Mecum Auto Auctions typically take a 10% buyer’s premium on all vehicles sold at its auctions. The buyer’s premium is the cost paid by the purchaser that is in addition to the auction price of the vehicle.
The total auction price will usually be the hammer price (or winning bid) plus the buyer’s premium.
The buyer’s premium may vary at individual Mecum Auto Auctions, as Mecum Auto Auctions sometimes offers different premiums based on the amount of the winning bid, or at certain locations. Some Auctions may even waive the entire buyer’s premium for purchases under a certain amount.
If the buyer’s premium varies, it will be published in the Terms & Conditions for that Auction, so it’s important to read through them prior to bidding.
Mecum Auto Auctions may also offer an additional 5. 95% buyer’s premium if the purchase is made with a credit card. This additional fee is charged by the credit card company and is not collected by Mecum Auto Auctions.
What is Mecum Auto commission?
Mecum Auto Commission is a service that provides automobile purchasers and sellers with a seamless and secure means of buying and selling cars. It is a popular choice for those who are looking to purchase classic or collector cars, as the Commission takes care of all of the paperwork, background checks, and transfer of funds required in a legal car sale transaction.
The Mecum Auto Commission also helps with the pricing evaluation of the vehicle and provides background information to assist buyers in making informed purchase decisions. Mecum Auto Commission also provides tips, instructions, and guidance to sellers to help them sell their vehicles quickly and achieve a fair market value for the car.
Additionally, the Mecum Auto Commission also helps buyers and sellers by providing descriptions, photos, and videos of the vehicles listed for sale, all available online for viewing anytime. This can help buyers to make an informed decision without making the trip to see the car in person.
How much does mecum charge the buyer?
The amount that Mecum charges the buyer is dependent on the item being purchased. At their auctions, Mecum charges a buyer’s premium which varies from 5% to 10%. Additionally, there are additional charges such as a $300 document processing fee, applicable sales tax, and a $60 titling fee, which would all be applicable when buying a vehicle.
There may also be other miscellaneous fees which can vary in amount. It is important to note that Mecum will provide a detailed list of all fees prior to purchase.
How much does it cost to be a bidder at Mecum Auto auction?
The cost to be a bidder at a Mecum Auto auction depends on the type of auction. For online auctions, there is no charge to obtain a bidder’s badge, but any winning bids are subject to a 15% buyer’s premium.
For live auctions,there is a $100 bidder registration fee. This fee includes a bidder packet, two complimentary auction guides, seating in the auction tent, secure online access to similar vehicles not in the auction lineup, and access to the exclusive Mecum Paddock area.
There are additional fees for transportation, lodging and food. There is also a buyer’s premium of 10% at live auctions.
Who pays the fees at Mecum?
The party responsible for fees at Mecum is dependent upon the nature of the transaction. If you are buying a vehicle at a Mecum auction, you, as the buyer, are responsible for any applicable buyer fees.
These fees can include the buyer’s premium fee, taxes, and registration or title paperwork fees. If you are the seller, then you are responsible for paying the seller fees and any related auction fee.
These fees may include commission fees and any applicable seller’s premium fees. Both parties should be familiar with and agree to the fees prior to the transaction taking place.
Why do they push cars at Mecum?
At Mecum auctions, cars are pushed because it is faster and safer than towing them. Pushing cars allows for multiple cars to move through a single aisle instead of blocking the whole aisle while using two tow trucks.
Additionally, it prevents damage to the vehicles — pushing causes less wear and tear than towing, which can be hard on the car’s drivetrain. Furthermore, pushing also allows close inspection of the vehicle’s underside, something difficult to do when towing.
Pushing also minimizes noise inside the auction hall and is just plain easier on the car. Lastly, pushing gives the bidders a chance to get a more up-close look at the cars they’re bidding on, allowing them to get a better sense of how the car actually looks and runs.
All in all, pushing cars at Mecum auctions is faster, safer, and allows for more inspection of the vehicles, creating a better experience for both the buyers and the auctioneers.
What is the most prestigious auto auction?
The most prestigious auto auction is without a doubt RM Sotheby’s, a company that began in 1932 as Mecum Auctions and specializes in the restoration and sale of classic, vintage, special-interest, and collector automobiles.
RM Sotheby’s is renowned for hosting the world’s most significant and successful collector car auctions, where the world’s most valuable and sought-after automobiles are offered for sale. The auctions are held in some of the most exclusive venues in the world, from classic country estates to chic auction venues in exclusive cities.
Their location and pedigree guarantee an assembly of well-heeled bidders and higher hammer prices, as does their experienced team of auctioneers and dedicated international staff of automotive specialists.
Through their thorough research and history of success, RM Sotheby’s has earned their place as the world’s most trusted and respected collector car auction house.
What’s the most expensive car to ever be sold Mecum Auctions?
The most expensive car ever sold at Mecum Auctions is a 1953 Ferrari 375 MM Pinin Farina Spider, which was sold in 2017 for $9,625,000. The Ferrari 375 MM is a rare coach-built race car made exclusively for racing at the Mille Miglia endurance race.
It was initially built for Roberto Bordino, However, he crashed the car before ever being able to enter the Mille Miglia, and it was later sold to an American. It ended up having a string of subsequent owners, before it was eventually put up for auction as part of Mecum’s 2017 line-up.
It is powered by a naturally aspirated 4. 5-litre Lampredi V12 engine, capable of a top speed of 168mph and is considered to be a highly unique and valuable example of a 1950s race car.
What is the largest auto auction in the world?
The largest auto auction in the world is the Manheim auto auction, a division of the Cox Automotive company. Manheim operates auction centers in more than 200 locations around the globe, including centers in North America, Europe, Asia, and Australia.
Manheim’s auctions are widely regarded as the industry gold standard, and include car remarketing, fleet and finance remarketing, dealer consignment, and whole car auction services. Its auctions feature hundreds of thousands of cars, trucks, and SUVs for sale and resale each year.
Manheim was founded in 1945 and is now the world’s largest, most diverse automotive marketplace. Its success comes from its combination of physical and digital offerings, superior service, and access to the Cox Automotive ecosystem, which includes innovative technology and other customer value-driven services.
Is Mecum auction free?
No, Mecum auctions are not free. They are ticketed auctions with an admission fee which varies depending on the specific auction. The cost of admission often includes a bidder badge and catalog, and health & safety protocols may be put in place due to the COVID-19 pandemic, which could result in additional costs.
In addition, there are also buyer’s fees which include a buyer’s premium of 10% of the purchase price and other fees and taxes such as registration fee and any applicable sales tax.
What does Barrett Jackson charge to sell a car?
Barrett Jackson charges a commission fee of 8% of the final sale price of a car when the car is sold through an auction. This fee is typically shared by both the buyer and the seller and is due on the time of the close of the sale.
In addition to the commission fee, there is also a Wholesale Reserve Fee which is applied for cars that sell for less than $50,000. This fee is set at $400 and is non-refundable. Other fees associated are administrative fees, entry fees, and travel expenses that can vary depending on the individual situation.
The cost of transportation will depend on the location of the buyer and the seller.
Can anyone bid at Mecum Auctions?
Yes, anyone can bid at Mecum Auctions. The company holds public auctions where anyone with the appropriate funds or financing can participate. To bid, you must first register with Mecum and present a valid form of photo identification.
You can register in person at the auction or pre-register online. Once you are registered and approved, you can bid in person, by telephone, or over the internet. You can even arrange for an auction representative to bid on your behalf.
In addition, Mecum allows bidders to leave absentee bids in advance of the auction so that they don’t have to be present to participate. It’s important to remember that all sales are final and payments must be made in full before vehicles or any other items will be released.
How do you qualify to bid at Mecum auction?
To be eligible to bid at a Mecum auction, all bidders must satisfy the following requirements:
1. Create a bidder account by completing the online registration form. Once your registration has been approved, you will be issued a unique bidder number and an email confirmation.
2. Present a government-issued photo ID when you arrive at the auction. Acceptable forms of identification include a state driver’s license, passport, or military ID.
3. Be prepared to provide a credit card for the refundable bidder pre-authorization when you register or check-in.
4. Provide proof of payment. All bidders must make a $300 cash or credit deposit at registration, or pay the total invoice amount in full at checkout to receive a bidder paddle.
5. Participate in the bidder orientation prior to bidding.
6. Attend the auction with a valid buyer’s badge.
7. Agree to the Terms & Conditions of the Mecum Auction.
Following these steps will make sure that you are properly registered and qualified to bid at a Mecum Auction.
What is the Mecum rule?
The Mecum Rule is a rule established by auction company Mecum Auctions to ensure the authenticity and accuracy of their auctions. The rule states that all vehicles being auctioned must be verified by Mecum Auctions before they are allowed to be sold.
This verification process includes an inspection of the vehicle’s condition, accuracy of description, and presentation of the vehicle. Mecum Auctions also requires that every vehicle must have its associated paperwork, such as titles, bills of sale, and service records.
Additionally, the inspection is focused on making sure that the vehicle is free from any encumbrances, such as liens or judgments, as well as ensuring that all auction participants are aware of the correct history and condition of the vehicle before the bidding begins.
The Mecum Rule is intended to create a secure, transparent, and efficient auction process for all parties involved.