Z's on BAT and other places collection

[bartsscooterservice]

On 7/10/2024 at 3:40 AM, grannyknot said:

Looks like a fantastic money pit, would love to get my hand on it.

" Needs a little paint " reminds me of those quotes from those housing brokers in fancy suits, selling a pile of bricks 200k overpriced lol

[Zed Head]

Ouch.  The investor's market is taking a hit.  Same car, seven years later, somehow with fewer miles (probably the same actually).  Looks like the year got corrected also.  Maybe that's the missing $19,000.

https://bringatrailer.com/listing/1964-sunbeam-tiger/

https://bringatrailer.com/listing/1965-sunbeam-tiger-86/

Edited July 12 by Zed Head
Missed a letter...

[zspert]

The last 3 Lightweight Fords recently offered on BAT failed to meet reserve. Also, the bidding was less than vigorous for these rare, and in my view very cool,  cars. Indeed the market has softened.

[siteunseen]

I'm glad I have the garage space for my two without putting my mother out.

 

 

 

 

[KenFirch]

I was happy, and lucky I think, to get 50K for my Sunbeam Tiger a few months ago on Bring A Trailer (https://bringatrailer.com/listing/1965-sunbeam-tiger-78/) during this period.  Broke even on the car.

Market is finicky.

Ken

[Gav240z]

Those price drops are rookie numbers.

In the GTR market (R32/R33/R34) I've seen asking prices drop by up to $100k+ AUD. Still not sell. The whole market got so overheated a couple of years ago and now prices are gradually returning to earth.

 

[Zed Head]

Interesting recent sale/no sale on BaT.  I've not seen the contract or agreement that I assume sellers must agree to.  Does anybody know how a Reserve price is set?

https://bringatrailer.com/listing/1973-datsun-240z-264/#comments-anchor

[KenFirch]

3 hours ago, Zed Head said:

Interesting recent sale/no sale on BaT.  I've not seen the contract or agreement that I assume sellers must agree to.  Does anybody know how a Reserve price is set?

The reserve, if any, is set before the final listing info is approved by both seller and BAT.  I'm not sure reserve can be changed after going live.  Looking at wording in the email I received from BAT titled "Seller Expectations," there's this line:

• Honor your agreed-upon reserve. Your 1965 Sunbeam Tiger Mk1 reserve is $xx,xxx. If your auction is marked as sold, we expect you to follow through and complete the transaction. 

• Complete the transaction based on the buyer’s preference for payment. We offer buyers the option to either pay online via our Bring a Trailer Verified Checkout process or to arrange the payment details with you on their own.

There is a final "Approve" button you must click on their website to agree to the terms.  So, as long as BAT marks auction as "sold," high bidder pays their bid, and BAT sends seller the balance up to sellers reserve.  

If that Z's reserve was $25,000 (I don't know what it was), buyer pays seller the $24,500 bid.  Buyer also pays 5% ($1,225) to BAT.  BAT would then send seller $500, still making $725 from the listing, plus the $100 listing fee.

[Patcon]

2 hours ago, KenFirch said:

The reserve, if any, is set before the final listing info is approved by both seller and BAT.  I'm not sure reserve can be changed after going live.  Looking at wording in the email I received from BAT titled "Seller Expectations," there's this line:

• Honor your agreed-upon reserve. Your 1965 Sunbeam Tiger Mk1 reserve is $xx,xxx. If your auction is marked as sold, we expect you to follow through and complete the transaction. 

• Complete the transaction based on the buyer’s preference for payment. We offer buyers the option to either pay online via our Bring a Trailer Verified Checkout process or to arrange the payment details with you on their own.

There is a final "Approve" button you must click on their website to agree to the terms.  So, as long as BAT marks auction as "sold," high bidder pays their bid, and BAT sends seller the balance up to sellers reserve.  

If that Z's reserve was $25,000 (I don't know what it was), buyer pays seller the $24,500 bid.  Buyer also pays 5% ($1,225) to BAT.  BAT would then send seller $500, still making $725 from the listing, plus the $100 listing fee.

Did you all read all the comments?

BaT threatened the seller with a site ban if they don't close the deal. BaT evidently has the right to add the difference if a car gets close to reserve...

[ollie]

This is very interesting but I don't see the contract being tested in court if the seller fails to complete due to the low dollars involved.  I also don't see the seller wishing to further trash their reputation by not completing the sale, particularly if they wish to participate in bat's sandbox in future.

In the end, I'm guessing the seller will say stuff it, and bat will ban them in turn.  See how it goes. 

Edited July 29 by ollie

[xs10shl]

It appears that the Seller perhaps just didn't understand that BaT has the option to make up any difference between the final bid price and the reserve to make the seller whole, which IMHO is a completely understandable reaction on the part of any novice Seller (who probably would feel cheated, not knowing that he was going to be made whole by BaT).  If I'm correct in my assessment, then this is just a simple and easily resolved issue, making BaT's slightly unfriendly public notice unwarranted-- and I personally feel, a case of needless badgering of the Seller.  There is no reason to publicly threaten a seller for nonperformance if indeed it's a simple misunderstanding. 

[EDIT] Ok, I've re-read the thread, and it does appear that the seller was aware of what happened prior to posting "No Deal".  I'd still venture to say that BaT would have been smarter to write an educational post about the mechanism of covering the spread, vs what they posted.

Edited July 29 by xs10shl

[texasz]

Um, correct me if I'm wrong.  The seller set a reserve, the minimum price that they would be willing to sell for.  The high bidder got close just not quite there.  BAT is covering the difference to hit the reserve.  What should the seller care who is paying them, they got their minimum price...had the high bidder hit the reserve would the seller still be refusing to complete the sale?