Mike Antonick's Corvette Black Book, Alan Colvin's Corvette By The Numbers 1955-82, this author's Corvette Illustrated Encyclopedia, and other books are wonderful for giving you the lowdown on the facts, figures, and specs, but you want someone with intimate knowledge of the particular model you've got your eye on to make sure everything is legit, and the car is the real deal and all that it is touted to be. you're probably going to be spending some major bucks bidding on this car, and you want to ensure you're not overlooking any details during the inspection of the vehicle. Two passes are usually provided to registered buyers, so the extra expense of hiring an expert who can do a thorough inspection and an accurate appraisal is a worthwhile investment before you cast your bid.
Often there are experts available for hire at the auction site, or they can be contacted through referrals of the auction company itself. If this sounds like an extravagant expense to you, then you're probably not ready (or able) to part with the considerable cash it will take to win that dream Corvette in the first place.
Using An Agent
If you can't physically attend an on-site auction yourself, another option is to use an agent to represent you and place bids on your behalf. Most of the larger collector car auction companies can accommodate this kind of absentee bidding.
Here's how this works. You register as a buyer, but you stipulate you will be doing proxy bidding. You can hire an independent agent to represent you, but in many instances the auction company will assign one of their staff to assist your proxy bidding. When the car you're interested in is in line to come onto the block, you establish contact over the phone with the agent who will be representing you. As the bidding progresses, the agent will let you know what the current bid is, and you can tell him to bid the next increment or to stop bidding when you've reached your ceiling. If you win the auction, you can also make payment and delivery arrangements on the vehicle through the agent.
In The Heat Of The Moment
The fast pace of a collector car auction, the excellent lighting that makes the cars look their best, and the excitement of being a "player" can easily blur common sense and good judgment. As soon as you cast your first bid, a ring man will start hovering around you like a fly around honey and urge you to top the next bid. That's his or her job, and it's very easy to get caught up in the bidding as it grows to a fever pitch.
Based on the advice of your expert, your own research, and an accurate appraisal of what this vehicle is worth set a realistic high-bid amount in your mind. If you really like the car, it's OK to exceed the appraisal value, but only by 10 to 15 percent; more than that and you're going to overpay. Let's say, for example, that the expert's appraisal figure is $40,000 for a particular Corvette. You really like it, so you set your ceiling bid at $46,000, which is 15 percent over the appraisal. When the bidding goes to $46,500, it's time to bail out.
As much as you may like the car, try not to get emotionally attached to it before the bidding starts. It's not the only Corvette of this year with these options out there, and tomorrow's another day. And, if by some chance, it really is a one-of-a-kind or a very-few-of-these-were-made Corvette that you're serious about owning, then you've got very deep pockets and you're going to do what you want anyway, regardless of the advice you get.
As hard as it may be, the most important thing to remember when the bidding frenzy starts is keep your cool and don't let your emotions rule.