My car is on Cars & Bids

[mjposner]

https://carsandbids.com/auctions/r4G...m4-convertible

[mjposner]

Auction ends tomorrow

[Soul Coughing]

Good luck!

[HarryTee]

Seems to be a very-well equipped M4. Good luck with the sale!

[cotmfk]

Good luck! Try not to stress out, as the real bidding doesn't get going until the last 20 minutes or so.

I auctioned a car once, and I was basically trying to think of how to cancel it - because I did no reserve - and then it ended up selling for more than I had been asking on classified ads for months. LOLLLLL There was one bid early, then absolute crickets until about five minutes to go in the auction.

[cotmfk]

Oh nevermind - I see it just ended, RNM. Sorry to hear that. At least you had a reserve!!! The car market has softened a bunch in the last 60 days, and cars are not going for what they were earlier in the year. Granted, the market is still up from the depths of 2020, but still...

[bagekko]

$34k, I feel like Carmax would of paid more, I got $42k on trade in for my 2016 M4 vert with 67k miles 3 months ago. Has the market softened that much that quick...

[TractionControlDelete]

Originally Posted by bagekko

$34k, I feel like Carmax would of paid more, I got $42k on trade in for my 2016 M4 vert with 67k miles 3 months ago. Has the market softened that much that quick...

I bet the carmax number was his reserve price

[mjposner]

Thanks for the comments. After sale, Cars and Bids reached out and the buyer up their offer several thousand dollars so pending payment the car is now sold. I went back to an older manual Porsche fyi

[cotmfk]

Nice, congrats on the sale - glad it worked out in the end.

In that scenario, does the buyer still pay C&B a fee (as if they had won the auction)?

[Humdizzle]

i believe these auction sites still collect a fee.

sometimes BaT or C&Bs will pay their own money to bridge the difference and make a sale. looks better for the site and business model to see cars sell rather than not.

[bagekko]

BaT used to sometimes reduce their commission to close a RNM auction but doubt they do it anymore. Nice to see cars & bids helping out but they are trying to grow, if they become bigger and auctions start closing close to BaT prices surely that practice will reduce. BaT is all about the 100k-1m supercar market these days and suckers who want to pay 80k+ for a almost new Bronco.

At least the seller was able to make a deal, unlike the fool from Hawaii who couldn't be bothered to support his M4 comp auction.

[mjposner]

So to answer, the auction site can reduce the buyer's fee to bridge a sale. My 911 was bid to $48,996, below the reserve. Auction site reached out to me and said if I would go higher they would cut fee from 4.5% to 2.5%, so I raised my bid by $1,000. Seller eventually accepted. (https://carsandbids.com/auctions/rEW...urbo-cabriolet)

On my sale, the bid went to $34k on a 36k reserve. Buyer agreed to $37K and we even had a long discussion about shipping, etc. and I emailed him a bill of sale. Next day his dad (buyers was 20 something per online) texted me and said they didn't have the money for the car. Keep in mind to bid you have to have a credit card and it gets charged for bidding.

I put car back on Facebook for $37,449. Got tons of offers (including silly ones like $25k cash). A Subaru dealer said bring her down and they paid full price. I wasn't really prepared, and after I signed the paperwork and got my tag back I got up as if to drive home before I realized I no longer had a car.....took my first Uber since the pandemic.

Its been great being on bimmerpost all these years, first time without a BMW since 2002.