Purchasing a Corvette at an auction is becoming more popular every year, and, although we frequently see tasty models going for astronomical prices, that doesn't necessarily mean you can't snatch up a real bargain...if you're savvy enough. There are some major differences between actual on-site auctions and online car auctions including the requirements for bidding. Since your recourse if something goes bad on these transactions differs as well, it's best to arm yourself with knowledge.
"Going once, going twice, gone!" These are the words you hear just as the gavel drops, followed by "Sold to bidder number (whatever your number is) for the high bid of (whatever the final amount is)." If you're the high bidder, you get a huge adrenaline rush as the realization that you just won the auction sinks in. You are now the proud owner of the car that was your car the minute you laid eyes upon it. But you didn't just show up with a pocket full of money and join the bidding; there were several things that led up to this happy ending.
As noted earlier, there are on-site auctions and there are online auctions; both are substantially different from each other, so let's take a good look at each.
On-Site Auctions
Such companies as Kruse International, Barrett-Jackson, Mecum High Performance Auctions, Silver Collector Car Auctions, and Carlisle Auctions at Corvettes at Carlisle, among others, hold on-site auctions. These are well-known and well-respected auction companies with excellent track records and reputations.
The advantages of purchasing your collector car at an on-site auction are: you'll have a good opportunity to inspect the vehicle in person before it comes on the block; there will be a lengthy description of the vehicle and its features and options; the auction company will have done some due diligence to ensure the car's credentials (VIN number matches title, and so on) are in order. In the event of some misrepresentation, the auction company may also intervene and solve misrepresentation problems if they are reported by the buyer within twenty-four hours of the sale.
Another advantage is they may (but not always) have services available that could be useful to buyers, including financing, insurance, and vehicle transport services. if you're the buyer, the expenses of the sale, including the commission the auction company gets, are usually paid by the seller-good news for you.
Be aware, however, that some auctions do charge a "buyer's premium," which means you'll have to pay a percentage of the final bid price to the auction company (this is in addition to the actual final bid price). Since these companies also charge a "seller's premium," they collect on both sides of the sale; this is known as "double-ending."
The downsides of on-site auctions are: they may be far away from where you live, so travel and lodging expenses have to be figured in; if you're the winning bidder, you'll have to get the vehicle from the auction site to your home, either by driving it or having it transported, so this has to be considered as well. You also may want to trailer the vehicle home yourself, which is something else to take into consideration.
Online Auctions
Without a doubt, eBay Motors is the most viewed and most used online automotive auction, and a huge number of Corvettes are bought and sold every week on it. there are lots of other online auctions coming on strong, as well. while these online auctions are indeed gaining in popularity, there are several downsides to them, so they're not at the top of our list for buying a Corvette, especially a collector model. To be perfectly honest, the only real advantages are they are convenient, since you can bid without leaving the comfort of your home, and they offer quick gratification-you know if you've won the bidding as soon as the auction is over. That's about it for the plus side.