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Discussion Starter · #1 ·
Hi,
I would appreciate insights into buying a car from a car auction.
I understand the risks enough to be nervous about even considering this approach.
This is what I know so far:

1) Not allowed to do a PPI or drive the car. They will start the car for you.
2) As-is. So if there are serious car issues you are stuck.
3) 15%-20% commission.

--thanks
 

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Hi,
I would appreciate insights into buying a car from a car auction.
I understand the risks enough to be nervous about even considering this approach.
This is what I know so far:

1) Not allowed to do a PPI or drive the car. They will start the car for you.
2) As-is. So if there are serious car issues you are stuck.
3) 15%-20% commission.

--thanks
If you're in the area you are allowed to start up and move the vehicle to make sure everything works enough while not being able to take it out on the road.

If you're not in the area you can use an inspection company that sends someone out and does everything for you and emails a detailed report with pictures. In the past I've used a company called Advantage Equipment Inspections they run anywhere from $120 on up I guess it depends on the car, they are nationwide and can access all auction lots. I've bought several vehicles and used them but never a lambo, the most expensive car I've used them for was an R8. Which auction platform are you using?
 

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Discussion Starter · #5 ·
If you're in the area you are allowed to start up and move the vehicle to make sure everything works enough while not being able to take it out on the road.

If you're not in the area you can use an inspection company that sends someone out and does everything for you and emails a detailed report with pictures. In the past I've used a company called Advantage Equipment Inspections they run anywhere from $120 on up I guess it depends on the car, they are nationwide and can access all auction lots. I've bought several vehicles and used them but never a lambo, the most expensive car I've used them for was an R8. Which auction platform are you using?
You lost me at "which auction platform". I see a few lambos Mecum has coming up.
 

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Unless you are in the biz and have experience.

1) pass
2) pass
3) pass
Unless your Ed Bolian and the offer would reflect a whole lot of repairs. Even then I don't think he ever bought from an auction.

I did buy my work truck on auction based on pictures alone but I knew it's past life. I also bought the C7 based on pictures and had it shipped here. My gamble paid off but for a Lambo with a price tag worth the price of a house I would not do it.
 

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Discussion Starter · #7 ·
Here is the VIN on the Murcielago at Mecum : VIN is ZHWBU37S48LA02814.
Supposedly 2-3 owners and no service records since about 2010 on carfax.
Also it is being auctioned off with no reserve. The person bought the car about 6 months ago.

Based on the feedback so far, and my initial hesitation i'm not going to risk a 6-figure sum for a possible lemon.
 

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I'm not familiar with Ed's app but did you check Vin Wiki?

There's a reason why it goes to auction, so you have to know why it's there. Are they trying to hide damages, that would be the best place for a buyer to overpay. Is it so valuable and potential profits high that it makes sense to have a bidding war? Is a dealer or insurance getting rid of it quickly because they need cash flow or it has been repeod?

If I were to bid though (Not that I would with this kind of risk) my theory is to bid low with in mind something catastrophic like an engine replacement, a transmission and or a combination of several issues with room to spare for things you couldn't even imagine. I would plan a huge bill for repairs so the bid would reflect the worst, the problem with that though there's always someone willing to over pay on auctions and more than likely you will lose the car. The good side is you won't be stuck with a nightmare.
 

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2022 Huracan EVO RWD
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It's OP's money but I am by nature very cautious so, auctions would be far too risky for my blood. Heck, I even prefer to buy Lamborghinis' only from Lamborghini dealerships. OP, Best of Luck!
 

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This auction model also works for established Youtube rebuilders who use the car for content and write off a lot of the repair costs. Average Joe (myself included) going in with no experience is just asking to get your teeth kicked in.
This reminds me of goonz squad who rebuilt a Huracan. The diy welds were atrocious. I liked watching that series though to get insights on what to expect when taking things apart. It also makes you realize the hundreds if not thousands of hours to rebuild such a car and the head ache trying to source parts.
 

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Discussion Starter · #13 ·
Thanks all for the feedback quite enlightening. Regarding auctions, one of the things I believe happens and is currently happening on what use to be a real cool site to sell you car is shill buyers. Simply put you have a friend bid againts a real bidder till the real bidder drops out. Then you approach the real bidder with "The guy who won the auction declined, are you interested?" and some guys fall for that. Here is the link to the car :

 

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As an FYI, if you get to the auction early to attend the preview days, you can try to find the owner. If you do, that owner should have no problem giving you a short test drive. If he/she doesn’t give you a test drive, avoid at all costs.
 

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I probably wouldn't do it just because of the vagueness the auction process brings. That Murci is freaking gorgeous and looks insanely clean.

I think the owner bought on the covid down stroke now is trying to cash in like everyone else is doing. I would be curious to see what it brings.
 

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I have bought several cars from Mecum and Barret-Jackson. I will give you my views so you have them from someone that is familiar with the process. I am assuming you are a newbie to this process of buying a car and even a Lambo........from your comments.

1. You state that you are somewhat nervous....This makes me think you have never been to an auction like this, and you might be worried about the financial aspect of owning a Lambo. Do some research of the car quirks, and expectations on maintenance. It is over 10 years old...etc... Need to have the attitude of "I want this car!!!" If you are having doubts, then if something does go wrong you will never be happy.

2. You will have to register with Mecum to bid. You cannot simply show up and bid on this type of car without some verification of your ability to pay The auction is a ways off...advantage to you. During this process, ask them for independent appraisers specializing in exotic Italian cars that will be on site to assist you (talk to someone at Mecum by phone after you get your registration). They will understand this, and will assist you. I have done this a few times....might be the best 1K + that you ever spend. If you are going to the auction, then make sure the appraiser is there to answer your questions and concerns, if not pick an appraiser that will be there. This would be a short discussion of the car and covering your questions and concerns. Great if they are with you during the bidding (more of this on the next point and maybe to save some bucks). If you are not an expert on the Murci....then this would be the best money you ever spent to get a great car, or walk away from a car with potential issues.

3. Are you a seasoned bidder at auctions? A key point here....if you are going to bid on this car in person, DO NOT GET CAUGHT UP IN THE HYPE AND EXCITEMENT!!!! There will be lots of excitement and hype when the cars cross the auction block with many of the high end cars one after another. It can be like a chess game...seasoned bidders will play mind games, and auctioneers might do the same during hot and heavy bidding; a bid might jump from increments of 25K to 100K bids, with out you really knowing, as you are caught up in the excitement. So instead of thinking you have a 250 K bid, you have a bid of 325K plus the buyer's mark up, transportation of the car. Another reason to try and get an appraiser by you side so he can keep you reigned in and discuss bidding strategy. The seller might have a reserve, so if it is not met, then you have time to find out what the bidder wants at a side booth at the auction site, and consider their offer after the bidding.

4. I have nothing but praise for Mecum in the times I have dealt with them. Remember, they will try to represent the car and its faults, but this depends on the facts supplied by the seller. Bottom line is, if you buy it...it is yours regardless, even if the car falls apart after being sold and leaving the auction block. You will affirm this fact when getting your registration to bid. It has been my experience that Mecum works harder for the purchaser compared to the seller. Yes, the buyer's and seller's commission is high,but consider the venue they rent, promotions, etc..... To me, Mecum is far more reputable than Barret- Jackson which to me focuses on the hype.

5. Last important point......If you are new to this, have this attitude......GO AS A SPECTATOR AND NOT A BUYER!!! In this way you can take in the whole event, see a lot of great cars...maybe show up a day early to see the car you like, and take in the auction process and learn from it. If the car is right for you in your opinion and within your price range...you got your car, if not you had a lot of fun.
 

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I have bought several cars from Mecum and Barret-Jackson. I will give you my views so you have them from someone that is familiar with the process. I am assuming you are a newbie to this process of buying a car and even a Lambo........from your comments.

1. You state that you are somewhat nervous....This makes me think you have never been to an auction like this, and you might be worried about the financial aspect of owning a Lambo. Do some research of the car quirks, and expectations on maintenance. It is over 10 years old...etc... Need to have the attitude of "I want this car!!!" If you are having doubts, then if something does go wrong you will never be happy.

2. You will have to register with Mecum to bid. You cannot simply show up and bid on this type of car without some verification of your ability to pay The auction is a ways off...advantage to you. During this process, ask them for independent appraisers specializing in exotic Italian cars that will be on site to assist you (talk to someone at Mecum by phone after you get your registration). They will understand this, and will assist you. I have done this a few times....might be the best 1K + that you ever spend. If you are going to the auction, then make sure the appraiser is there to answer your questions and concerns, if not pick an appraiser that will be there. This would be a short discussion of the car and covering your questions and concerns. Great if they are with you during the bidding (more of this on the next point and maybe to save some bucks). If you are not an expert on the Murci....then this would be the best money you ever spent to get a great car, or walk away from a car with potential issues.

3. Are you a seasoned bidder at auctions? A key point here....if you are going to bid on this car in person, DO NOT GET CAUGHT UP IN THE HYPE AND EXCITEMENT!!!! There will be lots of excitement and hype when the cars cross the auction block with many of the high end cars one after another. It can be like a chess game...seasoned bidders will play mind games, and auctioneers might do the same during hot and heavy bidding; a bid might jump from increments of 25K to 100K bids, with out you really knowing, as you are caught up in the excitement. So instead of thinking you have a 250 K bid, you have a bid of 325K plus the buyer's mark up, transportation of the car. Another reason to try and get an appraiser by you side so he can keep you reigned in and discuss bidding strategy. The seller might have a reserve, so if it is not met, then you have time to find out what the bidder wants at a side booth at the auction site, and consider their offer after the bidding.

4. I have nothing but praise for Mecum in the times I have dealt with them. Remember, they will try to represent the car and its faults, but this depends on the facts supplied by the seller. Bottom line is, if you buy it...it is yours regardless, even if the car falls apart after being sold and leaving the auction block. You will affirm this fact when getting your registration to bid. It has been my experience that Mecum works harder for the purchaser compared to the seller. Yes, the buyer's and seller's commission is high,but consider the venue they rent, promotions, etc..... To me, Mecum is far more reputable than Barret- Jackson which to me focuses on the hype.

5. Last important point......If you are new to this, have this attitude......GO AS A SPECTATOR AND NOT A BUYER!!! In this way you can take in the whole event, see a lot of great cars...maybe show up a day early to see the car you like, and take in the auction process and learn from it. If the car is right for you in your opinion and within your price range...you got your car, if not you had a lot of fun.
And isn’t there a 10% markup on auction price? Which is significant at higher prices obviously. Great write up!
 

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Discussion Starter · #18 ·
As an FYI, if you get to the auction early to attend the preview days, you can try to find the owner. If you do, that owner should have no problem giving you a short test drive. If he/she doesn’t give you a test drive, avoid at
I have bought several cars from Mecum and Barret-Jackson. I will give you my views so you have them from someone that is familiar with the process. I am assuming you are a newbie to this process of buying a car and even a Lambo........from your comments.

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Thank you so much for sharing your experience. Where else would I be able to get an opinion of a seasoned and experienced individual like yourself?:) Buying a lambo wouldn't be my 1st exotic. I have attended a Mecum auction as a spectator in Monterey. As you also pointed out the commission and expenses needs to be taken into account. Mecum charges 15% for in-person and 17% for a remote bid. It maybe a good investment of a few thousand dollars to just follow through on the due diligence process for a possible future bid at an auction.I"m in no hurry to spend the money on buying a car. Sure if the right one came around I"d jump on it.
 

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From the listing, it is part of an estate....so the original owner will not be there.....Might be unlikely that anyone with a good knowledge of the cars will be there.....so it might be important to get an appraiser. The interested person can also check with Mecum on this after he gets his buyer registration if the estate will have a representative on site. Since it is a large estate consignment, I would think yes.
 
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