Navigating the Thrilling World of Mecum Auctions: A Buyer’s Guide to Classic Car Dreams
Mecum Auctions is a powerhouse in the classic and collector car world, renowned for its vibrant atmosphere, diverse selection, and high-profile events. For enthusiasts seeking to acquire a dream car, Mecum offers a compelling marketplace. However, diving into the auction scene can be daunting. This comprehensive guide will equip you with the knowledge and strategies needed to navigate Mecum Auctions successfully, turning your classic car aspirations into reality.
1. Understanding Mecum Auctions: A Landscape Overview
- Scale and Scope: Mecum is one of the largest collector car auction companies globally, hosting events throughout the year across the United States. These auctions feature a wide range of vehicles, from pre-war classics and muscle cars to exotics and modern collectibles.
- Auction Format: Mecum auctions typically span several days, with hundreds of cars crossing the block. The fast-paced environment is driven by live bidding, both in person and online.
- Consignors and Buyers: Mecum acts as a facilitator, connecting sellers (consignors) with potential buyers. The company does not own the vehicles but provides the platform for transactions.
- Auction Catalogs: Detailed catalogs are available online and in print, providing essential information about each vehicle, including year, make, model, VIN, options, and a brief description.
2. Pre-Auction Preparations: Laying the Groundwork for Success
- Define Your Goals:
- Budget: Determine your maximum spending limit, including the purchase price, buyer’s premium (a percentage added to the winning bid), transportation costs, and potential restoration or maintenance expenses.
- Desired Vehicle: Research specific makes, models, and years that align with your interests and budget. Consider factors like rarity, condition, and historical significance.
- Purpose: Will the car be a showpiece, a weekend driver, or an investment? Your intended use will influence your selection criteria.
- Research Thoroughly:
- Market Value: Use online resources like Hagerty Valuation Tools, NADAguides, and Classic.com to establish a realistic market value for your target vehicles.
- Vehicle History: Obtain a vehicle history report (e.g., Carfax, AutoCheck) to uncover any potential issues like accidents, title problems, or odometer discrepancies.
- Mecum’s Past Results: Review Mecum’s auction archives to see how similar vehicles have performed in previous sales.
- Attend Preview Days:
- In-Person Inspection: If possible, attend the auction preview days to inspect the vehicles you’re interested in personally.
- Condition Assessment: Carefully examine the car’s exterior, interior, engine bay, and undercarriage. Look for signs of rust, damage, or poor repairs.
- Documentation Review: Request to see any available documentation, such as service records, original invoices, or ownership history.
- Ask Questions: Don’t hesitate to ask Mecum representatives or the consignor (if present) any questions you have about the vehicle.
- Secure Financing (If Needed):
- Pre-Approval: Obtain pre-approval for a car loan from your bank or credit union to avoid any surprises during the auction.
- Alternative Financing: Explore options like collector car loans or lines of credit specifically designed for classic car purchases.
- Register to Bid:
- Online or In-Person: Register as a bidder with Mecum, either online or at the auction venue. You’ll need to provide identification and financial information.
- Bidding Options: Familiarize yourself with the different bidding methods available, such as in-person bidding, phone bidding, and online bidding.
3. Mastering the Auction Process: Strategies for Success
- Arrive Early: Arrive at the auction venue well in advance of the vehicle you’re interested in crossing the block. This will give you time to observe the atmosphere, scout out your bidding position, and finalize your strategy.
- Observe the Bidding Dynamics:
- Auctioneer’s Pace: Pay attention to the auctioneer’s cadence and style. They will often try to encourage higher bids and create a sense of urgency.
- Competitor Analysis: Watch how other bidders are behaving. Are they aggressive or cautious? This can give you insights into the potential competition.
- Set a Firm Limit:
- Emotional Control: It’s easy to get caught up in the excitement of the auction and exceed your budget. Stick to your pre-determined maximum bid, regardless of the circumstances.
- Walking Away: Be prepared to walk away if the bidding exceeds your limit. There will always be other opportunities to find your dream car.
- Bidding Strategies:
- Early Bidding: Starting with an early bid can signal your interest and potentially discourage other bidders.
- Incremental Bidding: Increase your bids in small increments to avoid overpaying.
- Late Bidding: Waiting until the last moment to bid can be a risky but sometimes effective strategy.
- Understanding "No Sale": If the bidding doesn’t reach the seller’s reserve price (the minimum acceptable price), the car will be declared a "no sale." In some cases, you may be able to negotiate a deal with the seller after the auction.
- Be Clear with Your Bids: Make sure your bids are clear and unambiguous to avoid any confusion.
4. Post-Auction Procedures: Completing the Transaction
- Winning the Bid: If you are the successful bidder, you will be required to sign a purchase agreement and make a deposit immediately.
- Payment: You will need to arrange for full payment within the specified timeframe, typically a few business days.
- Buyer’s Premium: Remember to factor in the buyer’s premium, which is a percentage of the winning bid that is added to the final price.
- Transportation: Arrange for transportation of the vehicle from the auction site to your desired location. Mecum often has preferred transportation partners.
- Documentation: Ensure you receive all necessary documentation, including the title, bill of sale, and any other relevant paperwork.
5. Essential Tips for Success
- Due Diligence is Key: Never bid on a vehicle without conducting thorough research and inspection.
- Don’t Be Afraid to Ask Questions: Mecum representatives are there to assist you. Don’t hesitate to ask for clarification or additional information.
- Network with Other Enthusiasts: Connect with other classic car enthusiasts at the auction. They can offer valuable insights and advice.
- Consider Professional Assistance: If you’re new to the auction scene, consider hiring a professional car appraiser or buyer’s agent to represent you.
- Enjoy the Experience: Attending a Mecum auction is an exciting and memorable experience. Take the time to appreciate the cars, the atmosphere, and the camaraderie of fellow enthusiasts.
Conclusion:
Buying a classic car at Mecum Auctions can be a rewarding experience. By following these guidelines, you can increase your chances of finding the perfect vehicle, negotiating a fair price, and realizing your classic car dreams. Remember, patience, preparation, and a level head are your best allies in the thrilling world of collector car auctions. Happy bidding!
