God this is a fun business!

[Racerbvd]

Been a ling time since I've been to that one, true, a lot of cars go through there

A few weeks ago, a 2006 CAYENNE TT sold for around $28K

[TerryBPP]

Originally Posted by Racerbvd

Been a ling time since I've been to that one, true, a lot of cars go through there

A few weeks ago, a 2006 CAYENNE TT sold for around $28K

You have to be care about comparing Manheim values without being there. By looking at the lists they dont tell you if the car has a "yellow light" which means frame damage, engine issues, etc. I saw a 09' CL500 go for $29k due to unibody damage which you would never know.

On the latter, I have a friend who owns 2 Ford dealerships in SC. He said there is a reason people go to EVERY auction, thats the only way to find the really great deals.

[Racerbvd]

Originally Posted by TerryBPP

You have to be care about comparing Manheim values without being there. By looking at the lists they dont tell you if the car has a "yellow light" which means frame damage, engine issues, etc. I saw a 09' CL500 go for $29k due to unibody damage which you would never know.

On the latter, I have a friend who owns 2 Ford dealerships in SC. He said there is a reason people go to EVERY auction, thats the only way to find the really great deals.

I have a buddy up here who goes to all of them, he told us about it and is shopping for for one.

[nut11]

Thank you for the pix and dreams. Looks like there are plenty of 997s. Maybe some day...

87 blk coupe

[Carrman]

Manheim is good for dealers who need to buy a lot of cars and don't have a lot of time to look.

But for someone just buying a single car, it's pretty easy to buy one off Craigslist, eBay or whatever, for just about the same price. They certainly don't give the cars away at Manheim. They have a decent monopoly on the auction biz, and there are a lot of cars going through, but a ton of bidders, too. It's tough to compete against the franchise dealers and large independents, who spend a lot on advertising and can sell their cars for a higher price than most small lots. They can sell higher, so they can bid higher.

To the listed manheim sale prices, you also have to add in the bidder's fee, on a $20K car it's over $400.

My biggest hits were on cars that I bought from private parties, getting good deals on Clist, etc.

Don't be fooled by low prices that show up on the manheim completed sales lists. There is always a reason for it, usually body damage or repaint (half the cars going through Mheim have had paint and body work - usually small stuff, nothing tragic, but it's still there).

You can sometimes get a good deal, though, depending on who is there that particular day, hour or minute, if there happens to not be less interest at the given moment the car goes through, etc. It's never going to be a "give away" price, though, because they have a representative on the auction block who has to approve each sale price and they won't go too far below market. If it does, they'll refuse to sell and try again next week.

When I was buying and selling, I did almost exclusively late model BMW, Mercedes and Porsche lease returns which were still under warranty. That means cars that are coming off of 2-3 year leases. I would only sell cars that were in a condition with a history that I would personally own. Because of that, I had to reject a good 75% of the cars going through Manheim. Not that they were horrible, but most are typical of what you would expect for leased (i.e., long term rental) cars.

[serge944]

I'm thinking about picking up a 996 GT3 when I return from China - maybe we'll have to get in touch.

[LeeH]

Dang! It would take months of auctions in Phoenix to see that many Porsches. Were they being sold by Porsche credit? Mercedes credit sells at the auction close to my house. It's strange to see acres of Mercedes all lined up to go through the sale.

[B D]

Originally Posted by TerryBPP

LR's have a pretty good factory warranty. This one had a 6yr/70k transferable. No worries for awhile.

Careful most extended warranties on cars that run through auction are voided and CPO warranties are only good for the purchaser in most cases. Also any information on a window sheet or written on the car that is wrong is not a reason to arbitrate the deal according to Manheim now.

I would stay away from any Range Rover or Land Rover they are constantly in the shop, just run a CarFax on one and you will see the ridiculous number of services. If that's not reason enough resale is a b*tch, just sold a customers 2006 LR3 HSE loaded Nav, DVD, etc for $21,000 owner paid $60K new. We were getting offers thousands under wholesale.

The truth is there are no steals at auction but some good deals at times. For most cars after auction fees and any reconditioning needed you can still save a few thousand under retail. The trade in price in Kelly Blue Book or other guides is very close to the numbers at auction, the only thing that is certain is each week the prices go down.

[TerryBPP]

Originally Posted by LeeH

Dang! It would take months of auctions in Phoenix to see that many Porsches. Were they being sold by Porsche credit? Mercedes credit sells at the auction close to my house. It's strange to see acres of Mercedes all lined up to go through the sale.

Nope, its like that every week! They also have the fleet lease sales for Merc & BMW once a month. 1400 BMWs and Mercs!

[TerryBPP]

Originally Posted by Carrman

Manheim is good for dealers who need to buy a lot of cars and don't have a lot of time to look.

But for someone just buying a single car, it's pretty easy to buy one off Craigslist, eBay or whatever, for just about the same price. They certainly don't give the cars away at Manheim. They have a decent monopoly on the auction biz, and there are a lot of cars going through, but a ton of bidders, too. It's tough to compete against the franchise dealers and large independents, who spend a lot on advertising and can sell their cars for a higher price than most small lots. They can sell higher, so they can bid higher.

To the listed manheim sale prices, you also have to add in the bidder's fee, on a $20K car it's over $400.

My biggest hits were on cars that I bought from private parties, getting good deals on Clist, etc.

Don't be fooled by low prices that show up on the manheim completed sales lists. There is always a reason for it, usually body damage or repaint (half the cars going through Mheim have had paint and body work - usually small stuff, nothing tragic, but it's still there).

You can sometimes get a good deal, though, depending on who is there that particular day, hour or minute, if there happens to not be less interest at the given moment the car goes through, etc. It's never going to be a "give away" price, though, because they have a representative on the auction block who has to approve each sale price and they won't go too far below market. If it does, they'll refuse to sell and try again next week.

When I was buying and selling, I did almost exclusively late model BMW, Mercedes and Porsche lease returns which were still under warranty. That means cars that are coming off of 2-3 year leases. I would only sell cars that were in a condition with a history that I would personally own. Because of that, I had to reject a good 75% of the cars going through Manheim. Not that they were horrible, but most are typical of what you would expect for leased (i.e., long term rental) cars.

In my experience your comments had more to do with the auction location than Manheim overall. I find the Fort Lauderdale auction to be exactly as you stated. No real deals, lots of yellow lights, repaint, shady shill bidding dealers, etc. Tampa had a little better quality cars. Fort Myers was all junk. Orlando on the other hand seemed to be the cream of the crop. Very few damaged cars, most extra clean lease returns from large dealerships. Very well run and more deals than I could shake a stick at.

Don't forget right now the big dealers are hurting and trying to liquidate line cars because their floor plans are expiring. I think this added pressure is forcing mega dealers to take losses on many vehicles.

I also have a deal with a few dealers to have 1st crack at their trade in and lease returns. Eliminating the auction all together.

Of course you can find screaming deals on craigslist or ebay if someone is selling cars trying to not go into bankruptcy. If they are taking a loss no one can compete with that. Most of my clients have money, want it now, and need a little xtra customer service. AND, they are still saving $2k-$4k over what their local dealer is quoting them.

[TerryBPP]

Originally Posted by B D

Careful most extended warranties on cars that run through auction are voided and CPO warranties are only good for the purchaser in most cases. Also any information on a window sheet or written on the car that is wrong is not a reason to arbitrate the deal according to Manheim now.

I would stay away from any Range Rover or Land Rover they are constantly in the shop, just run a CarFax on one and you will see the ridiculous number of services. If that's not reason enough resale is a b*tch, just sold a customers 2006 LR3 HSE loaded Nav, DVD, etc for $21,000 owner paid $60K new. We were getting offers thousands under wholesale.

The truth is there are no steals at auction but some good deals at times. For most cars after auction fees and any reconditioning needed you can still save a few thousand under retail. The trade in price in Kelly Blue Book or other guides is very close to the numbers at auction, the only thing that is certain is each week the prices go down.

Fortunately this warranty was transferable. But always good to check on that prior to purchase. I could see someone making this mistake.

[LeeH]

Originally Posted by TerryBPP

Of course you can find screaming deals on craigslist or ebay if someone is selling cars trying to not go into bankruptcy. If they are taking a loss no one can compete with that. Most of my clients have money, want it now, and need a little xtra customer service. AND, they are still saving $2k-$4k over what their local dealer is quoting them.

I found that searching Craigslist for the word "moving" in the car section resulted in some good finds. I bought several cars by calling the seller and saying I'd commit to buy the car, and they could keep it until the day they were leaving. I'd even offer to give them a ride to a friends/airport etc after the deal was closed. It worked out great for the sellers and they were willing to accept a little less money as it solved a big problem for them.

[TerryBPP]

Originally Posted by LeeH

I found that searching Craigslist for the word "moving" in the car section resulted in some good finds. I bought several cars by calling the seller and saying I'd commit to buy the car, and they could keep it until the day they were leaving. I'd even offer to give them a ride to a friends/airport etc after the deal was closed. It worked out great for the sellers and they were willing to accept a little less money as it solved a big problem for them.

Thats a good idea. Definitely would work well if you were dealing in sub $15k cars. Not to many BMW/Merc/Porsche drivers in a hurry to unload.

ts funny though, the day I start advertising a car I get 10 calls from dealers trying to low ball the price. I'm talking $5k or more. It really can't be worth the insane amount of cold calling they must do even if they found 1 great deal a month.

[m21sniper]

I bet that 928 could have been had for under $4000.00

[gtc]

Originally Posted by m21sniper

I bet that 928 could have been had for under $4000.00

I think you'd have to get pretty low for any 928 to be a "Smart Buy."

[berettafan]

Terry it sounds like you are really up and running, congrats!

[TerryBPP]

Originally Posted by m21sniper

I bet that 928 could have been had for under $4000.00

Actually went I little higher than it should have. $4200. I was ridiculously clean and had low miles. Not your average craigslist fare.

[David]

What prices do you see on those 997's? I might have to make some room in the garage.

[TerryBPP]

Originally Posted by 125shifter

What prices do you see on those 997's? I might have to make some room in the garage.

pm sent.

[myamoto1]

Do you typically walk away from the auction w/ the title or does it occasionally take some time for it to come through? I recently bought a car that was purchased at auction and getting what feels like the run-around on the title. Not sure if it matters, but it was a California auction.

TIA