Skip to main content

Replies sorted oldest to newest

Just because something was marked SOLD FOR on bring-a-trailer, does not mean that the car actually sold.

I was ghosted by a buyer.  Bring-A-Trailer refunded my auction fee and suspended the buyers account, but they can't do anything else.  There are no legal obligations.

It seems that many have listed a car, had the bidding go crazy, the buyer backs out but the car is now on record for an insane sales price.  Of course that opens the way for an owner to list the car later with a very high previous sale price or others with similar cars to list and hope for the same price.

Since this all pushes the cost cars ever upward, there is little reason for the auction companies to intervene.

-=theron

@Theron posted:

Just because something was marked SOLD FOR on bring-a-trailer, does not mean that the car actually sold.

I was ghosted by a buyer.  Bring-A-Trailer refunded my auction fee and suspended the buyers account, but they can't do anything else.  There are no legal obligations.

It seems that many have listed a car, had the bidding go crazy, the buyer backs out but the car is now on record for an insane sales price.  Of course that opens the way for an owner to list the car later with a very high previous sale price or others with similar cars to list and hope for the same price.

Since this all pushes the cost cars ever upward, there is little reason for the auction companies to intervene.

-=theron

Not sure what BAT requires for Bidder verification but a CC on file might be a deterrent, this might allow for a monetary recovery % fora Bidder that doesn't complete the buying process.

Side note: When  I had applied to BAT to list my restored Meyers Manx One, BAT wanted to set a reserve that was a whopping 25% lower than what I wanted. When I sent a reply email justifying my reserve amount with BAT past closed auctions, I never heard back from BAT but I did get my full asking price on eBay.

Last edited by Alan Merklin

Not sure what BAT requires for Bidder verification but a CC on file might be a deterrent, this might allow for a monetary recovery % fora Bidder that doesn't complete the buying process.

Side note: When  I had applied to BAT to list my restored Meyers Manx One, BAT wanted to set a reserve that was a whopping 25% lower than what I wanted. When I sent a reply email justifying my reserve amount with BAT past closed auctions, I never heard back from BAT but I did get my full asking price on eBay.

BAT already requires a credit card on file to bid. Not sure what they can do with it in the event of an auction default

@WNGD posted:

Where do they take their 5% commission from if the buyer backs out?

Also, see Theron's post above:

"I was ghosted by a buyer.  Bring-A-Trailer refunded my auction fee"

In order to be a bidder you have to have a valid cc on file with the auction company. My guess is that if you're the top bidder at the time the auction closes and the sale has met the reserve they charge your cc the commission. If you fail to follow through with the seller the seller is out their money and the auction seller's fee is returned. The buyer is going to have a tough time convincing their cc company that the charge is bogus and the auction company would appeal your claim anyway. I doubt the cc company will reverse the charge because you failed to complete the agreement.

Last edited by Robert M
@WNGD posted:

From where though?

I buy a car for 50,000, there's no guarantee they can hit the buyers credit card for $2500

And the seller doesn't have any money yet from the sale.

I can see if there's X listing fee and it's taken as soon as a sale is registered, hence returned if the buyer backs out

Your qualifying bid at the close of the auction is a contract between you and BaT or PCarMarket and you immediately pay the percentage of your winning at the close of auction. They place a hold on your credit card and charge it to your credit card the second the auction closes. If you fail to pay the seller that’s on you and you lose your buyer’s fee.

A42D61B0-9C38-470A-BBFC-0AC7D95151E5336443D4-C73C-4511-A626-5F76A209C36F

Attachments

Images (2)
  • A42D61B0-9C38-470A-BBFC-0AC7D95151E5
  • 336443D4-C73C-4511-A626-5F76A209C36F
@WNGD posted:

From where though?

I buy a car for 50,000, there's no guarantee they can hit the buyers credit card for $2500

And the seller doesn't have any money yet from the sale.

I can see if there's X listing fee and it's taken as soon as a sale is registered, hence returned if the buyer backs out

I guess I'm lost. They have your the buyer's CC number. How is it not going to "hit the card"?

@WNGD posted:

Ore make a low opening bid and the hold is just $250

I'm going to try one more time.

Maybe some of you are confused. The BUYER pays the premium not the seller.

If you are a BUYER they have your credit card. You make a bid they put a hold on your card. You make the final winning bid the millisecond the auction is over you are immediately charged 5% of your WINNING BID AMOUNT up to the maximum regardless.

The process of paying the seller can take a few days, especially if the auctions ends late on a Friday. Not too many places make wire transfers on the weekend. But as the BUYER your credit card has already been charged the 5% BUYER'S premium.

If you're the seller and the buyer backs out your SELLER'S FEE is returned but the BUYER'S FEE isn't returned to the buyer.

In order to get out of the buyer's premium you would have to have a plan to not go through with the auction, you would have to cancel your credit card before the end of the auction, place a winning bid, and not complete the deal.

Why anyone would do that is beyond me. If you don't want the car don't place the winning bid. This is more about buyer's remorse settling in a few days later and they don't complete the purchase. Regardless, as THE BUYER you have already paid the buyer's premium.

You can clearly see the clock counting down so the moment that hits zero the BUYER'S PREMIUM is charged to the credit card.

@Robert M posted:

I'm going to try one more time.

Maybe some of you are confused. The BUYER pays the premium not the seller.

If you are a BUYER they have your credit card. You make a bid they put a hold on your card. You make the final winning bid the millisecond the auction is over you are immediately charged 5% of your WINNING BID AMOUNT up to the maximum regardless.

The process of paying the seller can take a few days, especially if the auctions ends late on a Friday. Not too many places make wire transfers on the weekend. But as the BUYER your credit card has already been charged the 5% BUYER'S premium.

If you're the seller and the buyer backs out your SELLER'S FEE is returned but the BUYER'S FEE isn't returned to the buyer.

In order to get out of the buyer's premium you would have to have a plan to not go through with the auction, you would have to cancel your credit card before the end of the auction, place a winning bid, and not complete the deal.

Why anyone would do that is beyond me. If you don't want the car don't place the winning bid. This is more about buyer's remorse settling in a few days later and they don't complete the purchase. Regardless, as THE BUYER you have already paid the buyer's premium.

You can clearly see the clock counting down so the moment that hits zero the BUYER'S PREMIUM is charged to the credit card.

Exactly!  It's the "buyers remorse" issue which does not typically occur for hours or days after the auction ends or until the buyer sobers up.

The 912 was pro'bly a bit quicker......

Bicycles are faster. Its really embarrassing to get beat by a city bus at the stoplight. All of the passengers cheering on the bus driver, me rev the diesel up to 1300rpms and about to drop the clutch pedal when the light turns green and then a Prius passes all of us. Stan is correct as the 912 was a horrible butchered non runner. I paid $3k for the 912, sold the Cup Wheels for $2500, sold the original mirrors for $800 and $600 for the Kennedy 350 chevy adapter kit that came with the car.110

Attachments

Images (1)
  • 110

I just traded my 67 912 for a bagged 1975 240d Benz. Was that a good deal? 091

I’d say you scored. That 912 is $75K away from being worth $50.

Theres a really nice low mile 99 500SL on their now. Just starting but still <$10K. It will be interesting to see where it goes.

eta: Low Rider of the Apocalypse. Now all you need is a used veggie oil tank in the back.

Last edited by dlearl476

Add Reply

Post Content
×
×
×
×
Link copied to your clipboard.
×
×