Classic Car Auction Etiquette: Dos and Don’ts for Bidders and Sellers

Classic car auctions are exciting events that bring together car enthusiasts from all over the world. Whether you are a bidder or a seller, attending a classic car auction can be a thrilling experience. However, navigating these auctions with etiquette and professionalism is important to make the most of your participation. This blog will outline the dos and don’ts for bidders and sellers at classic car auctions, ensuring a smooth and successful experience for all involved.

Dos for Bidders

1. Research and Prepare

Before attending a classic car auction, do your homework. Research the cars up for auction, their history, estimated value, and condition. This knowledge will help you make informed decisions and bid confidently. Additionally, ensure that you have the necessary funds available to make a purchase if you win a bid.

2. Set a Budget

Determine your maximum bidding limit for each car you are interested in. Setting a budget will prevent you from getting carried away during the auction and help you make well-thought-out decisions. Stick to your budget and resist the temptation to exceed it, regardless of the excitement in the room.

3. Inspect the Cars

Take advantage of the preview day or allotted inspection time to thoroughly examine the cars you are interested in. Look for any signs of damage, rust, or mechanical issues. If possible, bring along a knowledgeable mechanic or expert to assist you in assessing the vehicles’ condition.

4. Attend the Auction Early

Arriving early allows you to secure a good spot and get familiar with the layout of the auction. You’ll also have a chance to review the auction catalog or brochure, making notes on the lots you want to bid on. Being punctual will help you stay organized and composed during the auction.

5. Be Respectful and Patient

Classic car auctions can be fast-paced and highly competitive. Show respect to the auctioneer, other bidders, and the seller. Avoid disruptive behavior and maintain a calm and composed demeanor. Patience is key, especially if you’re aiming for a particular car that may come up later in the auction.

Don’ts for Bidders

1. Bid Without Confidence

Bidding without confidence can lead to indecisiveness and missed opportunities. If you are interested in a vehicle, bid assertively to establish your intent and discourage others from quickly driving up the price. However, be careful not to overbid and risk paying more than the car is worth.

2. Get Caught Up in the Excitement

The energy at a classic car auction can be electric, with the thrill of the bid and the roaring crowd. However, it’s crucial not to get swept up in the excitement and overextend your budget. Stay level-headed and focused on your predetermined limits to make rational decisions.

3. Neglect to Read the Fine Print

Every auction has rules and terms and conditions that you must adhere to. Make sure to read the auction’s terms thoroughly and understand the buyer’s premium, payment requirements, and any other important details. Ignoring the fine print can lead to misunderstandings or financial complications.

4. Skip the Vehicle History Check

Some classic cars may have hidden issues or a questionable past. Don’t skip the vehicle history check; it can provide valuable insights into previous accidents, repairs, and ownership records. This information is vital in assessing the true value and condition of the vehicle.

5. Leave Before the Auction Ends

Even if you have secured the classic car of your dreams, it’s considered good manners to stay until the end of the auction. This shows respect for the seller, auction house, and other participants. By staying until the conclusion, you also have the opportunity to network, learn, and possibly identify future buying or selling opportunities.

Dos for Sellers

1. Choose the Right Auction House

Selecting a reputable auction house is crucial to ensuring a successful sale. Research auction houses specializing in classic cars with a strong track record. Consider factors such as their reputation, marketing strategies, and target audience. Working with a respected auction house will enhance your chances of finding the right buyer and maximizing your sale price.

2. Accurate and Detailed Description

When consigning your classic car to an auction, provide an accurate and detailed description. Highlight its unique features, any significant repairs or restoration work, and any awards or certifications the car may have achieved. Be transparent about its condition; potential buyers will appreciate honesty and accurate representation.

3. Set a Realistic Reserve Price

A reserve price is the minimum selling price you are willing to accept for your classic car. Setting a realistic reserve price ensures you don’t sell below a certain threshold. Consult with experts or auction house representatives to determine a fair reserve price based on market trends, condition, and rarity of your vehicle.

4. Display Your Car at Its Best

Prepare your classic car for the auction by ensuring it is clean, polished, and looking its best. Properly groomed vehicles attract more attention and generate higher interest among potential buyers. Showcase your car’s unique features, allowing attendees to fully appreciate its design, craftsmanship, and historical significance.

5. Be Available for Questions

During the auction preview or on the auction day itself, be available to answer questions from potential buyers. Provide accurate and factual information, helping them make informed decisions. Displaying professionalism and knowledge about your car will instill confidence in potential buyers and enhance your chances of a successful sale.

Don’ts for Sellers

1. Overinflate the Auction Estimates

While you may hope for a high sale price, it’s important not to overinflate the auction estimates. Unrealistic estimates can deter potential buyers and create a negative perception of your classic car. Work with the auction house to establish reasonable estimates based on industry standards and recent sales of similar vehicles.

2. Interfere with the Auction Process

Once your car is consigned to an auction house, let them handle the entire auction process. Avoid interfering or undermining the auctioneer’s role. Trust the auction house’s expertise and rely on their experience to effectively market and sell your vehicle.

3. Ignore Potential Buyers

During the auction, pay attention to potential buyers interested in your car. Engage with them, answer their questions, and provide additional information or documentation if required. Ignoring potential buyers may create a negative impression and hinder the overall auction experience.

4. Underestimate the Power of Presentation

Presentation is crucial at classic car auctions. Don’t underestimate the power of staging your vehicle effectively. Ensure your classic car is displayed under appropriate lighting, with ample space for viewers to walk around and appreciate it from various angles. Attention to detail in presentation can significantly influence potential buyers.

5. Forget to Review the Auction Results

After the auction concludes, review the auction results provided by the auction house. Even if your car did not reach the desired reserve price, understanding the market response will give you insights for future auctions or alternative selling methods.

Contact Us Today

Adhering to proper etiquette as a bidder or seller at classic car auctions can significantly enhance your experience and increase the chances of a successful outcome. Research, preparation, professionalism, and respectful behavior are key factors in navigating this exciting marketplace. Remember to research and choose the right auction house, set realistic expectations, and conduct yourself with integrity and knowledge. By following these dos and don’ts, you can ensure a positive and memorable experience at classic car auctions.

We invite you to experience the South’s Premier Classic Car Dealer, The Vault MS. With a dedicated commitment to delivering your dream car to your garage and providing top value when it’s time to sell, The Vault MS has garnered a reputation for excellence. Explore our 100,000 sq. ft. showroom and restoration shop, where we hold more than 50 of the highest quality classics. Since 2018, we have delivered over 1,000 cars to happy customers, and we look forward to assisting you with your classic car needs.

Connect with our knowledgeable team to start your classic car journey with The Vault MS today!