Barrett Jackson 2022

[JefeAZ]

So im curious how BJ works. Using this bronco for an example.

- What does the seller end up with? (as far as $ with the sale price of 161k)
-What fees does it cost to run a vehicle through?
-Is there a reserve?
- With the new tax law, I assume you will have to figure in an income tax now too?

On the website, the price you see includes the buyers fee so subtract 10-12% from the price you see to get the actual block sale price.

• On-site Buyer's Premium: 10%
• Absentee Buyer's Premium: 12%
• On-site Automobilia Buyer's Premium: 15%
• Absentee Automobilia Buyer's Premium: 17%

Bidders also pay a minimum of $500 for a bidder's pass. Even more if you want a table/suite to bid from.

As a seller I believe the commission is 8% plus you pay $900-1400 to consign your vehicle. You send in the info and they write you back with a day and time slot. They wanted to put mine in a Wednesday slot and after 2 emails they said they would do Friday morning for $900.

Nearly everything is no reserve. I've been to the Scottsdale auction 18 years in a row and cant think of more than 3-4 cars that had a reserve. If you don't like the current bid, you can bid on your car and just pay the commissions to get it back. I've seen that happen a lot.

The guy I talked to that sold a Bronco for $100K did not get taxed on his sale so I dont know when the IRS steps in.

Barrett Jackson is taking home 18% on every vehicle so they made $35M in commissions alone. Then factor in food, drinks, ticket sales and vendor booth fees. I imagine they make $40-50M over the 7 day auction.

 

[ngsd]

The buyer pays a buyer premium, without going back and looking, I think it is 6% of the sale price. They pay that above the hammer price.
The seller pays a sellers premium, I think it is 8%. As in they get 8% less than the hammer price.
On top of that there is a listing fee, hundreds if not thousands depending on the time slot. Simply put, the auction house is making tons of money.
It is a no reserve auction, with rare exceptions. And I mean super special vehicles only. This past year I didn't see any reserves being lifted so it may be back to a pure no reserve auction again.
Contact your tax accountant for taxing, not the internet.

Bring a trailer is only a $99 listing fee, no sellers premium, and buyers premium is much less and capped at a pretty low number. But in the end it is little more than an arranged private party sale. BaT does not do title transfers or collect any money except what they take in for themselves. You can get a reserve, costs more, and you have to convince BaT that you think the reserve is a valid number. If it is higher than they think it will sell for they won't even list it.

And since they are getting bigger, they are very picky about what they list and the reserve as you mentioned. I have one going in at a pretty high reserve but the quality is very high and they look for that.

 

[ngsd]

On the website, the price you see includes the buyers fee so subtract 10-12% from the price you see to get the actual block sale price.

• On-site Buyer's Premium: 10%
• Absentee Buyer's Premium: 12%
• On-site Automobilia Buyer's Premium: 15%
• Absentee Automobilia Buyer's Premium: 17%

Bidders also pay a minimum of $500 for a bidder's pass. Even more if you want a table/suite to bid from.

As a seller I believe the commission is 8% plus you pay $900-1400 to consign your vehicle. You send in the info and they write you back with a day and time slot. They wanted to put mine in a Wednesday slot and after 2 emails they said they would do Friday morning for $900.

Nearly everything is no reserve. I've been to the Scottsdale auction 18 years in a row and cant think of more than 3-4 cars that had a reserve. If you don't like the current bid, you can bid on your car and just pay the commissions to get it back. I've seen that happen a lot.

The guy I talked to that sold a Bronco for $100K did not get taxed on his sale so I dont know when the IRS steps in.

Barrett Jackson is taking home 18% on every vehicle so they made $35M in commissions alone. Then factor in food, drinks, ticket sales and vendor booth fees. I imagine they make $40-50M over the 7 day auction.

They play around with the commissions depending on if you are a regular customer or one timer, the value of it, if it is a headliner they can market and other factors but yes they are making bank! That is a very expensive event to produce but I can tell you from experience of being a past service vendor that they know how to buy services a the lowest rate. We don't work for them any more.

 

[73azbronco]

So maybe I should paint mine and BJ next year? Over $100k, wow I'm getting old. I would go for the ferrari honestly