PRO TIPS: How To Bid At A Barrett-Jackson Auction
August 24, 2022
Posted by Barrett-Jackson
You have been studying Barrett-Jackson’s online docket when suddenly you see it: the perfect car. You have to get it, and now you’re thinking about how to get it into your garage. You have never bid on a vehicle at auction or a Barrett-Jackson auction.
Bidding on your dream car is a simple and easy process. The first step is obtaining a bidder badge. (Sorry, but it’s not like in the movies where people raise a paddle.) The good news is that getting your bidder badge is not a complicated process. You can start online at Barrett-Jackson.com, call the bidder department at 480-421-6694 or easily sign up on-site at the auction office.
Although your starting bid can be as low as you’d like, you will need to provide evidence of financial credibility in the form of a Bank Letter of Guaranty, pre-approval with Woodside Credit (a nationwide collector car finance company) or a Wire Transfer Guaranty, each with a minimum limit of $30,000. Alternatively, you can provide a cashier’s check or bank wire transfer deposit of 10% of the limit you desire (the minimum deposit required is $9,000 for a bid limit of $90,000). Proof of vehicle insurance is also needed.
Once pre-qualified as a bidder, you can access areas throughout the auction site that are only available to bidders, including the world-famous Barrett-Jackson auction block. Other benefits you receive as a Barrett-Jackson bidder include admission for you and a guest to Preview Day and each day of the auction, a parking pass (where applicable), access to the bidder seating area, complimentary drinks at the Bidder Bar and an event catalog. Plus, Tier 1 bidders get an invitation for two to the renowned Opening Night Gala during the Scottsdale Auction, or the Opening Night Party if you’re a bidder at the Palm Beach, Las Vegas or Houston auctions.
With these privileges comes great responsibility. First and foremost: educate yourself. Each item offered on the auction block is known as a “Lot” and is issued a “Lot number.” The most up-to-date information is available on the online docket at Barrett-Jackson.com. In addition, “daily lists” are available each morning on-site at the auction, providing a list of vehicles to be auctioned that day. Each vehicle offered for auction also has a “car card” in its window at the auction with the consignor’s description of the car.
It is important to note that Barrett-Jackson is not the owner of the auction vehicles and makes no representations or warranties about the Lots offered. The consignor is the owner of the vehicle who has allowed Barrett-Jackson to take possession of the vehicle in order to sell it for them. As a bidder, your most basic and essential responsibility is to research and inspect the Lot or Lots in which you are interested. When that hammer falls, the Lot becomes property of the winning bidder, as-is and where-is.
When you’re ready to bid, make yourself known to the Bidder Assistants – the men or women who help the auctioneer recognize bidders and ensure that bids are communicated promptly and accurately in the auction arena.
When it gets to the big moment, and that car you’ve set your eyes on is about to be in the spotlight, you can either bid from your seat on the auction floor or follow it right from the staging lanes onto the block. Please be aware that there is etiquette to follow while on the auction block, though: be seated when not bidding on a car, and remember it is necessary to keep the front of the block clear for seated bidders, the television audience and those online or telephone bidders who are watching the action via livestream.
If you can’t physically be at a Barrett-Jackson auction or have to leave the auction early, you can quickly become an absentee bidder. You’ll need to complete an absentee bidder registration form, submit the same information required for on-site bidding and pay a fee. It makes things run more smoothly if you get your information to Barrett-Jackson before the start of the auction on the day you want to place an absentee bid. There are several absentee bidding options available.
Telephone Bidding: When the vehicle you’ve specified in your absentee bidder agreement is being auctioned, a Barrett-Jackson staff member will execute the bid using direct telephone contact with you.
Online Bidding: Through the Internet-based program on Barrett-Jackson’s website, you can place a bid over the Internet in a live, real-time environment from anywhere around the world. If you already have an account on the website, you can log in and bid as if you are at the auction via the livestream. Otherwise, you’ll be given a bidder ID and password to complete your bidding. This service starts on the first day of the auction.
Bidding by Proxy: This option is as easy as it sounds ‒ just set a maximum bid amount on a specific vehicle, and an auction representative will execute the bid for you until the car is purchased or your maximum bid is reached.
When that hammer falls and you’re the winning bidder, congratulations! You’ll need to sign a ticket confirming the sale. Then it’s off to the auction office, where Barrett-Jackson’s experienced team will guide you through the process of titles, assignments, necessary authorizations, payments and shipping of your new vehicle. An on-site buyer’s premium of 10% is added to the hammer price, as well as any applicable fees and taxes. You may also choose to insure your new acquisition instantly with Barrett-Jackson Endorsed Insurance at this time.
After you win the vehicle of your dreams, all that’s left is getting it home. Barrett-Jackson’s official collector car transport companies are on-site to assist with this task and will accept responsibility for the Lot and shipping it to any chosen destination – even overseas.
Best practice is to complete your paperwork as soon as possible after the gavel falls on your purchase and organize shipping so there isn’t a delay getting behind the wheel of your new collector car.
For more information or if you have additional questions, contact the bidder department at 480-421-6694, email [email protected] or visit us online at Barrett-Jackson.com