Registering To Buy
In comparison to online auctions, on-site auctions are really the safest and most sensible way to purchase a Corvette on a competitive-bidding basis. And, when you consider that many of the major auction companies conduct several auctions each year at many sites around the country, this is a definite venue you may want to seriously consider.
Every on-site auction requires bidders to be registered. The registration process establishes that the bidder, should he or she be successful, is financially capable of completing the transaction, and that he or she is, indeed, a real player. To register for an on-site automotive auction, you will usually be required to provide all or most of these items:
*a copy of your valid driver's license
*a photograph of yourself
*contact information (bidder name, address, phone number, e-mail address, cell phone)
*social security number
*your signature on the bidding contract
If you wish to pay for the vehicle with a personal or business check (as opposed to cash or a cashier's check):
*bank or investment company name
*checking account number
*desired bid limit
*bank address, contact name, and phone number
*a bank letter of guarantee confirming you're good for the money
The auction company also charges a bidder registration fee and has a minimum for the bid limit. Using Barrett-Jackson's '07 Scottsdale auction as an example, the bidder registration fee was $400 for early registration and $500 for on-site registration; the minimum bid limit was $30,000 (that means that bidders had to prove they were capable of bidding a minimum of $30,000, although they were under no obligation to do so). The bidder registration fee is refundable, however, if you purchase a car as the winning bidder.
The fees and minimum bid limits vary from auction to auction, but these are fair examples of what to expect. Upon submitting the fee and the requisite materials, you will be issued a bidder's pass or bidder's credentials, which can be picked up in person when you arrive at the auction. Once you have the pass or credentials, you're ready to place your bid(s) when the car comes up on the block.
A Little Auction Trivia
The first documented collector car to sell for $1 million in cash at a Kruse auction was a '34 Duesenberg SJ La Grande long wheelbase dual-cowl phaeton. The car was sold to Tom Monaghan, founder of Domino's Pizza and the owner of the Detroit Tigers at the time.
Take Along An Expert
It's amazing the number of "experts" who are at car shows in general and Corvette shows in particular (please note the word is in quotes). But when it comes to putting down your own hard-earned cash, you don't want an armchair expert giving you advice; you want somebody who really knows their stuff, inside and out, about Corvettes. But this person doesn't have to know everything about every generation and year of Corvette, just make sure he or she is at the top of their game when it comes to the particular year you're interested in acquiring.