Bought car at auction.. A new experience

foibles

Member
Messages
370
Being a bit late at night in Aus and probably one too many of the Diplomatico Reservas under my belt, i bid on a car at auction there in the UK.. And subsequently won the bid.

So nothing new about this so far...

My bid.....was just below estimates of 18 to 22k, but it turns out also below vendor reserve.

So it's a provisional winning bid. Again, so far so good.

But it's occurred to me that, now as I've not heard from the auction house, obviously the vendor is furiously trying to flog the car for a higher price anywhere they can, before they succumb to my bid.

Which raises two concerns...

1. As it is covid affected auction I'll need to check car is at auction premises as I'd not like to think it's being driven back and forth and given a right thrashing to prospective buyers and

2. Just how long should the auctioneer reserve the right for the vendor to solicit better offers, whilst i remain obligated per my bid?

Not a great drama.... Just interested to know if anyone has an understanding of auction house protocols in keeping bids open.

(i suppose i should read the auction house literature!)
 

JSP214

Junior Member
Messages
77
I was of the opinion that if it didn’t meet the reserve then there was no sale/obligation at that point and either party can walk away. Any further negotiations would be just that, until a subsequent sale is agreed.

Best check the T’s & C’s though as I could be wrong and I suppose auction houses can differ as well.
 

outrun

Centenary Club
Messages
4,399
You should chase the auction house and see if the vendor has taken your bid or if they wish to i) renegotiate or ii) re-list for the next auction hoping to get more money.

Many cars that don’t reach reserve are subsequently sold once a deal is reached between buyer and seller.
 

Hawk13

Member
Messages
769
You should chase the auction house and see if the vendor has taken your bid or if they wish to i) renegotiate or ii) re-list for the next auction hoping to get more money.

Many cars that don’t reach reserve are subsequently sold once a deal is reached between buyer and seller.
That is my experience. Car didn't met reserve - buyer asked for more (and was told to poke it). Auction house waived part of fees in end so seller got closer to what they wanted and sale agreed.
 

lifes2short

Member
Messages
3,291
provisional bid is still legally binding, however, from my knowledge you should get an answer by close of business the same day and wholly unreasonable to keep you on the hook for any longer and then you should have the option to withdraw your bid if you wish
 

Hawk13

Member
Messages
769
provisional bid is still legally binding, however, from my knowledge you should get an answer by close of business the same day and wholly unreasonable to keep you on the hook for any longer and then you should have the option to withdraw your bid if you wish
I understood noon next day is generally accepted practice to allow for review / analysis of completed sales and also give time to sellers whose cars go through auction late in the day.

Any longer and I would argue that you have the right to withdraw your bid.