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Major Auction Companies-- Comparison

tl123tl123 Posts: 3
I am wondering how knowledgable car buffs compare the "big three" automobile auction companies-- RM, Barrett-Jackson, and Kruse. I'm especially interested in their reputations (ethics) and what they might be like to work for.
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  • texasestexases Posts: 5,577
    How familliar are you with the aution business? Their basic goal is to pit bidders against each other to maximize sales price. I just heard on of the telecast autioneers (one of the big 3) egg on the crowd, saying "You can't bid too much as long as someone's bidding against you! You're protected!" Totally untrue, cars sell for too much all the time, and knowlegeable bidders know it. As long as you consider it a job in show business, no harm done.
  • Mr_ShiftrightMr_Shiftright CaliforniaPosts: 44,870
    Well....ethics are....edgey at best...it varies from firm to firm, but the auction business by definition has a certain touch of sleaze to it that is genetic to the business at hand----that business being getting people to pay an emotionally charged price for something.

    Some houses are very low key but the goal is the same....there's soft sell and hard sell.

    Probably the sleaziest parts are a) the puffery of the descriptions, which can be quite misleading, and b) the integrity of the bids---that is, whether they are real or not.

    I have worked for auction companies and I enjoyed it. It's HARD work and the pay generally sucks, but you can have a lot of fun, learn a great deal about cars and really learn a great deal about people. I'd certainly recommend it as an experience.

    It's like the Army....for a couple of months, it could be very interesting but as a way of life, it could get old if you are only a drone and not the royalty in the hive.

    MODERATOR

  • tl123tl123 Posts: 3
    Dear Mr. Shiftright,

    Great advice coming from personal experience! Thanks much.
  • tl123tl123 Posts: 3
    Dear Texases,

    Thanks for your info. I have winessed the hype when watching Barrett-Jackson and and probably Kruse auctions. I was hoping to work in the "back office" doing research, logistics and the event arrangements, etc. instead of sales out front. Maybe that's not realistic. Thanks anyway for the caveat.
  • Mr_ShiftrightMr_Shiftright CaliforniaPosts: 44,870
    I think you want to be where the "action" is. Back office is very grunt work and SALES is where the advancement and money is--if a career path is your goal. Sales is where you pay your dues.

    You might think about starting off in the "post sale" lot, where cars that did not sell are put to see if a bargain can be struck with the closest bidder who didn't meet reserve.

    MODERATOR

  • hello i recently start using auto auctions to get into buying and selling of cars so far i haven't had any problems with it. the key to it all is doing your research it will take some time for a person to get the hang of finding a good deal without paying too much or buying a vehicle which you may not profit from. i had a game plan and i did come out on the winning end so far. i don't know about the auctions you mentioned above, but i used the government auction because i really wanted to get the cars i was interested in with less damage as possible and i found it. in stead of going to the usual private auctions i went to the government auction, i even went as far as to making myself a list of things to do before i begin to bid on the car i want. and what worked for me was that i could monitor the car i was budding on online. i took a day for research made my lists of interested cars and began placing my bids. as a first timer in this field i am proud to say i think i can make it work for me with the system i use. take a look at my blogg 10 tips on auction buying http://10tipsonautoaction.blogspot.com/ it have more information on what i did to get my cars at the government auction take a look what work for may may or may not work for you good luck in your research. :)
  • hpmctorquehpmctorque Posts: 4,201
    Congratulations, Darren. I admire you for your entrepreneurial spirit, and wish you well in your auto business. Question: Why did you make that video, encouraging others to compete with you?
  • darrenstondarrenston Posts: 5
    edited November 2011
    i made the video to inspiration not for competition it was my first time doing it and i was really happy with the out come of it all that i just had to share it with others. their are 50 states in America and i am in Washington DC so the chances are slim that i would have that much competitors in this field and area plus i know what i can profit from when buying from the auctions and also i work in an auto body repair shop so i can get a damaged car and fix it myself for cheap and still profit.

    10 Tips On Buying From An Auto Auction
    http://10tipsonautoaction.blogspot.com
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