by Mike –
The auction is new but the guy running it is not new. He is Rick Cole the classic car guy who started the whole auction scene in Monterey in 1986 around the Historic Races and the Pebble Beach Concours d’Elegance every mid-August.
The new Rick Cole Auctions has a completely different format than all of the other auctions held during Monterey Car Week.
There is no auction event – this new auction format will be managed by the bidders use of their smart phone (or iPad or tablet) and bidding as they wish throughout the several day auction period (August 14-17). The cars will be on display at the Marriott Hotel in downtown Monterey – a very convenient location.
How this new classic car auction works (according to Rick Cole Auctions)
Rather than sit or stand for hours in a crowded venue, our auction environment will allow buyers to inspect the car of their choice at their leisure at any time over a four day vehicle display period.
Using your smart device, you will be able to watch and monitor each car’s bids, or simply “Set Your High Bid and Forget it”, wherein your device will automatically bid for you in set increments. Bidders will also be able to place bids by telephone if they prefer.
The entire auction will end on Sunday, August 17 at midnight PST. Successful buyers will be emailed invoices immediately following the auction together with bank wire information. All sold vehicles will be kept safely in the hotel garage until pick up by common carrier.
When I spoke to Rick Cole he said,
Our buyers will have four days to look over the cars and make a decision on their bid. They also can go to the other auctions because we do not take a specific time from their schedule. They do not have to be at our auction waiting for their car of choice to come up on the stage.
This is a gentleman’s auction in a relaxed atmosphere – the seller does not have to worry that his buyer is at another auction when his car goes across the block.
We are selling great cars not selling a show.
Rick Cole and Phil Hill a few years ago
The Rick Cole Auction will be smaller than the other auctions in Monterey but no less interesting based on the cars already signed up. I plan to check it out.
Hmmmm….