Car Auction Buyers Fees

RFW

neilmcl wrote: »

The OP mentioned Mannheim and BCA specifically which don't have an indeminity fee.

And no, I'm not naive at all, I've regularly attended auctions for years and what you describe maybe the norm at some of the places you may have visited but is fairly rare at the bigger remarketing sites like BCA and Mannheim. I don't say it never goes on but to give the impression that this is the norm is wrong and like I said an urban myth.

These auction companies all do it. I know from staff at one of the companies mentioned above that they have an average sell-through rate at auctions below 20%, when the customer in the sale rooms will see more than 80% of vehicles being sold.

A car auctioneer with several branches has transporters waiting to ship cars that customers believe they have sold going to different branches for the next sale. The average car will pass through 3 salerooms before being sold.

It certainly isn't an urban myth, believe me I'm an auctioneer;)

davenpearsall

So let me get this straight:

The "hammer" price is inclusive of VAT of the winning bid?
You then pay a buyers fee,which can widely vary depending on the value of car?
Then its around £25 for the V5 - admin fee call it?

I'm thinking of going to an auction tomorrow. I've been a coupleof times and watched proceedings and am thinking of putting a bid in for a car for myself (not a trader).

I just don't want to have misunderstood any of the fees and get a shock when I go to the cashier.

Cheers!

Rolandtheroadie

Last car I bought was £800. By the time the buyers premium was paid, the VAT on the buyers premium and the v5 fee, it was around £1050.

davenpearsall

scotsman4th wrote: »

Last car I bought was £800. By the time the buyers premium was paid, the VAT on the buyers premium and the v5 fee, it was around £1050.

At BCA or somewhere else?

Rolandtheroadie

Scottish Motor Auction Group (SMAG)

Just checked another local one (think they're a family owned one, not part of a large group) they would have been £120 indemnity (VAT included), no buyers fee, no v5 fee.

denwhatshisname

Other way to do it is to intercept the car at the dealers (if it was a trade in) - they usually have them lying about the fore (back) court somewhere waiting to be dispatched to auction. Pay cash and drive away without the hassle and expense of an auction.
However, this can be risky and is not for everyone.

colino

If your a privateer, really don't bother. All the auction houses have recouped their lost income by shafting everyone apart from volume buyers. (Even SMAg who as well as the indemnity charge either 2% for CC or 1% for counting your cash as well as £25+VAT for the service of sending the V5C away).
Instead get the back up and service of your friendly, local independent trader.

Rolandtheroadie

To be honest, I prefer ebay these days.