate? How much of the original racecar was replaced with new body panels and other components after that major racing accident decades ago?

These questions, and many more, can be difficult to answer before it is time to start bidding. But you must try and get as many answers as you can. The answers may cause you to not bid or to bid more aggressively. The answers certainly will impact the price you are willing to pay.

You can protect yourself somewhat. Do your homework on the car of interest before the auction and I suggest due diligence on the auction company as well. Ask your friends who may have knowledge and read about the history of the auction company in question. The more you know the better a decision you can make.

If you decide to bid set a maximum bid and be sure to calculate in the auction commision plus other costs such as transportation. Then do not go over that maximum bid because in the heat of the moment and the excitement of the auction atmosphere, which is fueled by the auction company, other attendees and other bidders, it can be easy to go over your limit of what you think the car is really worth.

Back to the question, can we trust classic car auction companies? I think we can trust some classic car auction companies just like everything else in life.

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