How is a Classic Car Auction Set Up?


Classic car auctions are very niche auctions as most people won’t be able to afford purchasing these cars, however that’s why they work a little differently. These auctions are set up so people can have fun whilst purchasing some beautiful cars at the same time. But how exactly do they work and what happens afterwards?

The Setup

Most of these classic car auctions are set up so that people can come and view cars as part of a car show whilst bidding on the stock. This makes it a great place for people to come to, regardless of whether they actually intend on buying a car or not. These auctions can take place in any location, which includes a derelict car park, a field, or a shining showroom. However, most auctions will take place in secure locations so as to protect these expensive machines from any damage or theft.

Buying and Selling

Most auctions operate an open bidding system. This means that people are free to simply put their hands up in a massive battle royale. If they have the funds then they will keep upping the price until there’s only one bidder left. This bidder would then be able to purchase the car as they have the highest price.

After the bid has been accepted they will then walk to the relevant place, which the auctioneer will designate at the start of proceedings, and pay the auction house. Most auction houses demand that all buyers pay by a certified cheque or in cash so as to be sure that the money is present. The auction house will then receive the money, take their fee from the sum, and then send the rest of the money to the seller.

It should be noted that most classic cars will have a reserve price on them. If this price isn’t reached during the bidding then nobody will win the car and it will be returned to the buyer.

Insurance

Whilst the buyer is free to take the car away, the chances are the car won’t be insured. That means classic cars insurance must be sought out before the car is driven. This can be quite expensive so buyers of these cars should be careful.

This article is brought to you by the PR department of Vintage3, specialist classic car insurers.

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