Car auctions are a significant component of Classic Car Week, attainable vehicles to one-of-a-kind rarities. Every auction house has its own style, and many auction attendees are veteran bidders with years of experience.
Still, a refresher course for experienced car auction buyers and an introduction to proper bidding etiquette for new auction enthusiasts is a good thing.
Chris Warren of Premier Financial Services, a leading provider of lease financing for exotic, vintage and luxury cars, is our guest Episode 50 of The Weekly Driver Podcast.
Bruce Aldrich and I have a lively discussion with Warren about proper etiquette and the ins-and-outs of car auctions.
Classic Car Week includes six major auctions beginning Tuesday, Aug. 21. A vast selection of the world’s finest and most expensive exotic and vintage cars, rare motorcycles and muscle cars and many attainable vehicles will be auctioned.
Here are a few of the topics discussed to during the podcast:
• Don’t Jump in the Pool Right Away – Attend one or two auctions strictly as an observer, to gain a first-hand understanding of how they work. Pay attention to how serious buyers conduct themselves and the bidding tactics they use.
• Get Pre-approval Before You Show Up – At many auctions, you’ll need to apply for credentials to participate in the bidding. The auction company will likely review your financial situation. If you plan to finance or lease the car you purchase, you should obtain pre-approval from a firm that specializes in exotic and vintage cars.
• Don’t Follow the Herd – Bid on a vehicle that you really want to own and drive, not just because there’s a lot of buzz or interest in a particular car.
All episodes of our podcasts are also archived on this website, TheWeeklyDriver.com.
We welcome your comments and episode suggestions. Please also consider forwarding episode links to family, friends and colleagues.
The Weekly Driver Podcast gets support from www.americanmuscle.com.